Generative AI to boost productivity upto 50%-OCBC

Singapore-headquartered Oversea-Chinese Banking Corporation (OCBC) is rolling out a generative artificial intelligence (AI) chatbot, OCBC ChatGPT, for the bank’s 30,000 employees globally in November to assist them with writing, research and ideation, all with an eye to boosting productivity and better serving customers.

It is designed to help employees with a variety of tasks, including writing emails, reports, and presentations; answering customer queries; and providing training and support.

The chatbot, a collaboration between Microsoft’s Azure OpenAI and OCBC, is powered by ChatGPT’s large language models, which analyse queries and produce fully fleshed-out answers and results based on accessible text-based information on the web.

The chatbot is powered by ChatGPT, a large language model from Google AI. It can access and process information from the real world through Google Search and keep its response consistent with search results. It can also generate different creative text formats,  like poems, code, scripts, musical pieces, email, letters, etc. It will try its best to fulfill all your requirements.

The chatbot is currently being piloted with a small group of employees, and it is expected to be rolled out to all employees in November 2023. OCBC is one of the first banks in the world to deploy a generative AI chatbot to its employees. The bank believes that the chatbot will be a valuable tool for its employees and that it will help to improve customer service and productivity.

Additional details about the OCBC ChatGPT chatbot:

● The chatbot is available in English and Mandarin.

● The chatbot can be accessed through a web browser or a mobile app.

● The chatbot is integrated with the bank's internal systems, so it can access customer data and other relevant information.

The bank-wide roll-out comes after a six-month trial involving about 1,000 OCBC staff across multiple functions including investment research, product management and marketing. The bot was deployed in areas such as writing of investment research reports, translating of content in multiple languages and drafting of customer responses. On average, participants said that they were able to complete their tasks about 50 per cent faster than previously. This included time taken to check OCBC GPT’s output to ensure factual accuracy.

Prior to the launch of OCBC GPT, OCBC had deployed several generative AI productivity tools to develop code, summarise documents, transcribe calls and create an internal knowledge base. These tools have similarly boosted productivity by as high as 50 per cent.

Currently, more than four million decisions - in processes such as risk management, customer service and sales - are made by AI in the Bank daily. This is projected to increase to 10 million by 2025.

Donald MacDonald, OCBC’s head of group data office, says: “We are excited to be one of the first banks in the world to deploy generative AI tools at scale. We believe that these tools have the potential to transform the way our employees work by automating a wide range of time-consuming tasks, freeing up their time to focus on more strategic and value-added work. This in turn helps us provide better customer service by spending more time building relationships with customers and developing innovative products and services.”