OCBC to employ AI chatbot, so far AI has made 4 million decisions for the bank

Singapore's OCBC Bank is taking productivity to the next level with an AI chatbot, designed to streamline tasks for its 30,000 global employees. This was developed in collaboration with Microsoft's Azure OpenAI.

• Meet OCBC ChatGPT: This isn't just a run-of-the-mill chatbot. OCBC ChatGPT leverages ChatGPT's LLMs to understand queries and deliver detailed responses.

• Privacy Measures: Fret not, OCBC ChatGPT operates within a secure environment, ensuring that your data stays within the bank's realm. No external parties, including Microsoft, will have access to it.

• Trial Results: OCBC didn't blindly dive into this. They tested the chatbot with 1,000 of their staff from various departments from April to September 2023. The result? A 50% faster task completion rate.

• A Continuation of AI Success: Prior to ChatGPT, OCBC had developed AI tools for tasks like code development and document summarization, which also reportedly improved productivity by up to 50%.

• Future Work Vision: Donald MacDonald, OCBC’s Head of Group Data Office, sees generative AI tools like ChatGPT as game-changers. They can handle time-consuming tasks, leaving employees free to focus on strategic "big picture" tasks that enhance customer service and foster innovation.

• OCBC's AI: This isn't OCBC's first rodeo with AI tech. They already use AI for over 4 million daily decisions in areas such as risk management and customer service. This number is projected to hit an impressive 10 million by 2025. From flagging suspicious activities for anti-money laundering to providing personalized insights to customers, OCBC's utilization of AI is extensive.

Since 2019, OCBC has been grooming AI talent via its AI scholarship program and Data Certification Pathway training program, with over 300 staff graduates. Plus, in 2018, OCBC pioneered a dedicated AI Lab to cultivate in-house AI capabilities.