Singapore’s OCBC Bank has introduced a new “Avatar Banking” app that allows customers to interact with a virtual relationship manager round-the-clock.
CEO Tan Teck Long, however, emphasized that this innovation wouldn’t lead to job losses. “We want to use AI to enhance and support our workforce rather than reduce it,” he stated during a press conference at OCBC’s headquarters on July 1, marking his first interaction with the media since he took on the CEO role on January 1.
The app features two avatars named “Wendy” and “Wayne,” who are designed based on actual OCBC staff. These avatars are equipped to respond to user inquiries, drawing on exclusive data compiled by the bank’s research team.
“They’re familiar with your portfolio, providing a personalized experience,” Tan elaborated. For instance, users can inquire about adding SpaceX to their investments and whether it’s a speculative choice.
Called OCBC WoW, the app will initially launch in beta with 50 users, targeting OCBC’s high-net-worth clientele before rolling out to retail customers. “Retail customers usually have simpler needs, so we want to start elsewhere,” Tan mentioned.
At this point, the avatars communicate solely in English, but OCBC aims to expand their language capabilities to include Mandarin, Indonesian, and Melayu, reflecting its core markets: Singapore, Malaysia, Indonesia, and Hong Kong.
Many banks are beginning to explore AI as a way to enhance productivity, particularly in wealth management, as rising incomes fuel demand for financial guidance. A 2025 McKinsey report predicts a potential shortage of up to 110,000 financial advisors in the U.S. by 2045.
AI’s capacity to process and summarize vast amounts of information could help banks offer better advice at reduced costs to a wider audience. Nevertheless, recent research commissioned by HSBC revealed that 62% of high-net-worth individuals still view human advisors as their main source for investment ideas, and over 70% use AI in their financial decision-making.
OCBC plans to invest over S$1 billion ($771 million) annually in AI over the next three years. Beyond developing AI-driven relationship managers, the bank is also creating AI clients to assist in training human staff.
Tan, who joined OCBC in 2022 as Head of Global Banking and briefly served as Deputy CEO in mid-2025, has taken over the Group CEO position from Helen Wong, who is set to retire on January 1, 2026.
In the first three months of 2026, OCBC reported revenue of S$3.8 billion ($3 billion), marking Tan’s initial quarterly report as CEO. Notably, non-interest income surged 23% year-on-year to S$1.6 billion ($1.2 billion), attributed to increased wealth management fees. Since the beginning of the year, OCBC’s stock has appreciated by roughly 25%.
The “Avatar Banking” platform is part of a new corporate strategy aiming to showcase the bank’s technological prowess.
Despite his enthusiasm for incorporating AI, Tan was cautious about detailing how OCBC assesses the return on its AI investments. “Quantifying the benefits of AI requires considerable effort,” he remarked. “Interestingly, the resources spent on that process might match the time it takes to implement a new AI initiative.”
