Eight startups were selected from more than 200 global applications earlier this year to join OCBC’s inaugural innovation programme – The Open Vault at OCBC FinTech Accelerator, powered by Nest. For founders it was about gaining access to 12 weeks of mentorship sessions, educational workshops and access to leading figures from the industry; for OCBC the goal was to nurture and integrate technology that could be of real benefit to its customers in the future.
As it turns out that objective wasn’t just ‘blue-sky thinking’ on OCBC’s part. It’s been announced that after completing ‘proof of concepts’ during the accelerator by trialling their prototypes in OCBC Bank’s data sandbox, three of the companies will move on to the next phase of product development – pilot tests, in the fourth quarter of this year.
Here are the three that made it through:
An intelligent customer service company, Cognicor is a live-chat virtual assistant that can generate personalised responses to customer’s queries in real time — it can even produce charts or graphs in a matter of seconds.
Banks that integrate this software will be able to wean off dependence on call centres or mortgage specialists. For example, a client can request for information on home loans packages, interest rates or renovation loans through this assistant.
It also simplifies CRM by integrating an automated claims and invoice system.
The company says it can be deployed in 30 days and claims over 3 million queries answered to date. Its machine learning capabilities allow it to adapt and generate more accurate responses over time.
Fincast is an intelligent wealth management company that provides automated applications including real time portfolio management and goal based advisory tools for financial institutions and investment advisors.
Using an adaptive advice algorithm, financial advisors can receive tailored advice based on up-to-date research.
For example, if a client wishes to know how much investments he/she needs to achievement retirement, the fund manager can key in the data and the software automatically analyse the client’s existing investment portfolio and preferences to generate personalised investment recommendations.
BondIT is an algorithm-based advisory SaaS product to help fixed income investment managers to better construct, manage their clients’ investment portfolios.
It offers a set of machine-learning enabled analytics and reporting tools to provide smart portfolio generation, optimisation, personalisation, risk analysis, as well as monitoring, allocation and inventory management.
It claims to be able to provide personalised investment recommendations tailored to a client’s risk and investment appetite and wealth goals in just 90 seconds.
These pilot tests will be conducted in the fourth quarter of this year and will last for three months. They will address two key areas: wealth management and Ai-enabled customer service solutions.
Fincast will be deployed at OCBC Bank’s Premier Banking Branches branches for up to 100 customers selected based on a range of different customer profiles over the three-month pilot period.
BondIT will be deployed at Bank of Singapore (a subsidiary of OCBC Bank) and will be used by relationship managers.
Lastly, CogniCor’s virtual customer service assistant will be piloted in OCBC Bank’s home loans page.
The journey is not over for the remaining five startups — ChromaWay, Coins.ph, Onelyst, Quantifeed and WealthObjects — in the accelerator programme. OCBC Bank says it will still explore opportunities to collaborate with them. For more information, head to www.theopenvaultatocbc.com.
Disclosure: This article was produced by the e27 content marketing team, sponsored by Nest.