GXS Bank receives accolade at SBR National Business Awards 2024

It has leveraged generative AI and machine learning technology for its solutions. 

Digital bank GXS Bank secured the win in the Financial Technology category a the recently held SBR National Business Awards 2024 for its utilisation of generative AI and machine learning technology that has led to the development of several solutions for its employees and to aid in engaging customers. 

GXS has worked on an internal project to employees and enhance workplace productivity. It has developed GXS AI Assistant, GXS AI Search, and GXS AI Copilot solutions that leverage generative AI technology to streamline information retrieval, code development, and documentation generation. 

GXS AI Assistant is an internal virtual AI assistant which helps GXS Bank employees find information from public sources by leveraging GXS Bank’s instance on the Azure OpenAI platform, ensuring that all data is secure and protected at all times. By leveraging the power of Azure OpenAI, GXS Bank ensures that its employees have access to the most reliable and secure information available at their fingertips. 

Meanwhile, GXS AI Search is a virtual AI assistant that enables employees to search for information from internal wiki portals and other documents, making it easier for them to find the information they need to complete tasks and make informed decisions. 

GXS AI Copilot, a copilot extension for multiple code editors and scenario test tools used by the Bank’s engineers, helps employees write better code, generate documentation from code, generate unit test code, and refactor code. With this solution, employees can streamline the code development process by reducing the time and effort required for these tasks and improving code quality.

Since its launch, the GXS AI project has been a resounding success, with employees reporting increased efficiency and productivity. As generative AI technology continues to evolve and advance, there is great potential for GXS’ AI projects to continue to innovate and enhance workplace productivity. Future expansion opportunities include the use of autonomous virtual agents that can perform tasks with very little human intervention.

On the consumer front, GXS debuted its first financial product, the GXS Savings Account in 2022. This solution addresses the gaps that hinder underserved consumers from reaching their saving goals. It boasts an intuitive feature known as Saving Pockets, which incorporates techniques such as visualisation and smart nudges to help customers develop and sustain a saving habit.

Its second consumer product, the GXS FlexiLoan, is designed to address the pain points that individuals today face when taking up a loan and bridging the gaps that hinder their access to credit.

Both products introduce market-first features. For example, the GXS Savings Account is the first in Singapore to credit interest every day so that customers can benefit from daily compounding. GXS is also the only Bank in Singapore that calculates interest on a daily basis for personal instalment loans, which means that customers save on interest when they make early repayments on their GXS FlexiLoan.

By using a proprietary credit assessment model driven by AI and machine learning, GXS is able to pair data from its ecosystem partners with traditional credit bureau data to offer underserved customers access to credit.

“With technology at the backbone of GXS’ innovations, the bank can understand its customers more deeply and offer better and hyper-personalised support that creates a revolutionary banking experience that challenges contemporary conventions and gives power back to customers," said Rajat Malhotra, Chief Technology Officer, GXS Bank.

SBR National Business Awards honours local and homegrown companies in Singapore for their exceptional projects, driving innovation and contributing significantly to the nation's robust economy.

The SBR National Business Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's exceptional contributions to the local business landscape in Singapore, please contact Jane Patiag at [email protected].