OCBC seeks to accelerate wealth client onboarding with agentic AI

By Rae Wee and ‌Yantoultra Ngui

SINGAPORE, July ​29 (Reuters) - ​Bank of Singapore, the private banking arm of Overseas-Chinese Banking Corp, has begun rolling out an agentic AI platform that will ‌cut new account opening times for wealth clients down to 15 ⁠business days from more than 30.

• The platform, named HELIOS, helps streamline due diligence ‌processes as well as credit ‌risk profiles for new clients.

• Roughly 25%, or more than 100, of Bank of Singapore's relationship managers have begun using the platform over ​the past five months across the bank's Singapore, Hong Kong and Dubai offices.

• Jason Moo, Bank of Singapore's CEO, told the media on ⁠Wednesday that roughly 50 clients have been fully onboarded through the platform. The bank caters to ​high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals.

• The roll-out across Bank of Singapore is expected to be completed by the third quarter ​of this year, and will be extended ‌to OCBC's Premier Private Client customer segment by the end of the year.

• "This platform is really to grow and ⁠really enhance and boost client onboarding, and in turn, therefore create business growth," said Loretta Yuen, OCBC's head of group legal and compliance.

• OCBC's larger peer DBS ⁠on Tuesday announced enhanced generative AI and agentic AI capabilities for its AI-enabled virtual ​assistants, which will reach more than 10 million users across Singapore, Hong Kong and Taiwan.

• In an emailed statement to Reuters on Wednesday, a DBS spokesperson said in ‌the first five months of this year, the bank has onboarded 20% more new HNW and UHNW clients ‌and reduced overall onboarding turnaround time by 50% with the help of AI.

• "Depending ⁠on the new client's profile, ‌we can already complete ​the onboarding process and open accounts within a week," said the spokesperson.

(Reporting by Rae Wee and Yantoultra Ngui; Editing by ‌Sonali Paul)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Second Chinese bishop in week ordained under Vatican-Beijing deal
• UN rights office warns of worsening settler violence in West Bank
• General Dynamics tops results estimates on aerospace and marine strength