OCBC debuts AI tool to automate business account maintenance

Velocity Smart Assist will allow customers to add or remove users and approvers in minutes.

OCBC has launched Velocity Smart Assist, an artificial intelligence (AI) assistant, on its Velocity business banking platform.

Velocity Smart Assist enables business banking customers to complete account maintenance requests digitally within minutes, OCBC said.

In its first phase, Velocity Smart Assist enables customers to add or remove users and approvers, assign and amend user roles, identify the relevant approving parties and route requests digitally for review and approval.

OCBC said that this is one of the most common requests by businesses, and that 20,000 account maintenance requests are made by businesses annually.

From 2027, Velocity Smart Assist will support additional account maintenance requests such as updating of transaction authorisation limits and the changing of business registered names and mailing addresses.

It will also be progressively rolled out to OCBC business banking customers across OCBC’s core markets.

Nearly 200,000 business banking customers in Singapore use Velocity, according to OCBC.

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