OCBC Financial institution optimizes buyer expertise & danger administration with multi-phased information initiative
OCBC Financial institution is the second largest monetary providers group in Southeast Asia by belongings and one of the vital highly-rated banks on the planet. Recognised for its monetary power and stability, OCBC Financial institution is constantly ranked among the many World’s Prime 50 Most secure Banks by World Finance. The financial institution and its subsidiaries supply a broad array of economic banking, specialist monetary and wealth administration providers, starting from shopper, company, funding, non-public and transaction banking to treasury, insurance coverage, asset administration and stockbroking providers.
In 2015, OCBC started a multi-phased initiative with Cloudera targeted on giving clients entry to its banking providers by way of a simple, handy consumer interface that delivered focused and tailor-made services. The corporate lately migrated to Cloudera Knowledge Platform (CDP) and CDP Machine Studying to energy various options which have elevated operational effectivity, enabled new income streams and improved danger administration. OCBC additionally received a Cloudera Knowledge Affect Award 2022 within the Transformation class for the venture.
Actual-time information evaluation for higher enterprise and buyer options
OCBC recognized the necessity to improve its information lake expertise as a part of an enterprise information science initiative to introduce a extra resilient infrastructure and platform able to managing tasks with growing quantity, selection and velocity of knowledge, whereas additionally enabling real-time analytics.
Andrea Pisoni, Head of Knowledge says “OCBC labored with Cloudera to design and safe huge information platforms as a part of its complete information venture. The partnership has enabled OCBC to higher retailer, handle and harness the ability of our information.”
One instance is OCBC’s Subsequent Finest Dialog, a centralized platform that makes use of machine studying to investigate real-time contextual information from buyer conversations associated to gross sales, service and extra. The financial institution was in a position to enhance their income by greater than $100M yearly by utilizing the info to determine essentially the most related info for every buyer and curate private experiences throughout communication channels.
OCBC additionally developed a bank card fraud detection answer that decreased the quantity of transactions reviewed by anti-money laundering compliance analysts and elevated the accuracy price of figuring out suspicious transactions. They had been additionally in a position to develop smarter processes on the platform by introducing chatbots to take over 10% of buyer interactions on their web site.
“We’re dedicated to democratizing AI and reworking our key processes utilizing information. It’s vital that the migration course of goes easily, and the seamless collaboration between OCBC and the Cloudera skilled providers group helped.” Donald Macdonald, CDO, OCBC
Finally, Cloudera’s assist and platform shall be useful for us to speed up our information technique and permit us to proceed innovating and develop with effectivity.”
To search out out extra about how Cloudera empowers monetary providers leaders to understand the infinite potentialities of knowledge, learn our newest FSI Information, A world with out limits.