“OCBC Bank is set to revolutionize how its employees work by rolling out a generative AI chatbot, OCBC ChatGPT, globally. This groundbreaking move follows a successful six-month trial involving approximately 1,000 OCBC staff across various functions, including investment research, product management, and marketing. During the trial, employees harnessed OCBC GPT to streamline tasks such as…
Tag: Financial Services
Is Plaid’s potential IPO a sign of fintech turning a corner?
“Plaid got its start as a company that connects consumer bank accounts to financial applications. It has since been gradually expanding its offerings to offer more of a full-stack onboarding experience. The company was almost acquired by Visa for $5 billion before antitrust regulators shut that deal down. Plaid went on to raise funding at…
AI and data: Honing hyper-personalization to build the bank of the future
“’We want to use AI and ML to identify key events in the customer’s life that might necessitate financial support and use that response to help customers ultimately achieve their life ambitions,’ he says to ZDNET in a video interview. Effective hyper-personalization means using data that’s already been collected in combination with emerging technologies to…
American banks dominate AI transformation race
“North American banks are winning a global race to transform banking into an AI-first industry, according to a new report from banking data provider Evident. J.P. Morgan Chase leads in AI research, Capital One in AI patents, and Wells Fargo in AI investments. Other top performers include Royal Bank of Canada, TD Bank, Goldman Sachs,…
A Generative AI Decision-Making Guide for Community Banks and Credit Unions
“As we deepen our exploration of generative AI, crafting a strategic blueprint for governance becomes essential. Ethical AI is not just a consideration but a mandate, requiring vigilant oversight. A ‘center of excellence’ must be established to develop frameworks that address ethics, bias and risk. Leveraging LLMs on institutional knowledge is a key component of…