Project 'Emma'

The Challenge

When researching home loans, customers typically bypass FAQs and demand immediate answers to their questions. Staff were spending half of their time answering simple queries which was inefficient and unproductive. To differentiate its value proposition in a highly competitive market, OCBC needed a new way to improve customer experience and strengthen its market share.

The Solution

Meet ‘Emma’, OCBC’s home and renovation loan chatbot powered by Artificial Intelligence!

Convenient, fast and accurate 24/7
Always on and very responsive, 'Emma' can provide potential home buyers and current homeowners a step-by-step guide on how to apply for a renovation loan. She can also show them if a home loan is affordable thanks to an in-built Total Debt Servicing Ratio calculator. All customer interactions are done within 'Emma's chat window, creating a seamless experience without needing to redirect them to a separate website.

From failure to success
'Emma' is jointly developed by OCBC’s home loan teams and CogniCor, a graduate fintech company from the TOV Innovation Challenge. Failing initially when they started, the lean team of three was undeterred and kept experimenting with colleagues, family and friends. Four months of rapid iteration later, they finally achieved success after thousands of tests and hundreds of feedback. 'Emma' was launched and is now available on desktops, laptops and smart mobile devices.

The Results

Improved Customer Satisfaction

Increase in Sale Conversion Rate

Previously, customers had to wait up to two working days for an email reply. With 'Emma', the average response time is now reduced drastically to 1 to 2 seconds. As a result of improved customer satisfaction, the sales conversion rate has also increased to three times more.