United Overseas Bank (UOB) announced that it is the first bank in Singapore to digitalise the application process for its consumer banking products, including its deposit accounts, credit and debit cards, personal loans and secured loans such as car and home loans. In doing so, customers can apply for an open an account in less than 15 minutes.
Applying for a banking product is usually the first interaction customers have with a bank and often the most lengthy and paper-based. As such, UOB set out to remove the pain points customers typically experience. By digitalising the application and account opening process which includes the integration of MyInfo, the Bank has removed the need for customers to submit multiple copies of documents and fill in lengthy paper-based forms. In addition, consumers do not have to wait days to know the status of their application.
Now customers can authenticate their identity using their SingPass and consent to the use of their personal information as part of the application process. Instead of having to take time to fill in all the fields within the digital application form, the form will be immediately auto-populated with verified information from the national digital identity service.
Mr Aaron Chiew, Head of Regional Digital and Mobile, Group Retail, UOB, said, “We chose to integrate MyInfo into the application process as it is the first experience a customer has with the bank. We know the pain points that customers typically experience when signing up for a new banking product and we have designed the digital application journey to ensure that their first interaction with UOB is simple, seamless and speedy.
"With the new process, our customers can start making transactions immediately with their bank account, purchase their dream home or car or make purchases on their new credit card quickly and conveniently. We are the first bank in Singapore to have fundamentally transformed the way consumers can apply for and get access to a full range of banking products.”
Re-disseminated by The Asian Banker