SINGAPORE (Nov 11): These days, banks are no longer just providers of financial services. With smartphones and artificial intelligence (AI), banking apps know a lot more about their users. For Pranav Seth, this means he can design banking and other services around users’ lifestyles and their needs and wants.

“It’s all about the customer. We do not restrict ourselves to financial services only. We are looking at the life of our customer, and then [will figure out] how banking [can assist them],” says Seth, senior vice-president and head of digital and innovation, global consumer financial services, at Oversea-Chinese Banking Corp.

The latest version of the OCBC Mobile Banking app, relaunched earlier this year, has new features, many of which involve AI and machine learning. For instance, there will be insights into how much money is lying idle in a particular account. “Based on our analysis of your funds and spending patterns, this is what you should be doing to maximise your saving potential,” Seth suggests.

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