Fintech

OCBC Now Lets You Open A New Bank Account In 5 Minutes - No Documentation Or Queuing Needed

OCBC Bank is the first Singapore bank to roll out a digital instant account-opening service for its Singaporean and Permanent Resident (PR) customers.

This means that they no longer need to visit a bank branch and go through the hassle of long queues, or wait for days for the online application to be approved.

Now, customers can leverage national data repository MyInfo and OCBC Bank’s real-time digital know-your-customer process (e-KYC) to open an OCBC 360 account online.

This OCBC 360 account is the first account in Singapore to reward customers with bonus interest for doing more banking transactions using their account, such as crediting their salary, making bill payments, or spending on their credit cards.

How To Apply 

The application process takes less than five minutes and it’s very hassle-free as customers need not provide any form of documentation.

Once you log in with your SingPass, you are consenting OCBC Bank to use your MyInfo profile to set up a new account.

Image Credit: OCBC

An online OCBC 360 account application form is then pre-filled with your personal details. All you need to do next is review the fields and upload an image of your signature to complete the process.

After real-time verification and authentication, you will receive a new account number within seconds and you can start using the account immediately.

Previously, users would have to wait out a few days for their application to be approved.

“Instant is the new black. I believe this hassle-free and secure access to our core banking products will make it hugely compelling for people to initiate and deepen their primary banking relationship with OCBC Bank,” said Aditya Gupta, OCBC Bank’s Head of E-Business Singapore.

“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.”

Featured Image Credit: OCBC 

 

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