“Earlier this year, both the United Overseas Bank (UOB) and the OCBC Bank in Singapore announced their intent to invest in training sessions in AI for their staff.
In a recent note entitled “Is AI the next revolution in retail banking?”, UBS strategist Philip Finch revealed that the new technology could lead to a 3.4% revenue uplift and cost savings of 3.9% over the next three years. The figure was based on an UBS Evidence Lab survey of 86 banks.
Improving P&L statements with AI
Another business potential of AI comes in credit assessment. UOB is now able to run credit processing and credit decisioning by using a data-enriched AI-powered credit decisioning tool.
According to early tests conducted by the bank, the technology developed by ThetaRay could help OCBC reduce the number of transactions reviewed by anti-money laundering compliance analysts by 35%, while the accuracy rate of identifying suspicious transactions could be increased by more than four times.”