OCBC is enhancing its business systems and customer experience using data science in collaboration with Red Hat.
The bank has deployed solutions built on Red Hat's OpenShift cloud-native container platform to support the implementation of its Enterprise Data Science Platform (EDSP).
OCBC Singapore’s VP and head of technology architecture, Dedy Lim said, “OpenShift’s open standards and API support for third-party integration made Red Hat the ideal choice to help EDSP streamline the bank’s internal data science processes.”
“It made our business applications more intelligent,” he added.
The bank has made large-scale investments to digitise frontend and backend operations, including customer channels, user interfaces, and systems infrastructure, enabling it to make its business operations easy.
It has moved to a hybrid cloud infrastructure showcasing a collaborative public, private or open hybrid cloud deployment.
Lim said this has helped the bank stay independent of any specific provider enhancing its ability to do autoscaling and continue support for its EDSP platform.
The EDSP allows OCBC to drive performance in the areas of credit analytics, anti-money laundering (AML), and customer chatbot optimisation. It has enhanced credit risk processes with better insight into exposures and supports OCBC’s overall Risk Management strategy.
“AML teams can tap into data to detect and prevent money laundering activities,” he added.
The bank had also focussed on modernising its legacy applications by deploying the OpenShift platform apart from the EDSP goals. It has implemented solutions including wealth management applications among other critical business applications.
These include a fully-digitalised loan application, instant approval service, and an enhanced process that enables start-ups to open an account immediately after incorporation.
OCBC started its core-to-cloud journey with customer-facing applications, internet banking channels, and contact centre-type applications and moved deeper into core banking functions like payment modernisation, loan application processing systems, and customer information systems.
“We made ‘very good progress’ in transforming our technology architecture to improve agility and speed in deploying new business capabilities,” said Lim.
The open platform has enabled the bank to increase reusability, the lower overall cost of investment and increase development efficiency.
The bank is looking forward to modernising more banking functions, Lim said.
Commencing from the loan origination system, the bank has managed the long processes using its data science platform. Payment modernisation is another key initiative we are embarking on, he added.
“We want to improve customer and employee experience through emerging technologies and expect more AI-driven solutions based on open source,” said Lim.