briefing

Singapore-based OCBC Bank has launched its own artificial intelligence (AI) unit to enhance its digital capabilities.

Named AI Lab@TOV, the new unit will sit within the bank’s fintech and innovation group, The Open Vault at OCBC (TOV).

The new unit will receive an investment of $10m over three years. The bank intends to leverage the unit to drive the adoption of AI across banking services such as wealth advisory and loans financing.

Headed by the Singaporean Ken Wong, the team of three data scientists will focus on developing targeted and tailored products and services driven by machine learning.

Besides serving as ‘test bed’ for all the AI technologies prior to their implementation , the new facility will serve as a hub to train and further enhance the data science skills of technologists within the bank.

The facility will use OCBC Bank’s data sandbox and application programme interfaces (APIs) to experiment with real-life anonymous customer data in a secure environment. It will generate proofs-of-concept that can be quickly tested.

Data from Goldman Sachs suggests that using blockchain for customer onboarding and transaction monitoring could reduce banks’ operational costs by up to 25%.

Almost two-thirds (65%) of players across the wealth management and private banking market say they are prepared for the EU’s General Data Protection Regulation (GDPR).

This is the key finding of an exclusive poll conducted by Private Banker International (PBI).

deVere Group, a global financial consultancy has launched a cryptocurrency app- called deVere Cyrypto- with the group’s CEO expecting demand for cryptocurrencies to “sky rocket” in the next 12 months.

Indosuez Wealth Management, the global wealth management arm of Credit Agricole, has partnered with Capgemini to develop a new technology and banking operations platform for wealth managers and private banks.

The new proposition will incorporate Indosuez’s banking and regulatory knowledge and Capgemini’s IT expertise and will utilise the framework of S2i, a banking platform offered by Credit Agricole Private Banking Services (CA-PBS).

In January 2018 digital wealth manager Scalable Capital launched its personal advice service in the UK, which allows investors to call or have a face-to-face meeting with a qualified financial adviser.

Over 75% of wealth managers interviewed for the GlobalData 2017 Global Wealth Managers Survey agree that digital access and channels are essential for wealth managers serving HNW investors. Almost half are looking to partner with fintech start-ups over the next 12 months.