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Banks in Singapore makes it easier to open a new account

Nurdianah Md Nur | May 4, 2017
MyInfo will pre-fill government verified personal particulars into the necessary forms. The service might be extended to other popular transactions such as home loans later this year too.

coin enter piggy bank
Credit: GraphicStock

Banks in Singapore have made it easier for consumers to open a new account.

Prospective customers of the Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank (StanChart) and United Overseas Bank (UOB) with a registered profile on the government's MyInfo service can now apply for a new bank account without needing to submit supporting documentation.

Previously, users need to submit copies of their identity, income and Central Provident Fund (CPF) documents to apply for a new account. MyInfo eliminates this hassle by pre-filling those government-verified personal particulars into the necessary forms.

The move thus provides consumers greater convenience and a faster transaction time, while the banks benefit from higher productivity and lower compliance costs.

"With MyInfo, new customers will enjoy faster time-to-approval as forms are auto-populated with a person's verified details. The convenience of MyInfo further builds and leverages on our digital infrastructure; removing the need for customers to scan and submit supporting documents when opening a UOB bank account online," said Susan Hwee, Head, Group Technology and Operations, UOB.

Jeremy Soo, Head, Consumer Banking Group (Singapore), DBS Bank, added:  "The seamlessness of MyInfo [will enable] customers to enjoy a simpler, easier application process, reducing an estimated 80 percent of the average time taken to fill in an application."

 Ching Wei Hong, Chief Operating Officer, OCBC Bank, said: "The MyInfo platform will enable us to offer customers even more products and services digitally, and leapfrog us into a future of paperless banking."

Meanwhile, Michael Gorriz, Group Chief Information Officer, Standard Chartered Bank, believes that MyInfo or other centralized data sharing platforms are the way forward for banks.

"Central database and central data-keeping is absolutely the way forward. It is really a win-win- win situation for Singapore government, the citizens and the banks or other entities. For the consumer, he only has to enter the data once and then he decides who has access to the data. We as a bank, we win, because we get qualified data from the consumer, which he puts all due diligence and care in to keep it up to date. And the Singapore government actually has an advantage, because by giving other companies the possibility to work with this data, this will give an uplift to the economic development of the country," said Gorriz.

MyInfo has been rolled out for SingPass users since May 2016 for popular government digital services such as balloting of the Housing Development Board's Build-To-Order (BTO) flats.

It will be available on most government digital services with SingPass two-factor authentication (2FA) by 2018.

 

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