OCBC, a leading bank, has made an innovative move by announcing plans to introduce a generative artificial intelligence (AI) chatbot to its 30,000 global employees in November 2023. Developed in collaboration with Microsoft's Azure OpenAI, this chatbot is set to transform how employees manage tasks related to writing, research, and ideation, ultimately aiming to increase productivity and enhance customer service.
Breaking boundaries: New ways of working in financial institutions
The OCBC GPT chatbot, powered by ChatGPT's Large Language Models, has the ability to analyze queries and generate comprehensive responses based on readily available text-based information from the web. What sets it apart is its secure environment, ensuring data privacy by keeping information entered by OCBC staff confidential and not shared with external entities.
This decision comes after a successful six-month trial involving 1,000 OCBC employees across various functions, such as investment research, product management, and marketing. Employees used OCBC GPT for tasks like drafting investment research reports and translating content into multiple languages, with participants reporting a remarkable 50% reduction in task completion time.
OCBC's journey into generative AI isn't recent; the bank has been actively implementing generative AI productivity tools since 2022. These tools have significantly boosted efficiency, allowing employees to concentrate on high-value tasks and strategic projects. Donald MacDonald, Head of Group Data Office at OCBC, is enthusiastic about these AI tools, emphasizing their potential to automate routine tasks and free up employee time to focus on building customer relationships and developing innovative products and services, ultimately enhancing customer service.
Additionally, OCBC has integrated AI into various aspects of its customer-facing services. AI-driven personalized recommendations and insights are delivered to customers through the mobile banking app, enhancing their banking experience. AI also plays a pivotal role in OCBC's anti-money laundering efforts, swiftly analyzing customer profiles and transactions to identify suspicious activities and communities.
OCBC's commitment to nurturing AI talent is evident through initiatives like the postgraduate AI scholarship introduced in 2019 and the Data Certification Pathway program. In 2018, OCBC established its AI Lab, strategically focusing on in-house AI capabilities, which are now managed within the Group Data Office.
By embracing generative AI, OCBC is not only elevating employee efficiency but also delivering a more streamlined and personalized customer experience, marking a significant leap toward the future of banking.
