In the past year, OCBC Securities has made big headways on leveraging technology and digitalization to transform clients’ financial experience, becoming the natural choice for this Euromoney award.
A great example is AI Oscar, Singapore’s first artificial intelligence-powered stock-picker tool, launched in October 2023 by the brokerage with the aim to triple its base of active Singapore young investors in three years.
AI Oscar’s key selling point is that it is able to predict stock price movements and generate hyper-personalized stock ideas based on its understanding of a client’s trading pattern. It factors in things like an individual’s risk appetite, past trading behaviour and demographic information to identify 15 personalized stocks every week.
The platform has been a hit, with bankers at the firm saying AI Oscar removes a lot of the ingrained bias found in humans’ investment ideas, to offer a more accurate prediction of stock movement.
Clients are paying attention: trading activity among investors under 35 increased 50% during the pilot period compared to the months before the launch of AI Oscar in 2023.
Riding on the Singapore success, OCBC Securities launched the product in Hong Kong and the US in June 2024.
OCBC Securities has been innovative on other fronts too. It has spruced up its iOCBC trading platform to offer clients new features. In April 2024, it launched the Trust Ledger to allow customers to track their fund’s movement and manage their portfolio in real time, with access to up to 12 months of historical transactions. It has also integrated news and direct analysis from news platform MT Newswires in iOCBC, giving clients a way to be easily informed about market-moving themes and trends.
Its proposition has proved popular. One in four customers started accessing news and insights from MT Newswires in the first month of launch. OCBC Securities has also seen an up to 10% jump in log-ins month-on-month since 2023, leading to a 6% month-on-month rise in revenue from 2023.