OCBC Bank can now offer all Singaporeans and permanent residents, even those without an existing relationship with the bank, the convenience of instant approvals for – and the immediate use of – key consumer bank products.
This capability leverages the national data repository MyInfo as well as OCBC Bank’s proprietary real-time digital KYC and credit assessment systems.
Customers will be able to enjoy card discounts, rebates or rewards immediately as they begin making eCommerce purchases or contactless payments via their mobile devices minutes after applying for an OCBC Bank card. Physical credit cards will be delivered and received on the day of application, with no need to wait a few days. The OCBC ExtraCash personal loan, once approved, will be instantly released to the account nominated by the customer; the funds will be immediately available. Similarly, the OCBC EasiCredit personal line of credit, once approved, can be immediately drawn on.
In June 2018, OCBC Bank was the first bank in Singapore to allow customers to instantly open and use a new bank account, leveraging MyInfo and OCBC Bank’s digital KYC process. Digital applications and instant approvals of OCBC 360 accounts have since grown three-fold, with one in three OCBC 360 accounts now acquired digitally.
Mr Dennis Tan, OCBC Bank’s Head of Consumer Financial Services Singapore said: "With a mobile device in almost every Singaporean’s hand, digitally-savvy customers expect banking products and services to be instantly and immediately accessible. This is a natural progression of our pursuit of the new digital - to provide instant, embedded and frictionless access to all our products and services for the convenience of customers, enabling them to start a banking relationship with us seamlessly and instantly. I expect that one in every two OCBC Bank customers to be on-boarded digitally by 2020, so this service launch is a significant milestone in our digitalisation journey. 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.”
Instant approval and use of banking products
The digital instant application process for consumer banking products is now entirely paperless and fuss-free, thanks to national data repository MyInfo. Application forms are pre-filled with personal details, such as proof of income and the customer’s home address, so there is no need to key in more details or submit any additional documentation. OCBC Bank is then able to authenticate customers in real time using its proprietary digital KYC process, and assess their credit worthiness to approve cards, personal loans and lines of credit for successful applications instantly.
Driving digital banking
OCBC Bank is one of the top credit card issuers in Singapore and the market leader in contactless payments; one in every two VISA contactless transactions is made with an OCBC Bank card.
Enabling the digital application and instant approval service across all OCBC Bank’s channels now ensures that all customer touch points are digitalised, so getting a card or loan is now more accessible and convenient for more customers. Digitalising card applications is especially critical for bank agents - who acquire the majority of their customers at public roadshows - to remove existing customer pain points such as the hassle of paper applications, waiting days for approval and the long wait for a card to be delivered to a customer’s home before they can start using it.
This is the latest in a series of digital innovations OCBC Bank has rolled out to provide instant, hassle-free and secure access to OCBC Bank’s core banking products. Besides deposit accounts, credit and debit cards and personal loans, all customers will be able to instantly apply for and access secured loans including mortgage loans and car loans in the near future.