21 March 2018

OCBC speeds up account opening for SMEs

24 July 2017  |  3619 views  |  0 Source: OCBC

SME owners can now open a banking account in as quickly as 30 minutes.

Business Banking Managers at 36 OCBC branches can now use iPads for the opening of business accounts, eliminating the need for hardcopy forms. With this end-to-end, digitalised account opening process, SME owners who bank with OCBC will be able to save time and enjoy more convenience.

This paperless process aims to make banking simple, fast and convenient for customers. It is a boon for small businesses that may not have ample resources and appreciate the time savings that technology can bring.

Here are some of its features:

• Prepopulated fields
As the platform has access to a real-time database of ACRA Business Profiles, customer information can be pre-populated, thereby reducing the time needed for Business Banking Managers to fill in customer details.
• Sign once
The traditional account opening process requires customers to sign more than 10 times on paper and these signatures must match each other. With this digitalised account opening process, customers only need to sign once on the digital platform.
• Intuitive and user-friendly
Designed in conjunction with OCBC’s user experience team, images and visual aids are used where possible to make the form easy to understand and to keep customers engaged throughout the process.

This account opening process was introduced in June 2017 based on feedback from OCBC Bank’s SME customers who wanted a more hassle-free account opening experience that will not take up too much of their time. Based on a recent survey, more than 80 percent of customers said the account opening experience exceeded their expectations and that that the whole process was quick.

Following the success of this initial rollout, from next year, Business Banking Managers will be able to meet customers and open accounts using iPads anywhere in Singapore.

The digitalisation of OCBC’s business banking account opening process is in line with the bank’s strategy of investing in its digital capabilities to enhance customer experience. Other innovations launched by OCBC include the OCBC Business Mobile Banking app. Introduced in April 2016, it was the first business banking mobile app that uses biometric authentication. This app complements our comprehensive business banking platform Velocity@ocbc. Earlier this year, we also introduced Emma, a first-of-its-kind artificial intelligence (AI)-powered specialised home and renovation loan chatbot service in Singapore, and Buddy, an AI-powered chatbot that is part of the Bank’s HR in Your Pocket app which gives employees a holistic HR portal.

Customer’s quote
“Digitalisation is a must in today’s world and this paperless bank account opening process clearly shows how technology can improve the customer’s experience. It was much quicker, more convenient and a breeze to complete. For most business owners like myself, making administrative processes such as opening a bank account more efficient allows me to better spend my time on running my business.” - Lyla Lin, Director, LOOP PR Pte Ltd

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