OCBC Targets Wealth Growth With 600 New Hires and AI Avatars

The bank will pilot its new app, OCBC WoW, through an invitation-only beta program. Initially restricted to Premier Private Client customers with at least S$1.5 million in assets, the platform uses AI avatars to deliver real-time financial services. Chief Executive Tan Teck Long emphasized that the technology serves to complement rather than replace staff, with the bank committing over S$1 billion annually toward such digital initiatives.

This aggressive expansion follows the bank’s recent acquisition of HSBC’s retail and wealth business in Indonesia. OCBC faces stiff competition from local rivals DBS Group and United Overseas Bank, both of which are rapidly scaling their own wealth management operations. DBS is currently developing 18 regional wealth hubs, while UOB has set a target to double its wealth income by 2030.