Artificial intelligence (AI) has rapidly emerged as a transformative force across multiple sectors, revolutionizing how businesses operate and interact with their customers.
Within the banking sector, AI has significantly reshaped customer service and operational efficiency. The recent emergence of generative AI (GenAI), a subset of AI that can create content and generate human-like text, has further enhanced these changes.
The research arm of consultancy McKinsey estimates that GenAI can add between US$200 billion and US$340 billion in value to the global banking sector every year through increased productivity. This translates to an increase in revenue of between 2.8 and 4.7 per cent.
The use of GenAI will go far beyond contributing to the bottom line. It could also enhance customer satisfaction, improve decision-making and employee experience, and decrease risks through better monitoring of fraud and risks.
This is why OCBC has been one of the early adopters of AI among Singapore banks and is currently riding the wave of GenAI.
THE AI JOURNEY AT OCBC
The bank first set up its AI Lab unit in 2017 and extensively uses AI across three areas: generating revenue, improving productivity, and reducing banking risks. Today, the AI unit has expanded multifold, and is known as the group data office.
From personalizing credit card deals for customers to detecting fraud, AI has become embedded in OCBC's day-to-day operations.
But with AI technology making great strides in recent years, so has OCBC, which has intensified its focus on employing GenAI in its internal operations in the last 18 months.
It was the first Singapore bank to roll out a GenAI chatbot, OCBC GPT, in November last year. The chatbot assists the bank's 30,000 employees globally with writing, research and ideation.
Bu hikaye The Straits Times dergisinin November 07, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin November 07, 2024 sayısından alınmıştır.
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