OCBC becomes first bank in Singapore to adopt generativeAI ChatbotOCBC will make its generative artificial intelligence (AI) chatbot available to 30,000 of its employees worldwide by November 2023, making it the first bank in Singapore to do so, according to an official statement.
Developed in collaboration with Microsoft’s Azure OpenAI, the chatbot is designed to assist employees with writing, research and ideation tasks. Powered by ChatGPT’s “large language model,” OCBC ChatGPT generates answers and results based on text information available on the web, while remaining in a secure and controlled environment.
During a six-month trial from April to September 2023, 1,000 OCBC employees used the bank’s GPT capabilities in areas such as investment research reports, content translation and draft responses to clients. Including the time required to ensure factual accuracy, tasks were completed 50% faster than before.
Donald MacDonald, head of OCBC’s data office, said: “We are delighted to be one of the first banks in the world to deploy generative AI tools at scale. We believe these tools have the potential to transform the way our people work, automating a wide range of time-consuming tasks, freeing up their time to focus on more strategic and value-added work.”
This move marks OCBC’s efforts to drive innovation and automation in the banking industry to improve employee productivity and service quality. The deployment of generative AI chatbots is expected to change the way work is done within the banking industry, allowing employees to focus more on strategic work and provide higher value services.