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Fremont, CA: The Singapore based OCBC Bank has entered the fintech arena with its FinTech accelerator programme, The Open Vault. OCBC has recently announced to conduct three pilot tests that includes wealth management and artificial intelligence solutions with a few startups—Fincast, BondIT and CogniCor. According to the reports by theasianbanker.com, the pilot test is expected to run for three months, beginning in the fourth quarter of this year. With the initiative taken by the OCBC Bank, Samuel Tsien, CEO of OCBC Bank asserts, “I am pleased that the OCBC accelerator programme has proven itself. Having invested time and resources over six months, we now look forward to piloting three FinTech solutions that will begin benefiting our customers as early as the end of the year.”
The pilot tests consist of solutions that will affect both wealth management and customer service that works towards making the banking process easier and simpler. “These solutions mainly focus in improving customers’ experience or providing much enhanced inputs to guide our customers’ investment decisions,” says Tsien. This programme will help OCBC Bank to extend its reach to harness the potential of FinTech effectively, “With the goal to better transform their customers, while building on the time-tested strengths that OCBC stands for,” adds Tsien.
The OCBC Bank will pilot two new wealth management platforms that will be focused to help the financial advisors to improve the way they manage their customers’ investment portfolios. Designed using analytics and algorithms, the wealth management platforms improves the process of monitoring and managing customers’ investment portfolios. This in turn, can improve customer experiences enabling the relationship managers to advise customers instantly on their wealth and investment needs using OCBC bank’s scientific data validated.
One of which is a portfolio management tool—Fincast, which analyzes the existing investment portfolio and investment preferences and help customers gain the amount of investments they are required to achieve at the retirement, as per their investment objectives. The software further mitigates the amount of time needed to analyze an investment projection, delivering an efficient response to all the investment requests by the customers through the easy-to-navigate interface. OCBC will pilot this platform at its Premier Banking branches helping the relationship managers to conduct face-to-face conversations with customers related to their financial goals, using the software’s intelligent financial projections. The platform advises customers on any types of financial products that they need for helping them effectively meet their investment goals.
The second wealth management tool—BondIT, will enable the relationship managers of the banks of Singapore to provide superior service to their customers having investment portfolios focused on bonds. The software optimizes their customers’ portfolios and provides investment recommendations and wealth goals in just 90 seconds, as compared to traditional methods of bond portfolio analysis. Befitting the name, BondIT stores a massive amount of bond data, which then can be analyzed together with data regarding the customer’s investment appetite, goals and investment preferences. In addition, the relationship manager of these banks can efficiently use the software’s recommendations to advise their customers on which bonds to invest in, based on their business operation and requirements.
The OCBC bank will also pilot a new virtual customer service agent, powered by CogniCor to address the initial queries from the home loans customers of OCBC Bank’s home loans. The pilot will be seen on the OCBC home loans webpage that provides customers an alternative digital avenue to contact OCBC, without the hassle of contacting the Contact Centre or mortgage specialists. Doing so, OCBC helps clients to improve the operational efficiency as customers can easily obtain information about OCBC bank home loans quickly and get real-time responses delivered through an instant messaging chat box directly on the bank website.
For instance, when a customer types a query in chat box, the system automatically processes the context and language of the typed text and generates personalized responses pertaining to the customer’s query. The pilot enables the customers to request the virtual agent to provide information about OCBC bank’s home loan packages, interest rates or renovation loans. The virtual agent understands the language used by the customer and delivers more human-like responses, similar to that of speaking to a real agent. The process offers the customers with an alternative to browsing the home loans website for information, rather than going through the hassle of connecting to the Contact Centre employees to solve the complex customer requests.
The OCBC Bank will continue to explore new opportunities with the goal to collaborate with the other five start-ups from the accelerator programme including—ChromaWay, Coins.ph, Onelyst, Quantifeed and WealthObjects.