Singapore’s second-largest bank, Oversea-Chinese Banking Corp, plans to hire 600 additional relationship managers over the next three years, its executives said on Wednesday at the launch of its AI avatar app for wealth clients.
Group CEO Tan Teck Long said he expects the bank to spend more than S$1 billion ($771.78 million) annually over the next few years on OCBC’s AI, digital and data initiative.
The OCBC WoW app will initially be offered in beta form to selected employees and customers by invitation. The invited customers have at least S$1.5 million in assets under management and are served by OCBC Premier Private Client Advisers.
The bank has invited 50 customers to try out the beta version over the next six months, before launching it to other clients in its wealth segment over the following 12 months.
Tan said the lender was “changing the face of banking” by using avatars and personalised services, starting with wealth management.
The move is part of OCBC’s Next Frontier Strategy, announced in February, which puts AI, digital services and data at the centre of its next stage of growth.
The app will later add more languages, insurance products and banking services, OCBC said.
($1 = 1.2954 Singapore dollars)
Reuters
