OCBC Bank launches instant digital account opening service in Singapore
OCBC Bank in Singapore has rolled out a digital instant account-opening service for all Singaporeans or permanent residents – even those who do not have an existing relationship with the bank.
The service uses national data repository MyInfo and OCBC Bank’s real-time, digital KYC process (e-KYC) so customers can open an OCBC 360 Account using their mobile device or desktop. The process takes less than five minutes via the bank’s website, with no need to visit a bank branch or provide documents. Verification and authentication happens in real time; once this is completed, customers a new account number within seconds of a successful application and can start using the account right away for functions like electronic transfers.
There are two main processes involved in OCBC Bank’s digital instant account opening. The first is submitting an application, which is made fuss-free thanks to MyInfo, the digital vault of verified personal data designed by the Singapore government. Logging in using their SingPass, customers can consent to OCBC Bank using your MyInfo profile to set up a new account. An online OCBC 360 Account application form is then pre-filled with the applicant’s personal details, with no need to key in details or submit any additional documentation.
The second process involves verifying a customer’s identity, which is known as KYC or “know your customer”. Even after OCBC Bank successfully integrated its systems with Myinfo in May 2017 in a successful industry pilot – so customers could pre-fill application forms with their government-verified personal particulars – they still had to wait for your account to be approved because KYC checks had to be conducted, typically using humans. OCBC Bank has now digitized the KYC process, and for the first time, is able to authenticate customers in real time using electronic means so that approval for successful account applications is granted instantly.
Aditya Gupta, OCBC Bank’s Head of E-Business Singapore, said: “Instant is the new black. I believe this instant, hassle-free and secure access to our core banking products will make it hugely compelling for people to initiate and deepen their primary banking relationship with OCBC Bank. Our ambition is to have one in every two customers on-boarded digitally with zero human intervention, and this launch is a significant milestone in that journey. We will be extending this service to a broader suite of our products shortly.”
Five steps to opening an OCBC 360 Account instantly
Visit https://openaccount.ocbc.com/
1. Select “Use MyInfo” as the option to apply
2. Log in with your SingPass using 2-Factor Authentication (2FA)
3. Select “I Agree” to permit OCBC bank to retrieve your data for this application
4. Review pre-filled fields on the OCBC 360 Account application form, upload image of your signature and submit to complete the process
5. Once the application is approved, you will be shown your new OCBC 360 Account number on screen
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