OCBC, a prominent bank in Singapore, is set to introduce a generative artificial intelligence chatbot to all 30,000 of its employees. This AI chatbot, developed in collaboration with Microsoft’s Azure OpenAI, utilizes ChatGPT’s Large Language Models and is designed to assist OCBC employees in various tasks, including writing, research, and generating innovative ideas.
The bank-wide deployment of this chatbot aims to enhance productivity and provide improved customer service. This decision comes after a successful six-month trial involving approximately 1,000 OCBC staff members across different departments, such as investment research, product management, and marketing. During the trial, the chatbot was utilized for tasks such as creating investment research reports, translating content into multiple languages, and drafting customer responses. Participants reported that they were able to complete their tasks about 50% faster on average, which includes the time spent verifying the chatbot’s output for factual accuracy.
Prior to the introduction of OCBC GPT, the bank had already implemented several generative AI productivity tools, enabling tasks like code development, document summarization, call transcription, and the creation of an internal knowledge base. These tools have also contributed to significant productivity improvements, with time savings of up to 50%.
Currently, over four million decisions, spanning areas such as risk management, customer service, and sales, are made by AI within the bank on a daily basis. This number is projected to increase to 10 million by 2025.
Donald MacDonald, Head of Group Data Office at OCBC, expressed the bank’s enthusiasm for being among the first in the world to deploy generative AI tools at scale. He believes these tools have the potential to revolutionize the way OCBC’s employees work, automating numerous time-consuming tasks and allowing them to focus on more strategic and value-added activities. Ultimately, this will enhance customer service by enabling employees to invest more time in building customer relationships and developing innovative products and services.