OK Google, says OCBC Bank
OCBC Bank has delivered another “Singapore’s first” with the roll-out of artificial intelligence (AI) powered voice banking services in collaboration with Google.
To access OCBC Bank’s services through the Google Assistant via Google Home devices or on smartphones, users just have to say: “OK Google, talk to OCBC.”
The available services include financial planning (e.g. for retirement or a new home), savings (e.g. for a child’s education), getting financial market updates and FX rates, and searching for nearby ATMs and branches, among others.
The Google Assistant complements other self-service digital channels at OCBC Bank, such as the Emma chatbot, which specialises in answering home and renovation loan queries.
“For our customers to be able to interact with OCBC services by simply speaking to AI assistants on their smartphones and smart home devices is an exciting development, and an important one as we shape the bank of the future,” comments Aditya Gupta, head of the bank’s e-business in Singapore.
OCBC Bank emphasises it is the only bank in Singapore to offer voice-based banking on digital voice assistants as a medium for customer interaction and engagement.
Earlier this year, the bank set up a dedicated AI unit “to strategically develop in-house AI capabilities”. It plans to invest up to $10 million in it over three years.
For retirement planning, a user can activate OCBC Bank’s service through the Google Assistant by saying: “OK Google, talk to OCBC about retirement planning.” The Google Assistant will then reply to the user with leading questions to eventually calculate the retirement amount required.
The Google Assistant: “Great! It’s never too late to plan for your retirement. Let’s start with your age, how old are you?”
User: “I’m 25 years old.”
The Google Assistant: “Cool, you are 25 years old. At what age do you expect to retire?”
User: “65 years old.”
The Google Assistant: “All right – this means you have another 40 years to build your retirement portfolio. Now, imagine you are 65 and have just retired. How much do you expect to spend on basic expenses such as utilities, transport, entertainment and food in a month based on today’s prices?”
The Google Assistant: “All right, $2,000 a month for basic expenses sounds good. Finally, how much do you plan to spend on vacations and overseas travels every year after retirement?”
The Google Assistant: “$2,000 per year it is. In total, it sums up to approximately $2,200 per month. Let’s compare this to the expected income you will receive after retirement. During retirement, how much do you expect to receive from investments and rental per month?
The Google Assistant: “Okay, $2,000 every month from rentals and investments. Lastly, how much do you expect to receive from CPF or other allowances per month?”
The Google Assistant: “Okay, $500 from CPF and allowances every month it is. So, in total, you should be receiving $2,500 a month during your retirement. If you start today, you will need to save approximately $751,000 for retirement. Don’t worry, OCBC can help you achieve your retirement planning goals. Would you like to chat with an OCBC expert about your retirement plans in detail?”
The Google Assistant: “That’s great, can you please provide a contact number so I can arrange for someone to call you?”
An OCBC Bank customer service representative will then follow up with the user on their retirement plans.