March 5, 2021

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Bank of Singapore deploys SAS communications surveillance analytics to enhance oversight and best practices

Artificial Intelligence based solution will use data analytics to help improve sales practices and enhance overall customer

SAS, a leader in analytics, announced today that Bank of Singapore, a member of the OCBC Group and one of the leading private banks in Asia, will implement SAS’ artificial intelligence powered communications surveillance analytics in their training and monitoring of client representatives’ performance.

SAS’ Trade and Communications Surveillance solution will help the bank improve sales representatives’ performance, compliance and ultimately enhance customer experience. The surveillance framework and methodology will enable monitoring of the bank’s sales practices and align with regulatory guidelines from the Monetary Authority of Singapore (MAS).

Alexandre Lotfi, Global Chief Risk Officer, Bank of Singapore.

“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. 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,” explains Alexandre Lotfi, Global Chief Risk Officer, Bank of Singapore.

The communications surveillance solution will connect disparate data across structured and unstructured data sources. In-depth text analytics allows financial institutions to delve deeper into conversation topics, sentiments, and due diligence insights.

Advanced analytics will automate the current manual sales and service supervision monitoring and add additional capabilities to uncover unknown behavioral patterns and relationships. Risk factors are assessed and scored, and evidence is systematically stored supporting the analytical outcome, which is used to drive machine learning. Banks can make decisions based on a combination of analytic findings, bank risks and business policies.

Randy Goh, Managing Director of Singapore, SAS

“Our Trade and Communications Surveillance solution is a tried and tested enterprise platform that has seen increasing mission-critical deployments globally as leading financial institutions and banks accelerate internal compliance and regulatory frameworks. 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,” explained SAS’ Managing Director of Singapore, Randy Goh.

Adoption of best practices can only help improve sales culture and supervision, enabling early detection of potential irregularities and as a result improve client experience. Also, enhanced surveillance of interactions across vulnerable groups builds client trust in the bank and its financial advisory process.

An additional benefit is that the solution improves productivity. The current manual process requires agents to review voluminous data manually, whereas they will now be able to focus on more value-added tasks.

“Bank of Singapore’s choice of SAS to be their partner in their drive to improve conduct surveillance and enhance customer experience, validates the robust and intellectual quality of our solution. We look forward to helping financial institutions and regulatory authorities create a safe and protected environment for Singapore customers,” added Goh.

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