Key facts
- Bank of Singapore is implementing an agentic AI platform called HELIOS.
- The platform is designed to cut new client account opening times from over 30 business days to 15.
- HELIOS assists relationship managers with due diligence, data gathering, and credit risk profiling.
- Over 100 relationship managers are currently using the platform in Singapore, Hong Kong, and Dubai.
- The bank plans to complete the rollout by the third quarter and extend it to OCBC's Premier Private Client segment by year-end.
Bank of Singapore, the private banking division of Oversea-Chinese Banking Corp (OCBC), has initiated the deployment of an agentic AI platform named HELIOS. This new system is designed to significantly expedite the process of opening new accounts for wealth clients, reducing the time required from over 30 business days to approximately 15.
The HELIOS platform assists relationship managers by streamlining crucial due diligence procedures, including the gathering of essential client data and the assessment of credit risk profiles. Currently, about 25% of Bank of Singapore's relationship managers, numbering over 100 individuals, are utilizing the platform across the bank's offices in Singapore, Hong Kong, and Dubai. Jason Moo, CEO of Bank of Singapore, reported that around 50 clients have already completed the onboarding process through HELIOS.
The bank intends to complete the full rollout of the platform by the third quarter of the current year. Furthermore, the capabilities of HELIOS will be extended to OCBC's Premier Private Client customer segment by the end of the year. Loretta Yuen, OCBC's head of group legal and compliance, emphasized that the platform's primary goal is to enhance client onboarding, thereby driving business growth.
This initiative reflects a broader trend within the banking sector to integrate artificial intelligence into client-facing services. In a related development, OCBC's competitor, DBS, recently announced advancements in its generative AI and agentic AI features for its virtual assistants, which are accessible to over 10 million users.