OCBC is first bank in Singapore to establish AI unit

SINGAPORE (Mar 14): OCBC Bank on Tuesday announced the launch of its own artificial intelligence (AI) unit named AI Lab@TOV within its Fintech and Innovation Group, The Open Vault at OCBC (TOV), in a move to position itself as an “AI-first” bank.

The aim is to deliver greater value to customers by giving them access to banking services through natural user interfaces that are seamless and convenient, as well as targeted and tailored products and services that are contextually relevant, driven by machine learning, says OCBC in a media statement.

According to OCBC, an initial investment of $10 million over three years has been committed with a pioneering team of three data scientists, led by Ken Wong, to drive the adoption of AI across banking services such as wealth advisory and loans financing. 

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