Bank of Singapore uses agentic AI to speed up wealth client onboarding
Bank of Singapore, the private banking unit of Overseas-Chinese Banking Corp (OCBC), is introducing an agentic AI system to reduce the time needed to open new accounts for wealth clients.
The system, called HELIOS, is designed to simplify due diligence work and the preparation of credit risk profiles for new clients.
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The aim is to cut client onboarding time 15 business days, from more than 30.
Over the past five months, about 25%, or more than 100, of the bank’s relationship managers have started using the system in Singapore, Hong Kong and Dubai, reported Reuters.
Jason Moo, chief executive of Bank of Singapore, told reporters that around 50 clients have been completely onboarded through the system, added the news agency.
The bank expects the roll-out across Bank of Singapore to be finished by the third quarter of this year.
It plans to extend the system to OCBC’s premier private client segment by the end of the year.
OCBC head of group legal and compliance head Loretta Yuen said: “This platform is really to grow and really enhance and boost client onboarding, and in turn, therefore create business growth.”
Its larger rival, DBS, has also announced expanded generative AI and agentic AI functions for its AI-based virtual assistants.
In an emailed statement to Reuters, a DBS spokesperson said in the first five months of this year, the bank has onboarded 20% more new HNW and UHNW clients and reduced overall onboarding turnaround time by 50% with the help of AI.
“Depending on the new client’s profile, we can already complete the onboarding process and open accounts within a week,” said the spokesperson.
In May, Singapore’s financial regulator asked private banks to reduce the time clients wait to open accounts, as authorities seek to reinforce the city-state’s position in global wealth management after major money-laundering cases added to delays.
The Monetary Authority of Singapore said banks should cut account opening times to within one month by the end of this year, compared with a current average of six weeks or more.
