OCBC launches AI assistant to handle business banking account changes

Singapore bank OCBC has launched Velocity Smart Assist, an AI assistant on its Velocity business banking platform, Asian Banking & Finance reported.

In its first phase the assistant lets business customers add or remove users and approvers, assign and change user roles, work out which parties need to approve and send requests digitally for review. OCBC said these are among the most common requests from businesses, which make 20,000 account maintenance requests a year, and that they can now be completed within minutes.

From 2027 the assistant will also handle changes to transaction authorisation limits, registered business names and mailing addresses. OCBC plans to roll it out gradually to business banking customers across its core markets. Nearly 200,000 business banking customers in Singapore use Velocity.