OCBC rolls out instant digital account-opening service

OCBC rolls out instant digital account-opening service

OCBC bank account instant
Singaporeans and permanent residents can now open and start using an OCBC 360 Account instantly. (Photo: OCBC Bank) 

SINGAPORE: OCBC Bank on Tuesday (Jun 5) announced that it has rolled out a digital account-opening service which leverages national data repository MyInfo. 

The new service will allow customers who are Singaporeans or permanent residents to instantly open an account without having to visit a bank branch or provide documents, said the bank in a media release. 

Simply by using a mobile device or desktop, individuals - even if they do not have any relationship with the bank - can open an OCBC 360 Account via the bank's website in less than five minutes, it said. 

Customers first have to submit an application by simply logging in with their SingPass details. 

An online OCBC 360 Account application form would have already been pre-filled using the MyInfo service, not requiring customers to key in additional details or submit documents. 

This is followed by verification using the bank's digitised KYC process or "know your customer", where customers are verified real-time and granted approval instantly. 

Previously customers had to wait for their accounts to be checked by staff, said the bank. 

"Our ambition is to have one in every two customers on-boarded digitally with zero human intervention," said Mr Aditya Gupta, OCBC Bank's head of E-Business Singapore. 

"We will be extending this service to a broader suite of our products shortly," he added. 

As part of Singapore's move towards a Smart Nation, MyInfo, which was first launched in 2016, compiles personal information such as NRIC numbers, income and CPF data from difference public agencies.

The data vault service allows citizens to provide their personal details just once to access a range of e-Government services without having to give the same details each time.

MyInfo was extended to the private sector through a new portal in November last year. It provide local businesses with the resources to integrate their digital services with MyInfo. A pilot programme was extended to four banks, DBS, OCBC, UOB and StanChart where customers did away with the option of filling up application forms and submitting supporting documents.

Source: CNA/ad/(mn)