OCBC seeks to speed up wealth client onboarding with agentic AI

SINGAPORE, July 29 (Reuters) - Bank ‌of Singapore, ​the ​private banking arm of Oversea-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.

Here are some details:

• The platform, ‌named HELIOS, helps streamline ‌due diligence processes for relationship managers through gathering key data and information, 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 and ultra-high-net-worth 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.

• The move ‌underscores the push among banks to integrate AI into their client offerings.

• 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.

(Reporting by Rae Wee; Editing by Sonali ‌Paul)

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