TL;DR: OCBC, in collaboration with Microsoft’s Azure OpenAI, is set to deploy a generative AI chatbot, OCBC ChatGPT, to its global workforce of 30,000 in November 2023. The chatbot aims to assist employees in tasks related to writing, research, and ideation, ultimately enhancing productivity and customer service. Following a successful six-month trial involving 1,000 OCBC staff, participants reported completing tasks approximately 50% faster with the aid of OCBC GPT.
Boosting Productivity with AI Chatbot Integration
OCBC, in partnership with Microsoft’s Azure OpenAI, is set to introduce OCBC ChatGPT, an AI-powered chatbot, to its global workforce of 30,000 employees. This tool is designed to support employees in tasks related to writing, research, and ideation. The deployment is aimed at elevating productivity and providing better customer service.
How OCBC ChatGPT Operates
OCBC ChatGPT leverages ChatGPT’s Large Language Models, which analyze queries and generate comprehensive responses based on available text-based information from the web. Importantly, the chatbot operates within a secure and controlled environment, ensuring information shared by OCBC staff remains confidential and inaccessible to external parties.
Success in Trial Phase
After a six-month trial involving 1,000 OCBC staff across various functions, including investment research and product management, OCBC GPT demonstrated its value. Participants reported a remarkable 50% increase in task efficiency. This included the time taken to verify OCBC GPT’s output for factual accuracy.
Building on AI Success: OCBC’s Journey So Far
OCBC’s investment in AI technology dates back to 2019, with the launch of a postgraduate AI scholarship program to nurture AI talent. The bank also introduced the Data Certification Pathway, a training program that has benefited over 300 staff. In 2018, OCBC established a dedicated AI Lab to strategically develop in-house AI capabilities, which has since been integrated into the Group Data Office.
AI’s Pervasive Role in Decision-Making at OCBC
Currently, OCBC relies on AI for over four million daily decisions, encompassing areas like risk management, customer service, and sales. This figure is projected to reach 10 million by 2025. AI technology also facilitates personalized recommendations and insights for customers through the mobile banking app, sending 250 million of these insights yearly to enhance financial management.
Fighting Financial Crimes: AI in Anti-Money Laundering
OCBC harnesses AI in its anti-money laundering efforts through a powerful platform. This enables rapid analysis of customer profiles and networks, identifying suspicious activities and transactions, thereby strengthening the bank’s efforts in preventing financial crimes.
Towards a More Efficient Future
OCBC’s integration of AI tools is a significant step towards enhancing the way employees work. By automating time-consuming tasks, OCBC aims to enable employees to focus on strategic, high-value work, ultimately providing improved customer service and innovative products.