Digital instant account opening at OCBC

OCBC's digital instant account-opening service for Singaporeans and permanent residents makes use of national data repository MyInfo as well as its own online know-your-customer process (e-KYC). Verification and authentication happen in real time, sa
OCBC's digital instant account-opening service for Singaporeans and permanent residents makes use of national data repository MyInfo as well as its own online know-your-customer process (e-KYC). Verification and authentication happen in real time, says the bank.PHOTO: OCBC BANK

OCBC Bank is rolling out a digital instant account-opening service for customers who are Singaporeans or permanent residents.

The bank will make use of national data repository MyInfo as well as its own online know-your-customer process(e-KYC).

This will allow customers to open an OCBC 360 Account using their mobile or desktop devices, the bank said yesterday.

"It all takes less than five minutes via the bank's website.Verification and authentication happen in real time," it added.

"Once this is completed, you get a new account number within seconds of a successful application."

Customers can start using the account immediately for functions such as electronic transfers.

There are two main processes involved in the digital instant account opening. One is to submit an application, which is made fuss-free due to MyInfo, the digital vault of verified personal data designed by the Government.

The customer logs into his MyInfo account with SingPass and consents to OCBC using the MyInfo profile to set up a new account.

An online OCBC 360 Account application form is then pre-filled with the customer's personal information - no need to key in details or submit more documents.

The second process is to verify that the customer is who he says he is, a process OCBC calls know your customer or KYC.

OCBC has digitised the KYC process and can authenticate customers in real time using electronic means, so that approval for account applications is granted instantly.

The potential of MyInfo has been recognised by other banks as well.

A DBS spokesman said the bank is getting a broad suite of services to leverage the database to customers in the coming months.

United Overseas Bank (UOB) has been using MyInfo to help customers apply for a savings account and debit or credit card online since May last year, said Mr Aaron Chiew, its head of digital and mobile, regional digital banking. But it takes a couple of working days for the bank to verify the information.

UOB is also piloting a number of other initiatives that use MyInfo, and will be making related announcements in the near future.

A version of this article appeared in the print edition of The Straits Times on June 06, 2018, with the headline 'Digital instant account opening at OCBC'. Print Edition | Subscribe