OCBC introduces AI assistant to handle business account changes
Velocity Smart Assist initially covers user and approver changes, with more account maintenance functions due from 2027.
OCBC has added an artificial intelligence assistant to Velocity, its business banking platform, saying it enables customers to complete account maintenance digitally within minutes. The tool, named Velocity Smart Assist, initially handles changes involving users, approvers and their roles.
Customers can use the assistant to add or remove users and approvers and to assign or change user roles. It also identifies the parties whose approval is needed and directs requests electronically through review and approval.
OCBC said businesses make 20,000 account maintenance requests each year, with user and approver changes among the most common. The bank put the number of Singapore business customers using Velocity at nearly 200,000.
The assistant's functions will expand from 2027 to include changes to transaction authorisation limits, registered business names and mailing addresses. OCBC said it will also introduce the assistant progressively to business banking customers throughout its core markets.
