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Clinc Launches First AI Banking Assistant In Singapore, With More To Come

For anyone who uses a bank or credit union, imagine having the capability to pay your bills or review transactions on command using only your voice.

For those who are looking to improve a damaged credit score or learn new ways to maintain a reasonable budget, imagine having a personal assistant in your pocket to help you make better decisions.

For users of OVERSEA-CHINESE/ADR (OTC: OVCHY), or OCBC Bank, these ideas have become a reality thanks to the Ann Arbor, Michigan-based fintech Clinc.

The News

Clinc, started by University of Michigan alumni and professors, is best known for creating conversational artificial intelligence technologies for companies like USAA and Barclays PLC (NYSE: BCS) and serving over 35 million users since its inception in 2015.

Clinc uses the most innovative natural language processing engine and scientific discoveries within the AI space, according to a press release. It's a niche within fintech that continues to gain momentum following the introduction of household names like Siri, Cortana and Alexa.

The rising fintech company recently announced the launch of OCBC Bank’s first conversational AI banking assistant.

OCBC, the oldest Singapore bank and the second-largest financial services group in Southeast Asia, has become the first bank of its kind to do so.

The Capabilities

Designed for use in congruence with the OCBC mobile banking application, every user will have the capability to pay bills, transfer funds, monitor spending history, locate the nearest ATM and much more.

Lots of fintech companies aid in money management, but Clinc decided to take the assistance one step further and make all capabilities available either through natural language voice or traditional text.

“This is the first full production rollout of its kind,” Clinc CEO Jason Mars said in a statement.

"This is a milestone for Clinc, our partners at OCBC Bank and the financial industry as a whole."

What’s Next

In addition to features like bill payment and transactions, Clinc places a high value on increasing financial literacy.

For instance, Clinc’s new AI will offer personalized spending advice to users. After a period of time utilizing the assistant, the AI will analyze each user’s spending history to determine trends. From there, users are able to receive advice on making more informed decisions in the future.

This banking assistant is slated to help millions of people, and it seems as if the OCBC collaboration is just the beginning.

“Clinc is continuing to go live with several virtual assistants at top financial institutions in the U.S., EMEA and APAC,” the fintech's marketing director Emma Furlong told Benzinga.

"We’re seeing fantastic user adoption when we get our solution in front of customers, and we're excited to continue to drive engagement, improve customer experience and lower call center costs for the banks we’re working with."

Related Links:

Ann Arbor-Based Fintech Startup Clinc Raises M, Aims For 2022 IPO

4 Money Apps That Will Eliminate Cash

Photo by Terence Ong via Wikimedia.

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© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.