OCBC Bank is the second largest financial services group in Southeast Asia by assets and one of the most highly rated banks in the world. Recognized for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance. The bank and its subsidiaries offer a broad array of commercial banking and specialist financial and wealth management services, ranging from consumer, corporate, investment, private, and transaction banking to treasury, insurance, asset management, and stockbroking services.
In 2015, OCBC Bank, having identified data as a strategic asset, commenced an ambitious, multi-phased project with Cloudera to execute its data strategy. To date, the project has led to an increase in revenue through data-driven targeting and improved risk management. The project has been recognised as a winner in the People category at the Cloudera Data Impact Awards 2022.
With the use of Cloudera Data Platform (CDP), OCBC’s regional data lake currently handles real-time feeds from over 200 different source systems each day. CDP covers banking, share training, and insurance across Singapore, Malaysia, China, and Hong Kong businesses for all of OCBC Group’s different functions including its consumer, commercial, and corporate banking.
Cloudera Machine Learning (CML) powers OCBC’s data analysis in real time for better business and customer solutions
OCBC identified the need to introduce a resilient data infrastructure and platform to facilitate storing, accessing, and analyzing data in real time while providing a consistent experience. OCBC turned to CML by adopting it for the bank’s enterprise data science initiative. The project undertook the upgrading of its data lake to enable real-time analytics, while providing a more resilient infrastructure to manage increasing volume, variety, and velocity of data.
OCBC spokesperson “A critical component of the bank’s comprehensive data project has been Cloudera’s expertise in designing and securing big data platforms. The partnership has helped OCBC to modernize and better store, manage, and harness the power of our data.”
CML drives revenue, innovation, and efficiency for OCBC
The latest machine learning use cases allowed OCBC Bank to make a breadth of improvements on revenue, customer experience, and risk management.
Data-driven use cases, such as Next Best Conversation, helped to increase revenue by $100 million annually from data-driven insights. Another use case, Personalised Actionable Insights, improved customer personalization and increased click-through rates. Additionally, the bank has been able to develop smarter processes on the platform by introducing chatbots to take over 10% of customer interactions on the website.
The adoption of CML has also helped to reduce risks for the bank on multiple fronts. Through the use of AI to predict time to failure of key systems, OCBC Bank has been able to better prevent data center outages. The platform has supported the identification and prevention of trade-based money laundering issues as well as the reduction of credit card fraud cases. By building an internal credit scoring engine via the platform, the bank managed to achieve cost savings of over $1 million annually.
OCBC spokesperson: “We are committed to democratizing AI and making it available to all our systems. It is critical that the migration process goes smoothly, and the seamless collaboration between OCBC and Cloudera professional services team ensured the project’s huge success.
“Ultimately, Cloudera’s support and platform will help OCBC to meet any future challenges with data and allow us to continue innovating and grow with efficiency.”
To find out more about how Cloudera empowers financial services leaders to realize the endless possibilities of data, read our latest FSI Guide, A world without limits.
