10 Numbers to Know About Oversea-Chinese Banking Corp Limited’s Big Fintech Ambition

Singapore’s banks are going digital and Oversea-Chinese Banking Corp Limited (SGX: O39) is making its moves.

OCBC’s formula for digital banking is simple. It will be looking at customer’s needs as a starting point to develop appropriate solutions. The bank believes that this approach will deliver a superior customer experience. From its latest 2016 annual report, we can learn about more about OCBC’s digital ambition:

1. OCBC organised 19 speaker sessions in 2016, immersing 500 of its own employees with insights from digital companies such as Airbnb. On top of that, 50 senior leaders were trained on lean start-up concepts such as rapid iteration and agile experimentation.

2. OCBC also formed an internal innovation lab in 2013 to provide tools for its employees to test ideas. The bank reported that over 7,000 ideas were incubated and over 200 ideas were implemented. In 2014, OCBC formed a dedicated mobile developer team. The team has generated over 40 mobile banking solutions to date.

3. In February 2016, OCBC set up The Open Vault, a fintech accelerator program. The program engaged over 330 fintech startups in areas such as data analytics and artificial intelligence (AI). Three start-ups managed to go on to run pilot tests within OCBC.

4. One of the startups, CogniCor, is beginning to show promise. Cognicor partnered with OCBC’s home loans team to launch Emma, an AI-powered chatbot that is able to manage home and renovation queries. Since its launch in January 2017, Emma has processed over 20,000 enquires and has helped close over $10 million in home loans in three months.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chin Hui Leong doesn’t own shares in any companies mentioned.