SINGAPORE, July 29 (Reuters) – Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp, has begun rolling out an agentic AI platform that will cut new account opening times for wealth clients down to 15 business days from more than 30.
Here are some details:
• The platform, named HELIOS, helps streamline due diligence processes for relationship managers through gathering key data and information, as well as credit risk profiles for new clients.
• Roughly 25%, or more than 100, of Bank of Singapore’s relationship managers have begun using the platform over the past five months across the bank’s Singapore, Hong Kong and Dubai offices.
• Jason Moo, Bank of Singapore’s CEO, told the media on Wednesday that roughly 50 clients have been fully onboarded through the platform. The bank caters to high-net-worth and ultra-high-net-worth individuals.
• The roll-out across Bank of Singapore is expected to be completed by the third quarter of this year, and will be extended to OCBC’s Premier Private Client customer segment by the end of the year.
• “This platform is really to grow and really enhance and boost client onboarding, and in turn, therefore create business growth,” said Loretta Yuen, OCBC’s head of group legal and compliance.
• The move underscores the push among banks to integrate AI into their client offerings.
• OCBC’s larger peer DBS on Tuesday announced enhanced generative AI and agentic AI capabilities for its AI-enabled virtual assistants, which will reach more than 10 million users across Singapore, Hong Kong and Taiwan.
(Reporting by Rae Wee; Editing by Sonali Paul)
