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OCBC Bank accelerates revenue growth with chatbot

Anuradha Shukla | Aug. 23, 2017
What enabled the Singapore bank to be successful in its chatbot project?

OCBC's  AI-powered chatbot called Emma
Credit: OCBC Bank

Singapore's OCBC Bank has created a marketing chatbot to accelerate revenue growth.

Called Emma, the chatbot was able to facilitate S$33 million in home loans in six months. It was launched in January 2017 and since its launch, the traffic to the chatbot tripled between January and April.

Emma's average response time is 1 to 2 seconds, which contributed to increased customer satisfaction as it helps save customers' time.

OCBC Bank plans to expand its chatbot solution to other business applications beyond home loans, such as wealth management and insurance.

"We will keep investing in the conversational interface to create a frictionless and seamless customer engagement experience and create positive return on investment," said Altona Widjaja, vice president of the fintech and innovation group, OCBC Bank.

 

Tips to ensure the success of a chatbot project

According to Forrester's Take A Focused And Disciplined Approach To Drive Chatbot Success report, 57 percent of global firms are already using chatbots or plan to do so this year. However, most chatbots fail because of an unclear purpose and poor planning.

Companies that want to deliver value with chatbots should enable close alignment with customer expectations and business objectives.

OCBC Bank's marketers did so by clearly defining, measuring, and monitoring their chatbot's performance against well-defined key performance indicators (KPIs).

The Singapore bank was also successful in its chatbot project by building an efficient internal team and collaborating with a qualified technology partner during planning, training, and testing.

Forrester also advised companies to follow the POST (people, objective, strategy, technology) method to plan the chatbot strategy.

 

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