OCBC Bank to pilot wealth management and AI solutions by startups

The bank will be testing solutions from Fincast, BondIT and CogniCor for three months.

By Nurdianah Md Nur
Aug. 15, 2016

Singapore's OCBC Bank will be piloting fintech solutions from three startups that participated in The Open Vault at OCBC's accelerator programme.

Set to begin from the fourth quarter of this year, the three-month pilot tests will involve wealth management and artificial intelligence solutions from Fincast, BondIT and CogniCor.

With Fincast, financial advisors can respond to customers' investment requests more efficiently and effectively. Once a customer's wealth goals are keyed in, the software will analyse the customer's existing investment portfolio and investment preferences, before delivering recommendations on what investments a customer needs to achieve his investment objectives.

OCBC Bank plans to pilot this platform at its Premier Banking branches for up to 100 customers, selected based on a range of different customer profiles over the three-month pilot period.

According to the bank, this tool will enable Premier Banking relationship managers to have face-to-face conversations with customers about their financial goals, and advise customers on the types of financial products they need to meet their investment goals.

The second wealth management tool, BondIT, will enable Bank of Singapore's relationship managers to better service customers with investment portfolios focused on bonds. The platform allows them to optimise their customers' portfolios and provide investment recommendations tailored to each customer's risk profile and wealth goals in 90 seconds, as compared to traditional methods of bond portfolio analysis which can take up to two days.

The software stores a massive amount of bond data, which it can instantly pull up and analyse together with data regarding the customer's investment appetite, goals and investment preferences. The relationship manager can then immediately use the software's recommendations to advise customers on what bonds to invest in.

Designed using analytics and algorithms, these wealth management tools aims to minimise the wait time for a customer between making an investment request and the process of getting an analyst to manually analyse and optimise the customer's investment portfolio. This will help customers will experience service that is swift and insightful, according to OCBC Bank.

The Bank will also be piloting a new virtual customer service agent - powered by CogniCor - on its home loans webpage to address initial queries from customers interested in OCBC Bank's home loans.

When a customer types a query in the chat box, the system will automatically process the context and language used in a customer's typed text, and generate personalised responses pertaining to the query. This process thus provides the customer with an alternative to browsing the home loans website for information, and frees Contact Centre employees to help with more complex customer requests and inquiries.

Co-innovating with start-ups
Fincast, BondIT and CogniCor were part of the eight startups that underwent a rigorous curriculum under The Open Vault at OCBC's accelerator programme. The curriculum included mentorship sessions with OCBC Bank's senior management and business leaders, as well as workshops that talked about regulatory demands in the banking industry and how to secure investment interest.

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