OCBC Bank optimizes customer experience & risk management with multi-phased data initiative
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. Recognised 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, 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 began a multi-phased initiative with Cloudera focused on giving customers access to its banking services through an easy, convenient user interface that delivered targeted and tailored products and services. The company recently migrated to Cloudera Data Platform (CDP) and CDP Machine Learning to power a number of solutions that have increased operational efficiency, enabled new revenue streams and improved risk management. OCBC also won a Cloudera Data Impact Award 2022 in the Transformation category for the project.
Real-time data analysis for better business and customer solutions
OCBC identified the need to upgrade its data lake technology as part of an enterprise data science initiative to introduce a more resilient infrastructure and platform capable of managing projects with increasing volume, variety and velocity of data, while also enabling real-time analytics.
Andrea Pisoni, Head of Data Science says “OCBC worked with Cloudera to design and secure big data platforms as part of its comprehensive data project. The partnership has enabled OCBC to better store, manage and harness the power of our data.”
One example is OCBC’s Next Best Conversation, a centralized platform that uses machine learning to analyze real-time contextual data from customer conversations related to sales, service and more. The bank was able to increase their revenue by more than $100M annually by using the data to identify the most relevant information for each customer and curate personal experiences across communication channels.
OCBC also developed a credit card fraud detection solution that reduced the volume of transactions reviewed by anti-money laundering compliance analysts and increased the accuracy rate of identifying suspicious transactions. They were also able to develop smarter processes on the platform by introducing chatbots to take over 10% of customer interactions on their website.
“We are committed to democratizing AI and transforming our key processes using data. It is critical that the migration process goes smoothly, and the seamless collaboration between OCBC and the Cloudera professional services team helped.” Donald Macdonald, CDO, OCBC
Ultimately, Cloudera’s support and platform will be helpful for us to accelerate our data strategy 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.