Schroders has launched an online chatbot to woo intermediaries, including private banks in Singapore.
Operating on Facebook Messenger, ‘Schroders GO’ conducts real-time communication with Schroders’ intermediary clients, allowing them to access information on all mutual funds recognised for sale in Singapore, including Schroders funds.
Backed by machine learning and natural language processing capabilities, the chatbot also captures data on investment-linked policies and the Central Provident Fund Investment Scheme, in addition to market information and views.
It will be rolled out to Schroders’ eligible intermediaries in Singapore by the end of 2018, who will provide the service to their relationship managers and sales managers.
The fund house worked with Citibank Singapore, NTUC Income, UOB and Synergy Financial Advisers to develop Schroders GO, which has undergone beta testing since January.
Commenting on the launch, Susan Soh, head of Schroders Singapore said that the offering is a prelude to other financial technology initiatives.
‘Singapore is a well-equipped country with excellent local network, abundant talent pool and favourable government support, providing a sound environment for the development of financial technology,’ she added.
The $604 billion global asset manager’s intermediary clients includes international private banks, local banks, independent advisors and insurance companies.
Earlier this month, Deutsche Bank and BNY Mellon announced the integration of their chatbots for clients trading securities on the Hong Kong Stock Exchange.
The chatbots provide real-time trade settlement status updates in bulk, shedding processes that would take up to three minutes for a single trade and easing the burden on client servicing and operation teams.
Aside from back-end processes, banks are also working on automating front office support.
Meanwhile, last week DBS announced that it launched a virtual bank recruiter in Singapore to support plans to hire 40% more entry-level relationship managers this year.
Jim, short for Jobs Intelligence Maestro, will help DBS recruiters review resumes, collect applicant responses for pre-screening questions and conduct psychometric tests on candidates.
According to the bank, automating the pre-screening process will save 40 man-hours each month.
The technology will be rolled out to DBS wealth planning managers in Hong Kong, China, Taiwan, Indonesia and India over the next few months.