OCBC Bank mines Government data repository for digital account opening
05 June 2018 | 5680 views | 0
Singapore's OCBC is mining the Government's national data repository MyInfo to offer an entirely paperless digital account opening process.
To open a new account via mobile or desktop PC, prospects first give the bank consent to use their MyInfo profile to auto-fill the application form, eliminating the need to key in details or submit any additional documentation.
Verification and authentication happens within seconds and customers are automatically assigned an OCBC 360 account number to immediately initiate funds transfers into and out of the interest-bearing account.
OCBC initially integrated its systems with the Singapore's Government's digital vault in 2017, and has since developed an electronic KYC process, paving the way for instant online onboarding.
Aditya Gupta, OCBC Bank’s head of e-business Singapore, says: "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.”