DBS Bank customers will be able to get instant approval for credit card applications and open a DBS Cashline immediately, thanks to a new online service that started yesterday.
The service uses national platform MyInfo, which can be accessed by 3.3 million SingPass holders.
Customers will no longer need to provide physical documents, so approval can be given far quicker than the week or so it now takes for new customers to get their credit card or gain access to Cashline.
Back-end operations such as know-your-customer processes are also automated while still meeting Monetary Authority of Singapore compliance standards, DBS said.
Customers can submit an online application via DBS/POSB Internet banking or the bank's websites, where they will be prompted to use MyInfo by logging in to their SingPass accounts.
Once consent has been given, MyInfo will retrieve personal data from the relevant government agencies to fill in fields such as a customer's name, address and notice of assessment.
"Our focus... is to ensure customers can access our services with minimum fuss - MyInfo allows us to do this without compromising on quality, speed and accuracy," said Mr Jeremy Soo, DBS' head of consumer banking group for Singapore.
"MyInfo adoption has been rapidly increasing since the service was introduced in March 2017."