An example of our integrated approach is our hybrid advisory model, where each client benefits from a dedicated RM partnered with digital platforms such as myWealth. Clients receive personalised portfolio recommendations and actionable insights digitally, complemented by the human touch for context, guidance, and nuanced dialogue.

By leveraging advanced tools, such as co-browsing features on Pearl and analytics from myWealth, we equip our RM to focus on high-value interactions.

By automating routine administrative tasks, we free up RMs to focus their time and energy on high-value interactions, enabling us to deliver meaningful client experiences that set us apart.

Artificial intelligence (AI) holds significant promise and presents distinct challenges for the private banking industry. Could you share some AI use cases your bank implemented over the past year? How has AI helped improve operational efficiency, and what pain points need to be overcome during AI implementation? What’s your AI roadmap for 2025?

AI has been a key enabler of our innovation agenda, empowering us to streamline operations, enhance decision-making, and improve client outcomes. The use cases below are highlights of our broader adoption of AI across multiple areas:

AI Use Cases in Wealth Management in driving operational efficiencies

1. Sales suitability monitoring:

   By applying advanced AI technologies such as automatic speech recognition (ASR) and natural language processing (NLP), we convert unstructured voice data from client conversations into structured, actionable insights. This capability allows us to:

   • Improve understanding of client needs for more personalised product recommendations
   • Enhance sales efficiency and optimise compliance and control processes, significantly strengthening risk management
   • Elevate employee experience and build internal AI literacy.

   Key outcomes include:

   • Over 90% accuracy in speech-to-text transcription with automatic language detections
   • Approximately 50% improvement in sales suitability control processes
2. Smart KYC:

   Our Smart KYC initiative has notably boosted operational efficiency and productivity. It empowers RMs to conduct initial light KYC processes, reducing manual updates and streamlining client onboarding. Specific improvements achieved include:

   • A 20% increase in screening efficiency via advanced analytics and automation
   • Enhanced prospect-management capabilities featuring comprehensive audit trails, duplication checks, and robust compliance procedures

Collectively, these enhancements have greatly optimised our operations, saving time and ensuring a seamless, secure, and compliant client onboarding experience.

Key Pain Points in AI Implementation

While AI offers substantial benefits, several implementation challenges remain:

• Legacy systems: Integration complexities arising from existing technology infrastructure
• Data quality: Managing large volumes of unstructured and often siloed data across various systems
• Balancing data privacy with AI performance: Our objective remains to develop innovative approaches to enhance AI effectiveness while maintaining strong privacy protections
• Talent acquisition and retention: Recruiting and retaining skilled AI talent, including engineers, developers, and security specialists, remains critical

AI Roadmap for 2025

We are establishing a regional Generative AI Centre of Excellence (CoE) in Asia to drive innovation, accelerate digital transformation and unlock new growth opportunities.

Our 2025 strategy focuses on three priorities:

• Regional Gen AI CoE: Drive generative AI innovation and digital transformation in wealth management in Asia.
• Specialised AI tools and use cases around augmenting RMs, offering and sales steering: Rolling out AI assistants for generating investment content, portfolio recommendations, and summarising key insights. These will also simulate various pricing strategies (dynamic pricing/ personalised pricing models), which can be extended to scenario testing and sensitivity analysis to have better control over revenue
• Enhanced AI platforms: Partnering the right service provider to ensure secure and efficient access to internal and external resources via LLMs

Through these initiatives, we are committed to delivering enhanced client experiences, improving operational efficiency, and maintaining our leadership in AI-driven innovation.