Banks are entering a new phase of artificial intelligence adoption, moving beyond chatbots and productivity tools to deploy AI that can autonomously execute complex, multi-step tasks across regulated banking functions.
As competition intensifies in wealth management and transaction banking, leading institutions are increasingly investing in AI, enterprise AI platforms and specialist talent to streamline operations, strengthen compliance and enhance client servicing.
Recent announcements from HSBC, OCBC and Standard Chartered highlight how AI is becoming a strategic differentiator, with banks embedding the technology deeper into their operating models rather than treating it as a standalone digital capability.
HSBC recently announced the establishment of a Global AI Centre of Excellence in Singapore, where it plans to recruit more than 100 AI specialists. The centre will develop AI capabilities that can be deployed across the bank globally, with an initial focus on wealth management, agentic treasury solutions, AI-enabled payments and responsible AI governance. The investment supports HSBC’s broader ambition to position Singapore as a strategic hub for AI innovation while accelerating the adoption of AI across its international network.
Meanwhile, OCBC, through Bank of Singapore, has rolled out an agentic AI platform to automate customer due diligence for wealth management clients. The platform, named HELIOS, is designed to carry out complex compliance and onboarding tasks that traditionally require extensive manual intervention, helping reduce account opening timelines from more than 30 business days to approximately 15 days. By embedding AI directly into know-your-customer (KYC) and customer due diligence processes, the bank says it aims to improve operational efficiency while maintaining regulatory standards in one of banking’s most labour-intensive functions.
Standard Chartered on the other hand has outlined an AI-led transformation as part of its latest half-year results, where it announced pre-tax profit up by two per cent year on year to US$2.3bil in the second quarter, higher than an analyst consensus of US$2.1bil. The bank plans to embed artificial intelligence more deeply across its operating model as it seeks to cut about 8000 back-office jobs, using AI to automate operational processes, improve productivity and support the continued expansion of its wealth management franchise. It is aiming to achieve more than 15% return on tangible equity in 2028 and to exceed 18% in 2030 alongside raising income per employee by a fifth.
