10th October 2017

OCBC Bank to offer voice recognition technology for SME customers

In its latest move in Asia, OCBC Bank’s SME customers will be able to initiate funds transfers to business associates’ OCBC Bank accounts and make account balance enquiries using Siri, Apple’s voice-controlled personal assistant. These features will be available to SME customers using iPhones running on Apple’s iOS 11 mobile operating system. Over 120,000 Singapore-registered users of OCBC Bank’s internet business banking portal, Velocity@ocbc, stand to benefit.

This use of voice recognition technology will allow SME owners to perform banking transactions while on the move. They will only have to tell Siri who to send the payment to and how much they want to send, or ask Siri to check their account balance. Validation will be done via fingerprint authentication (OCBC One TouchTM) and One Time Passwords (OTP) sent via SMS, which are secure and quick.

E-payments to other OCBC Bank business accounts and account balance enquiries are two of the more commonly-used business banking services. The volume of e-payments between OCBC Bank business accounts performed via Velocity@ocbc saw 33 per cent growth from July 2015 to July 2017; enquiries relating to business account balances via the business mobile banking app, OCBC Business Mobile Banking app, has increased by 110 per cent since June last year.

Linus Goh, Head of Global Commercial Banking, OCBC Bank, said: “We are pleased to be leading the charge in Asia in introducing voice banking to our business customers. SME business owners are time-starved and constantly on the go, and we believe these innovative solutions based on voice recognition technology will vastly improve the way in which our customers manage their everyday business banking needs.”