OCBC Bank is set to revolutionize how its employees work by rolling out a generative AI chatbot, OCBC ChatGPT, globally. This groundbreaking move follows a successful six-month trial involving approximately 1,000 OCBC staff across various functions, including investment research, product management, and marketing. During the trial, employees harnessed OCBC GPT to streamline tasks such as investment research report writing, content translation, and customer response drafting, resulting in a remarkable 50% increase in task completion speed. This innovative chatbot, powered by ChatGPT’s Large Language Models, promises to reshape workflows and enhance customer service.
Enhancing efficiency and productivity
The trial period, from April to September 2023, provided OCBC employees with a glimpse of the potential of AI-driven automation in their daily tasks. Notably, participants could complete their assignments in half the time it would typically take, including the time spent on fact-checking OCBC GPT’s output. This efficiency gain is a testament to the transformative power of AI, allowing employees to redirect their efforts toward more strategic and value-added work.
Donald MacDonald, the Head of the Group Data Office at OCBC, emphasized the significance of this development, stating, “We are excited to be one of the first banks in the world to deploy generative AI tools at scale. We believe that these tools have the potential to transform the way our employees work by automating a wide range of time-consuming tasks, freeing up their time to focus on more strategic and value-added work. This, in turn, helps us provide better customer service by spending more time building relationships with customers and developing innovative products and services.”
A history of AI advancements
OCBC’s journey into the realm of AI predates the launch of OCBC GPT. The bank had previously implemented several generative AI productivity tools, including code development, document summarization, call transcription, and an internal knowledge base. These tools similarly contributed to a 50% increase in productivity, enabling employees to shift their focus to higher-value tasks.
Presently, OCBC relies on AI to make over four million daily decisions in areas such as risk management, customer service, and sales. This number is projected to soar to 10 million by 2025. OCBC’s mobile banking app delivers valuable information to customers through AI-powered personalized recommendations and insights, sending out 250 million insights annually. These insights help customers save time and enhance their financial management.
Furthermore, AI plays a pivotal role in OCBC’s anti-money laundering efforts. The bank employs an AI-powered platform to swiftly analyze customer profiles and transactions, identifying suspicious activities and communities.
Investing in talent and innovation
In 2019, OCBC took a proactive step by launching the first postgraduate AI scholarship among Singaporean banks, nurturing a talent pipeline for AI-related roles. Simultaneously, the bank introduced its Data Certification Pathway, a 12 to 18-month training program designed to cultivate in-house data professionals. To date, more than 300 OCBC staff have completed this program.
In 2018, OCBC made history by being the first Singaporean bank to establish a dedicated AI Lab. The lab, which has since been incorporated into the Group Data Office, strategically develops in-house AI capabilities, solidifying OCBC’s position as a leader in AI innovation within the banking sector.
OCBC’s commitment to embracing AI drives productivity, enhances customer experiences, and strengthens its position in the ever-evolving financial landscape. With the global deployment of OCBC ChatGPT, the bank is poised to continue its journey of AI-driven transformation, setting new standards for efficiency and innovation in the banking industry.
As AI continues to shape the future of banking, OCBC stands at the forefront, leveraging technology to empower its workforce and provide superior services to its customers.