Bank of Singapore, a subsidiary of OCBC Bank, will deploy SAS’ artificial intelligence-powered communications surveillance analytics in their training and monitoring of client representatives’ performance.
SAS’ Trade and Communications Surveillance solution will help the bank improve sales representatives’ performance, compliance and ultimately enhance customer experience.
The surveillance framework and methodology will enable monitoring of the bank’s sales practices and align with regulatory guidelines from the Monetary Authority of Singapore.
Alexandre Lotfi, global chief risk officer at Bank of Singapore, said the solution enables them to create a holistic view of each customer profile, aggregating disparate data on every interaction through all channels, and identifying linkages.
For now, Bank of Singapore agents must review sample accounts manually in order to monitor and identify discrepancies in standard operating practices.
“With the AI-powered Trade and Communications surveillance solution, we are able to proactively gather and analyse data automatically and in real time,” said Lofti. “This transparent process protects our customers and enhances our reputation for financial jurisprudence and reliability.”
The solution will connect disparate data across structured and unstructured data sources. In-depth text analytics allows financial institutions to delve deeper into conversation topics, sentiments, and due diligence insights.
Advanced analytics will automate the current manual sales and service supervision monitoring and add additional capabilities to uncover unknown behavioural patterns and relationships.
Risk factors are assessed and scored, and evidence is systematically stored supporting the analytical outcome, which is used to drive machine learning. Banks can make decisions based on a combination of analytic findings, bank risks and business policies.
“There is a keen appreciation of the need for training, monitoring and managing the performance of client representatives,” said Randy Goh, SAS’ managing director of Singapore. “Our solutions enable the derivation of insights through data and analytics.”
Adoption of best practices can only help improve sales culture and supervision, enabling early detection of potential irregularities and as a result improve client experience.
Also, enhanced surveillance of interactions across vulnerable groups builds client trust in the bank and its financial advisory process.
An additional benefit is that the solution improves productivity. The current manual process requires agents to review voluminous data manually, whereas they will now be able to focus on more value-added tasks.