OCBC Bank has extended its instant approval service to credit cards and personal loan products, following the launch of instant approval for its OCBC 360 Account last June.
The service leverages MyInfo and the bank's proprietary digital systems for identity verification and credit assessment. MyInfo is a national personal data management platform.
"I expect that one in every two OCBC Bank customers to be on board digitally by 2020, so this service launch is a significant milestone in our digitalisation journey," said OCBC head of consumer financial services for Singapore, Mr Dennis Tan.
"We will be extending our instant digital application and approval to secured lending products such as home and car loans, so customers do not have to wait to own their dream home or drive away in their dream car."
After applying for an OCBC credit card, customers will be able to transact within minutes on e-commerce sites or make contactless payments via their mobile devices.
The physical credit cards can be delivered and received on the day of application for a fee.
For the OCBC ExtraCash personal loan, funds can be released to the account nominated by the customer once it is approved.
The OCBC EasiCredit personal line of credit can also be immediately drawn on upon approval.
OCBC said digital applications of OCBC 360 accounts have grown three times since allowing for instant approval last June.