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. <\/p>\n
The system, called HELIOS, is designed to simplify due diligence work and the preparation of credit risk profiles for new clients. <\/p>\n
The aim is to cut client onboarding time 15 business days, from more than 30. <\/p>\n
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<\/a>. <\/p>\n 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. <\/p>\n The bank expects the roll-out across Bank of Singapore to be finished by the third quarter of this year. <\/p>\n It plans to extend the system to OCBC’s premier private client segment by the end of the year. <\/p>\n OCBC head of group legal and compliance head Loretta Yuen said: “This platform \u200cis \u2060really to grow and really enhance and boost client onboarding, and in turn, therefore create business growth.” <\/p>\n Its larger rival, DBS, has also announced expanded generative AI and agentic AI functions for its AI-based virtual assistants. <\/p>\n In an emailed statement to Reuters, a DBS spokesperson said in \u2060the first five months of this year, the bank has onboarded 20% more new HNW and UHNW clients and reduced overall onboarding turnaround time by \u206050% with the help of AI. <\/p>\n “Depending on the new client’s profile, we can already complete the onboarding process and open accounts within a week,” said the spokesperson. <\/p>\n In May, Singapore’s financial regulator asked private banks to reduce the time<\/a> 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. <\/p>\n 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. <\/p>\n