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)
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