When and to whom will the OCBC WoW app be available?

The app will first roll out as a beta to fifty users, then to OCBC's wealth clients, and eventually to its retail banking segment. The bank is not starting with retail clients because they tend to have simpler needs.

What languages do the AI avatars support?

Currently, the avatars speak English only. The bank hopes to eventually train them to converse in Mandarin, Bahasa Indonesia, and Bahasa Melayu.

Will the AI avatars replace human advisors?

CEO Tan Teck Long said the avatars will not replace human employees and pledged to hire 600 new relationship managers. He stated the bank aims to use AI to 'increase the workforce and support a much larger business.'

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OCBC launches AI avatar banking with $771M annual AI spend

Fortune AI3h ago3 min read

Key takeaway

Singapore's OCBC Bank unveiled an AI avatar banking platform featuring virtual financial advisors trained on proprietary bank research, planning to spend more than one billion Singapore dollars ($771 million（約1200億円）) annually on AI over three years. The move reflects banks' push to boost wealth management productivity amid rising demand for financial advice, though affluent clients still prefer human advisors as their primary source of investment ideas.

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3 Key Points

What happened
Singapore's OCBC Bank unveiled an AI-enabled 'avatar banking' app featuring two virtual financial advisors named 'Wendy' and 'Wayne,' trained on the bank's proprietary research data. The app, called OCBC WoW, will roll out first as a beta to fifty users, then to wealth clients, and eventually to retail customers. OCBC plans to spend more than one billion Singapore dollars ($771 million（約1200億円）) annually over the next three years on AI.
Why it matters
Banks face rising demand for financial advice as wealth grows, yet the U.S. alone might face a shortfall of up to 110,000 advisors by 2045 according to a 2025 McKinsey report. AI avatars could allow banks to offer high-quality advice to more customers at lower cost. However, a recent HSBC-commissioned survey found that 62% of affluent individuals still credited humans as 'the main source' of investment ideas, even as over 70% said they used AI in their financial decisions.
What to watch
CEO Tan Teck Long pledged to hire 600 new relationship managers, saying the bank aims to 'increase the workforce' rather than reduce it through automation. The avatars currently speak English only; the bank hopes to eventually train them in Mandarin, Bahasa Indonesia, and Bahasa Melayu to serve its four core markets.

FAQ

When and to whom will the OCBC WoW app be available?: The app will first roll out as a beta to fifty users, then to OCBC's wealth clients, and eventually to its retail banking segment. The bank is not starting with retail clients because they tend to have simpler needs.
What languages do the AI avatars support?: Currently, the avatars speak English only. The bank hopes to eventually train them to converse in Mandarin, Bahasa Indonesia, and Bahasa Melayu.
Will the AI avatars replace human advisors?: CEO Tan Teck Long said the avatars will not replace human employees and pledged to hire 600 new relationship managers. He stated the bank aims to use AI to 'increase the workforce and support a much larger business.'

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