In a media update on Wednesday (15 May), OCBC Bank announced that existing and new customers can now instantly get approvals for, and immediate use of the bank’s products with their new feature.
All Singaporeans and permanent residents are eligible for this new feature that leverages on MyInfo, Singapore’s data repository, as well as the bank’s proprietary real-time digital KYC and credit assessment systems.
The process will be fuss-free and paper-less.
In June 2018, OCBC Bank was the first bank in Singapore to allow customers to instantly open and use a new bank account through the capabilities of this digital process.
Since then, digital applications and instant approvals of OCBC 360 accounts have since grown by three times, with one in three OCBC 360 accounts now opened digitally.
How Instant Is “Instant”?
According to an OCBC spokesperson, if the customer already has updated their MyInfo, which they can access via SingPass, the entire application process will take under 10 minutes.
Using 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.
Once their application is complete and customers have received their digital card, they can immediately enjoy the card’s perks, like discounts, rebates, or rewards, and make online purchases.
They can also make contactless payments at physical stores using their preferred mobile payment options like Apple Pay or Samsung Pay, after linking the card to these apps.
On the website, OCBC explained that physical credit cards will be delivered to the applicant between 6.30pm to 9.30pm on the same day if the application is completed and approved before 12.30pm.
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.
Follow these five steps to apply for a new OCBC Bank product:
- Select “Use MyInfo” as the option to apply
- Log in with SingPass
- Select “I Agree” to allow OCBC Bank to retrieve data for the application
- Review pre-filled fields on the OCBC Bank product application form and submit
- Once application is approved, enjoy your new OCBC Bank product
Driving Digital Banking
OCBC Bank claims to be 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.
By enabling the digitalisation of its card applications, it makes getting a card or loan more accessible and convenient for more customers.
Additionally, this removes the hassle of paper applications and the long wait for a card to be delivered, for bank agents who acquire majority of their customers at public roadshows.
Mr Dennis Tan, OCBC Bank’s Head of Consumer Financial Services Singapore said in the statement, “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.”
Featured Image Credit: @theaseanpost on Twitter