Its new app uses AI-powered digital avatars to provide personalized wealth insights to high-net-worth customers
[SINGAPORE] OCBC is also working heavily on artificial intelligence, while adding more human advisors to further enhance its wealth drive.
Southeast Asia’s second-largest bank is launching an app for high-net-worth customers that features a digital avatar that acts as a 24/7 advisor. The bank also announced on Wednesday (July 1) that it plans to hire 600 relationship managers over the next three years for its consumer banking business.
These are part of the bank’s ‘Next Frontier’ strategy, which aims to leverage AI, digital and data to drive growth.
The new app, called OCBC WoW, includes two avatars that can provide hyper-personalized asset management services in real-time.
AI-native banking generally refers to banking platforms where AI is built into the core architecture rather than as a standalone feature.
OCBC expects this AI-native environment, which uses technology to tailor news and advice to individual customer needs and preferences, will help meet increasingly sophisticated customer needs and build deeper, more persistent relationships.
When asked how avatar advisors differ from human advisors, OCBC CEO Tan Teck Long said the revenue and number of transactions between the two types of advisors “will be very different.”
“They…may still want to discuss (with the avatars) the simple things that we want, and then once they’ve made up their mind, they can move forward with the deal, but if it’s a little bit more complicated, they’ll want pushback from the relationship manager as well,” Tan said.
Sunny Quek, head of global consumer financial services at OCBC, added: “Humans still want that human touch, and that’s where relationship managers come in.”
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Quek previously said business times He said he plans to double the bank’s consumer banking wealth business by 2029.
Mr Tan said the bank is looking to spend “more than S$1 billion” annually over the next few years on building infrastructure to support its AI efforts.
Mr Tan said AI will help banks grow their business rather than reduce their workforce, as customers can engage with the bank 24/7 through avatars before conducting transactions through digital channels or relationship managers, depending on the complexity and needs of the transaction.
He predicts the move will spark a “fourth wave of banking.” This means that rather than using AI to reduce costs for banks, avatar-driven efforts will become revenue-generating areas.
The beta version of OCBC WoW will be released to a select group of employees and customers by invitation only. Invited clients are currently being served by OCBC Premier Private Client (minimum assets under management of S$1.5 million) wealth advisors.
A more complete rollout will be announced at a later date.
Avatars will initially engage with customers in English, but languages such as Mandarin, Melayu, and Indonesian will be gradually introduced.
The bank will also look to introduce customized insurance solutions, banking services, a wide range of avatars, deals and benefits.
