Bank of Singapore

We, at Bank of Singapore (BOS), are cognizant of the key trends that continue to shape our wealth management industry. We are faced with intensified competition, rapidly evolving client demands for new products and the need for seamless omnichannel experiences. To thrive in this evolving landscape, we have established a tech vision that guides our digital transformation. One aspect of this vision is to Supercharge Relationship Managers (RMs) with the right digital platforms, so that they can spend their time on providing expert counsel and high-quality interactions.

RM Front End, BOS’ one-stop digital platform for Private Bankers, was launched with this very aspect in mind. However, there were 3 things slowing RMFE’s rapid trajectory:

• Despite targeted communiques, awareness of the platform’s overall capabilities was low amongst certain sections of front office
• New feature roll-outs required a significant investment in terms of training to encourage private bankers to move away from their traditional way of doing things
• Constant training/ retraining became crucial for new joiners/ members with a change in role

Given these circumstances, we had to push extremely hard to meet efficiency goals.

A digital adoption strategy is crucial for us since it addresses all 3 issues in one go. The success of this strategy allows us to maximise the benefits of RMFE by providing Private Bankers with improved efficiency and freeing up time for value-added client activities.

We leveraged WalkMe to solve key problems around platform awareness and recall. We deployed WalkMe as an in-app, interactive support tool. At regular intervals, we run campaigns highlighting different features of RMFE, which users might be unaware of. We take them through the whole journey explaining the How’s and Why’s. After every new feature roll-out, we deploy in-app training to guide users through a new feature. They do so at their own pace and time. For any information on any feature, users also have access to the respective guide’s and bot assistance, contextualised to a feature. All of this enables increased adoption and hence, allows Private Bankers to make the most of RMFE and focus on high-value activities.

Scalability:
RM Front End has digitalised user training and onboarding flow. Private bankers are fully engaged and effectively assisted through operational processes in real time through in app prompts and guidance. This resulted in an 84% increase in active system users and over 900 hours saved in trainings within the first 3 months

Innovation:
Inclusion of WalkMe Digital Adoption Platform which consistently and efficiently tracks overall platform usage. Pain points are easily identified, and digital solutions are effortlessly deployed mitigating poor user experiences. This issue-monitoring process attributed to a 50% reduction in support tickets raised within a quarter.

Within the first 3 months of Go-Live, WalkMe assisted RM Front End achieve the following:

• 84% Increase in active system users
• 84% increase in RMFE user activities – new features utilization
• 10% increase in usage and adoption
• 50% Reduction in RMFE support tickets raised

By providing in app guidance, lead to increase in RMs self serviceability

• 800+ hours saved in communicating important announcements over Q1 2023
• Over 9000 announcements and new features communicated to all RMs globally using WalkMe ShoutOuts
• RMs directed to self-help menu over 11,000 times through WalkMe content, ActionBot to providing just-in-time help to RMs instead of reaching out to support
• 100+ hours saved in collecting user feedback and facilitating 2 way communication efficiently
• In application survey providing an open channel for all user feedback on RMFE in a quick and efficient manner
• Over 900 hours saved in training
• New user onboarding training is no longer done in person
• All trainings done via in app guidance at time of usage

There are several aspects which fill me with pride when it comes to WalkMe implementation. First, is the scale of impact which we achieved. Next is the turnaround time, in which we went from thinking about implementing WalkMe to actually deploying this to production. Lastly, we could set this up ourselves (with WalkMe’s assistance) and can continue doing so with ‘no/low code.’

I want WalkMe to cover all user journeys across RMFE and other apps, thereby becoming a comprehensive, integrated repository for anything ‘application.’ I want to be able to integrate WalkMe into newer features as a standalone feature by itself (eg: alerts for Bankers). Furthermore, leveraging its data analytics capabilities, I do want to explore use cases of heightened personalisation.

Bank of Singapore is a wholly owned private banking arm of OCBC Bank. Headquartered in Singapore, we are one of the fastest growing private banks in Asia. Our parent OCBC Bank is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly rated banks with an Aa1 credit rating from Moody’s.

Since our inception in 2010, we have quadrupled our Assets Under Management (AUM) to USD124 billion as of March 2023. Our values are the cornerstone of everything we do. This means taking a long-term view of our relationship with our clients. We take pride in our longstanding commitment in ensuring excellence and diligence within the realms of investment offerings, advisory and client experience, and are regularly conferred industry accolades in recognition of our efforts.