Singapore’s OCBC Bank has introduced a generative artificial intelligence (GenAI) training programme for its 900 wealth advisors in Singapore, aiming to enhance sales performance and client interactions. The bank claims this is the first such initiative by a financial institution in the city-state.
The six-month programme leverages large language models (LLMs) to create realistic customer role-play scenarios. Wealth advisors can practice their pitches and advisory skills on their work devices at their own pace, eliminating the need to wait weeks for a supervisor’s availability. Within the first three months, advisors who completed the training secured twice as many weekly client appointments compared to peers who had not yet used the programme. They also recorded a 50% increase in revenue relative to the three-month period before the training.
Previously, skills training was conducted in person and one-on-one. Supervisors, who manage up to ten staff members alongside their own responsibilities, often caused advisors to wait up to three weeks for a session. This traditional approach also risked inconsistent evaluation standards and feedback quality across different managers. The new system removes these bottlenecks by providing on-demand, consistent practice opportunities.
How the GenAI Training Works
The programme was developed over 12 months using OCBC’s anonymised proprietary data on customer behaviour. This data feeds LLMs that generate dynamic, lifelike role-play scenarios. The AI responds naturally to the advisor, mimicking a real client who might be looking to build a long-term investment portfolio, identify their risk profile, or adjust strategies amid market movements. The system removes emotional bias inherent in human-led coaching while ensuring all advisors meet strict regulatory and professional standards.
After each simulated session, supervisors receive a GenAI gap-analysis report detailing the advisor’s competency levels and highlighting specific areas for improvement. This allows managers to deliver targeted, in-person coaching to close those skills gaps more efficiently. Sunny Quek, OCBC’s head of global consumer financial services, said the programme helps advisors quickly grasp complex product knowledge and financial regulations. “In wealth management, these experiences are especially crucial because advisory requires empathy, judgement and trust – qualities that only human advisors can bring,” said Quek. “By marrying AI precision with the human touch, we ensure our advisors are not just well-trained, but future-ready for customers’ growing sophistication in their wealth management needs.”
Advisors on the ground have embraced the flexibility. Ng Zuolin, an OCBC wealth advisor, noted that the platform has accelerated her learning curve since entering banking. “With the GenAI training programme, I can practice the scenarios on my own, and as many times as possible, to pick up wealth advisory skills more quickly to serve customers better,” she said. “Plus, with the feedback from the GenAI training, my supervisor can identify my weaknesses and help me tackle them faster during our in-person training sessions.”
Broader Implications for Wealth Management
The move reflects a broader trend in the banking industry, where generative AI is being deployed not just for customer-facing chatbots but also for internal training and upskilling. Traditional training methods often struggle to scale personalized coaching across large workforces, especially in specialized fields like wealth advisory that require nuanced communication and regulatory knowledge. By using LLMs, banks can provide consistent, high-quality training that adapts to individual learning speeds and needs.
OCBC’s wealth advisors serve a wide range of retail banking customers, from personal banking clients with assets under management (AUM) under S$350,000 to Private Premier clients with AUM exceeding S$1.5 million. The bank plans to roll out the GenAI programme to its markets in Malaysia and Hong Kong at a later stage. Training content, customer scenarios, and learning pathways will be localised to reflect specific regulatory requirements, products, and customer behaviours in those jurisdictions.
The initiative also highlights the importance of data privacy and ethical AI use. OCBC used only anonymised proprietary data to train the models, ensuring customer information is protected. As generative AI continues to evolve, financial regulators are likely to scrutinise such applications for fairness and transparency. Banks that can demonstrate responsible AI use while improving advisor performance may gain a competitive edge.
Industry analysts note that while AI can simulate many aspects of client interactions, the human element remains irreplaceable in wealth management. Building trust, showing empathy, and making judgment calls on complex financial matters require human advisors. OCBC’s programme aims to blend AI efficiency with human coaching, a model that could become a benchmark for other financial institutions in Asia and beyond.
Source: ComputerWeekly.com News