United Overseas Bank (UOB) today announced that it is the first bank in Singapore to digitalise the application process for its consumer banking products, including its deposit accounts, credit and debit cards, personal loans and secured loans such as car and home loans.
In doing so, customers can apply for and open an account in less than 15 minutes.
Applying for a banking product is usually the first interaction customers have with a bank and often the most lengthy and paper-based. As such, UOB set out to remove the pain points customers typically experience. By digitalising the application and account opening process which includes the integration of MyInfo, the Bank has removed the need for customers to submit multiple copies of documents and fill in lengthy paper-based forms. In addition, consumers do not have to wait days to know the status of their application.
Now customers can authenticate their identity using their SingPass and consent to the use of their personal information as part of the application process. Instead of having to take time to fill in all the fields within the digital application form, the form will be immediately auto-populated with verified information from the national digital identity service.
To cut the waiting time further, UOB has built into the digital application process a secure connection to Credit Bureau Singapore as well as its proprietary credit assessment engine to facilitate an instant decision on applications. New customers are now able to receive a status on the application within minutes and to make transactions immediately thereafter, instead of the one to five days2 it used to take. With its goal of making banking simpler, smarter and safer, UOB set an aggressive target to transform the application and approval processes for all of its retail products within three months, which it achieved.
Recently, the Bank also set up Singapore’s largest car3 and property4 partnership ecosystems to enable industry leaders in automotive and real estate to enhance the way in which they serve their customers. Through the Bank’s digital services, customers of the Bank’s partners are able to enjoy a swifter and surer experience when it comes to their car or home financing.
Mr Aaron Chiew, Head of Regional Digital and Mobile, Group Retail, UOB, said, “We chose to integrate MyInfo into the application process as it is the first experience a customer has with the bank. We know the pain points that customers typically experience when signing up for a new banking product and we have designed the digital application journey to ensure that their first interaction with UOB is simple, seamless and speedy.
"Using MyInfo means that the Bank can quickly and easily complete the application and verification process without the need for customers to fill in long forms and to submit physical documents. We transformed a process that is often the most time-consuming due to the volume of paper-based information required and made it effortless.
“With the new process, our customers can start making transactions immediately with their bank account, purchase their dream home or car or make purchases on their new credit card5 quickly and conveniently. We are the first bank in Singapore to have fundamentally transformed the way consumers can apply for and get access to a full range of banking products.”
Mr Kendrick Lee, Director, National Digital Identity, GovTech said, “MyInfo is an example of the government’s efforts to transform service delivery to citizens through improved efficiencies for businesses. We will continue to work with our industry partners like UOB to develop innovative new services for their customers with MyInfo.”