OCBC Securities has introduced an AI stock selection tool. AI Oscar Significantly expand the active young investor base. The tool is touted as a first of its kind in Singapore.
OCBC’s AI Stock Picker, which predicts stock price trends and generates personalized stock ideas, saw a 50% increase in trading activity among young investors during the pilot period from October 2023 to April 2024.
Following the success of the pilot, which initially covered only Singapore equities, it has now been expanded to cover Hong Kong and US markets.
AI Oscar is currently available free of charge to OCBC Securities customers via the iOCBC app, online trading platform and email, and uses deep learning algorithms to analyse individual trading patterns, risk tolerance and demographic information.
OCBC’s AI stock picker provides a weekly list of 15 customized stock recommendations from the above markets.
During the pilot period, 97% of transactions by investors under 35 were carried out via the digital platform without the assistance of a broker.
This demographic accounted for more than half of all new trading accounts in 2023.
OCBC Securities plans to use AI Oscar to triple its active young investor base over the next three years.
Developed in collaboration with OCBC’s Group Data Office, AI Oscar is trained on data from over 4,000 stocks across major exchanges and incorporates over a decade of stock fundamentals, macroeconomic factors and technical indicators. The tool is continuously updated to ensure accuracy and relevance.
AI Oscar is aligned with OCBC’s strategy to accelerate digital transformation and innovation, Previous AI initiatives like OCBC WingmanA bot to assist in-house developers.
Wilson He
Commenting on the launch of OCBC’s AI stock selection tool, Wilson He, Managing Director of OCBC Securities, said:
“Investors already have access to a wide range of information, the challenge is figuring out what is relevant to them and then distilling it into an actionable deal idea.
Being able to do this quickly is especially important in today’s fast-paced world. AI Oscar addresses this need and we expect it to become an indispensable tool, especially for younger, digitally savvy investors who prefer a self-service model.”
