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Credit: OCBC Bank

Credit: OCBC Bank

OCBC the first bank in Singapore to set up its own artificial intelligence unit

OCBC Bank recently announced that it will adopt an AI-first strategy in developing digital capabilities. With an initial investment of S$10 million over three years, the pioneering team of three data scientists will drive the adoption of AI across banking services such as wealth advisory and loans financing.

The goal is to deliver greater value to customers by giving them access to banking services through natural user interfaces that are seamless and convenient, as well as targeted and tailored products and services that are contextually relevant, driven by machine learning.

The AI unit sits within the Open Vault at OCBC (TOV), OCBC Bank’s Fintech and Innovation Group, and is named AI Lab@TOV. The AI unit will serve as a test bed for all new AI technologies and will demonstrate the feasibility of new technology before it is integrated into the bank’s existing systems.

Leveraging OCBC Bank’s data sandbox and application programme interfaces (APIs) to experiment with real-life anonymous customer data in a secure environment, the unit will generate proofs-of-concept that can be rapidly tested.

AI Lab@TOV aims to double its headcount within a year to manage the surge in AI technologies that the bank plans to implement.

“With the set-up of our very own AI lab, we are able to experiment for the first time with deep learning neural networks and graphics processing units, which are heavily used in the gaming industry and hardly used in banking. This is an exciting new space to be in, especially for banking, and we welcome talent who have the passion to develop something new and fresh for the industry,” said Head of AI Lab@TOV Mr Ken Wong.

According to Mr Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, AI is going to redefine all aspects of banking – from the way bank interacts with customers digitally, to the way it helps them make faster and better financial decisions.

Since 2016, OCBC Bank has been leveraging AI to increase operational efficiency and derive new revenue streams. It launched the AI-powered chatbot Emma which was developed with Fintech startup Cognicor to respond to customers’ queries on home and renovation loans. Last year, it also partnered a fintech firm to use its AI solution to identify potential suspicious transactions. The solution has reduced the volume of transactions reviewed by anti-money laundering compliance analysts by 35% and increased the accuracy rate of identifying suspicious transactions by more than four times.

Leveraging new AI technologies

AI Lab@TOV is experimenting with natural language and speech processing technologies. Leveraging on research and technology from the Agency for Science, Technology and Research (A*STAR), AI Lab@TOV is developing AI technology that can recognise and understand local accents accurately, such as the Singaporean accent.

If successful, the technology could be used to create chatbot services that can respond to customers using voice messaging. This solution could also enable customers to fill in banking forms digitally simply by having a phone conversation with their relationship manager.

AI Lab@TOV will also work with Amazon Web Services (AWS) DeepLens, the world’s first deep learning video camera for developers. Deep learning is a machine learning technique that uses neural networks to learn and make predictions. Supported by AWS Professional Services consulting and training, this AI technology will provide a more personalised experience to OCBC customers by leveraging facial recognition technology, and could be deployed at OCBC Bank branches or ATMs.

Developing AI talent

In addition to hiring data science talents with AI expertise, the AI Lab@TOV will serve as a specialised training centre to further develop the data science skills of data analysts and technologists within the bank.

Through specialised workshops run by AI Lab@TOV, OCBC Bank data analysts and technologists will learn AI modelling and predictive machine learning, which are core skills in employing AI.

Internal hackathons will also be organised to extract new ideas from OCBC Bank employees across different banking divisions on the use of AI for various aspects of banking. This will propagate the use of AI in even more banking products and services outside this AI unit.

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