Bank of Singapore is ramping up efforts to enhance both internal and external performance through the deployment of SAS-based analytics to boost sales practices and customer experience.
In rolling out the vendor's Trade and Communications Surveillance offering, the private bank will leverage artificial intelligence (AI) and analytics to also align with regulatory guidelines from the Monetary Authority of Singapore (MAS).
From a technology standpoint, the solution is designed to connect disparate data across “structured and unstructured” data sources, with text analytics allowing financial institutions to delve deeper into conversation topics, sentiments and due diligence insights.
“The solution enables us to create a holistic view of each customer profile, aggregating disparate data on every interaction through all channels, and identifying linkages,” said Alexandre Lotfi, global chief risk officer at Bank of Singapore. “Currently, to monitor and identify discrepancies in standard operating practices, our agents must review sample accounts manually.
“Now with the AI-powered Trade and Communications surveillance solution, we are able to proactively gather and analyse data automatically and in real time. This transparent process protects our customers and enhances our reputation for financial jurisprudence and reliability.”
In addition, advanced analytics will be used to automate the current manual sales and service supervision monitoring, while providing additional capabilities to uncover unknown behavioural patterns and relationships.
Risk factors are assessed and scored with evidence systematically stored to support the analytical outcome, which in turn is used to drive machine learning.
“We have seen increasing mission-critical deployments globally as leading financial institutions and banks accelerate internal compliance and regulatory frameworks,” added Randy Goh, managing director of Singapore at SAS. “There is a keen appreciation of the need for training, monitoring and managing the performance of client representatives. Our solutions enable the derivation of insights through data and analytics.”