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OCBC Launches AI Assistant for Business Account Maintenance

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OCBC Launches AI Assistant for Business Account Maintenance

OCBC has launched an AI assistant called Velocity Smart Assist on its Velocity business banking platform.

The bank said the tool lets business customers complete account maintenance requests digitally within minutes, as reported by Asian Banking & Finance.

In its first phase, Velocity Smart Assist focuses on managing who has access to a business account.

Customers can add or remove users and approvers, assign and amend user roles, identify the parties who need to approve a change and route the request digitally for review.

OCBC said these are among the most common requests businesses make. According to the bank, businesses submit 20,000 account maintenance requests a year.

From 2027, OCBC plans to extend the assistant to cover additional maintenance requests. These include updates to transaction authorisation limits, registered business names and mailing addresses.

The bank will roll out Velocity Smart Assist progressively to business banking customers across its core markets. In Singapore, nearly 200,000 business banking customers use Velocity.

OCBC is applying AI in other parts of its business. Its private banking arm, Bank of Singapore, uses agentic AI  through a platform called HELIOS to cut account opening times for wealth clients to 15 business days.

Featured image credit: Edited by Fintech News Singapore, based on image by mahfuzcht via Magnific



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