Hong Leong bank boosts efficiency and personalisation with AI

AI's role in personalising banking services and streamlining processes highlighted.

In the banking sector, artificial intelligence (AI) is becoming a tool for enhancing operational efficiency and personalising customer service, with Hong Leong Bank harnessing its power to redefine customer interactions and streamline internal processes. 

Chief Marketing and Communication Officer Zalman Zainal said that AI's greatest potential lies in its ability to personalise banking services, aligning closely with Hong Leong Bank’s brand promise of being "built around you." 

He emphasised, "Our brand promise is to build our solutions and services around our customers' needs, personalising our solutions and products as well as services." He further noted that AI is pivotal in delivering enhanced customer experiences by understanding client needs more deeply and tailoring services accordingly.

Beyond personalization, Zalman highlighted the significant role of AI in optimising the bank’s operational processes. "AI will enable us to be more efficient, more productive, and even probably be more accurate in targeting customers as well as targeting solutions to customers," he stated.

With technological advancements, Hong Leong Bank is particularly enthusiastic about the prospects of generative AI. This new wave of AI technology holds promise for creative functions such as marketing, campaign management, and contextual marketing.

"There's a lot of interest around generative AI... applying AI in the creative and marketing area has got huge opportunities which have not been fully tapped yet," Zalman explained. This application of AI could revolutionise how marketing strategies are devised, making them more innovative and effectively aligned with consumer expectations.

Zalman also offered advice to other financial institutions and fintech companies exploring emerging technologies. He stressed the importance of understanding the capabilities and potential applications of AI to prevent an unfocused approach to technology adoption. 

"Identifying those potential use cases and opportunities where AI can help is really vital," he advised. Moreover, he underscored the importance of maintaining security, especially in a sector as sensitive as finance. "We should never compromise security... We need to make sure that we have a way to test our pilot in environments that are secure," he added.