Bank of Singapore taps analytics to improve operations

Bank of Singapore, the private banking arm of Singapore’s OCBC Group, is planning to deploy artificial intelligence (AI)-powered analytics to improve compliance, customer service and the performance of its sales teams.

The technology, to be supplied by SAS, will connect disparate data across structured and unstructured data sources. It will also offer in-depth text analytics that enables financial institutions to delve deeper into conversation topics, sentiments, and gather due diligence insights. 

Alexandre Lotfi, global chief risk officer of Bank of Singapore, said the technology can be used to create a holistic view of each customer profile by aggregating data on every interaction through all channels and identifying linkages.

“Currently, to monitor and identify discrepancies in standard operating practices, our agents must review sample accounts manually,” he said. “Now we are able to proactively gather and analyse data automatically and in real time. This transparent process protects our customers and enhances our reputation for financial jurisprudence and reliability.”

The bank is also using the technology’s advanced analytics capabilities in risk assessment, with risk factors assessed and scored to support decision-making using a combination of analytic findings, bank risks and business policies. 

SAS’s managing director of Singapore, Randy Goh, said: “Bank of Singapore’s choice of SAS to be their partner in their drive to improve conduct surveillance and enhance customer experience validates the robust and intellectual quality of our solution. We look forward to helping financial institutions and regulatory authorities create a safe and protected environment for Singapore customers.”

Banks have been one of the keenest adopters of big data analytics and will remain so as they look to capitalise on financial, transactional and customer data.

According to IDC, spending on big data technology in banking and financial services is expected to grow at a compound annual growth rate of 15.6% from 2019 to 2024.

In Asia-Pacific, revenues for big data and analytics systems are tipped to hit $22.6bn in 2020, with three out of four enterprises planning to keep or increase their big data analytics investments this year.