OCBC has introduced Velocity Smart Assist, an AI assistant on its Velocity business banking platform, enabling customers to complete account maintenance requests in minutes. This development is part of OCBC’s ongoing efforts to digitalise banking services for businesses and corporates.
Velocity Smart Assist initially supports tasks such as changing authorised users and approvers, a frequent request among the 20,000 annual account maintenance requests. Previously, these tasks required manual processing, taking three to seven business days. Now, businesses can handle these digitally, significantly reducing the time spent on administrative tasks.
The AI assistant allows customers to add or remove users and approvers, assign roles, and route requests for digital review and approval. From 2027, it will expand to include additional requests like updating transaction authorisation limits and changing business registered names and addresses. The service will be rolled out to OCBC’s core markets, benefiting nearly 200,000 business banking customers in Singapore.
This launch is particularly beneficial for small and medium-sized enterprises (SMEs), which often have limited resources. By streamlining routine tasks, SMEs can focus more on growth. Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, stated, “Velocity Smart Assist marks a significant step forward in applying AI to business banking. We are simplifying administrative processes whilst maintaining the governance, security, and controls that businesses require.”
OCBC’s broader digitalisation push has already seen 99% of SME account openings in Singapore completed digitally. In June 2026, OCBC enabled Singaporeans and permanent residents to open business accounts with OCBC Malaysia using Singpass, further shortening account opening times.
