Creating Value Through AI,
Transforming for the Future

We were one of the early adopters of artificial intelligence (AI), setting up an AI unit in 2018 – a first by a bank in Singapore – to strategically develop in-house AI capabilities. The unit has since expanded significantly and is now known as the Group Data Office.

Today, AI serves as a strategic lever to maximise value in three key areas: increasing revenue, reducing risk, and enhancing productivity. From personalising credit card deals for customers to detecting fraud, AI has become embedded in our day-to-day operations. About six million decisions in the Bank are made by AI on a daily basis.

Our early adoption and rapid advancement of AI technology has allowed us to intensify our focus on utilising Generative AI (GenAI) to enhance employee productivity over the last 2 years. In November 2023, we became the first to roll out a GenAI chatbot, OCBC GPT, which supports our 30,000 employees worldwide in writing, research and ideation.

Prior to launching OCBC GPT, we had already deployed several GenAI productivity tools to develop code, summarise documents, transcribe calls and query our internal knowledge base. These tools, built by our own engineering team, have boosted productivity by as much as 50 per cent, freeing up employees' time and enabling them to focus on higher-value tasks.

As we continue to innovate and deepen our capabilities in the AI and GenAI space, we will enhance our governance framework to ensure that our tools adhere to the FEAT (fair, ethical, accountable, transparent) principles. All our AI models undergo regular reviews to monitor their accuracy over time and are rigorously tested to prevent any bias related to any group, gender or nationality.

With over 300 use cases, we are at the forefront of leveraging AI to create value. Here are some of the ways we have implemented AI and the benefits we have gained.

OCBC Buddy

An in-house GenAI knowledge assistant that can answer employees' questions on internal policies, from parental leave to expense application.

Increase in productivity: Up to 50% employee productivity boost.

A.I. Oscar

AI-powered stock picker tool that predicts stock price movements and generates hyper-personalised stock ideas for customers.

Increase in trading accounts opened: 95% increase within three months of launch.

HOLMES AI

Assists Bank of Singapore relationship managers in their engagement with clients, curating talking points, personalised investment insights and multi-asset strategies.

Increase in productivity: Up to 20% productivity boost.

Personalised Experience on OCBC Mobile Banking App

Provides suggestions based on customer insights to improve financial planning decisions and maximise convenience.

Enhanced banking experience: Offers a more enjoyable and relevant service.

AI-enabled Surveillance

Strengthens capabilities in detecting and blocking suspicious transactions as part of our anti-scam efforts.

Averting potential scams: 30% increase in number of suspicious transactions detected.

AI-enabled Home Loan Engagement Model

Identifies customers who require assistance with their home loans, allowing us to proactively engage them.

Higher retention: 20% increase in customer retention and satisfaction.

Creating Value Through AI,
Transforming for the Future

It is evident that AI is a transformative technology for the world. Recent advancements, particularly in Generative AI, have significantly expanded the range of possibilities. We are committed to the long-term potential of AI. Our aspiration is to harness its full capabilities, building a bank for the future.

We are preparing to adopt AI more extensively in coming years. While we have already made significant progress in utilising AI technologies, we are taking it a step further by establishing specific goals, which we hope to achieve by 2027. This will guide us towards tangible outcomes as we work towards an AI-driven future.

We aim for 75% of all customer service requests to be AI-assisted, reducing response times and enhancing the customer experience. By 2027, every employee will benefit from AI support, enabling them to focus on higher-value tasks and fostering a more productive work environment. As workflows and processes become increasingly optimised, we anticipate a 20% increase in staff productivity. Finally, we target a twofold increase in revenue attributable to AI as it becomes integrated with every part of the business.

The future of banking will see us embracing a more conversational approach as AI enables us to understand and engage more with our customers. "Reasoning models", which refers to AI models that can think on their own and tackle more complex tasks, demonstrating more advanced problem-solving abilities and human-like reasoning skills, will be a trend to watch. While the technology continues to evolve, we will concentrate on preparing ourselves to leverage AI advancements while mitigating associated risks. Our vision is to continue to harness AI to drive excellence and deliver value to our customers and stakeholders in the years to come.

Supercharging AI with Quantum Computing

AI will enable us to understand and engage more with our customers.

Quadrupling Quantum Talent

Our goal is to establish a quantum-ready workforce. We were one of the first banks to begin formal training in quantum technology for our employees and have been building more awareness about the technology among our staff while grooming subject matter experts who can build new use cases through hands-on sessions. As of 2024, we have around 30 employees who possess at least intermediate proficiency in the technology. Our aim is to quadruple this pool of talent by 2026. They will come from a wide range of backgrounds including business, technology and cybersecurity.

Once regarded to be a relatively narrow niche, quantum computing is now recognised as a paradigm-shifting technology.

We are confident that quantum computing will further unlock our AI capabilities to enhance operational efficiency and contribute to higher levels of customer service. Our optimism stems from the reciprocal relationship between quantum computing and AI, which many believe will transform the technology landscape, reshape industries and alter how we interact with the digital world.

Quantum computing can rapidly process extensive data sets, providing enhanced computational power, parallel processing, and more efficient problem-solving. Additionally, it can be utilised for quantum machine learning, significantly accelerating AI's learning processes.

Likewise, AI can be used to drive enhancements in quantum computing through areas such as error correction and quantum algorithm design.

Given the rapid pace at which technology is evolving, it will not be long before quantum computing becomes mainstream, marking a break away from conventional computing.

With this in mind, we have been taking various steps to ensure we are ready to capitalise on this shift. These include embarking on strategic partnerships with institutes of higher learning and organisations from both the private and government sectors.

AI goes beyond mere process automation; it will revolutionise how customers engage with financial institutions. Although the technology is still in its early stages, we have observed promising outcomes from our AI projects, and we will keep a close eye on the progress of AI and related technologies, such as quantum computing.

Helen
Group Chief Executive Officer