UOB fully digitises applications for all consumer banking products
SINGAPORE (Oct 22): United Overseas Bank (UOB) has successfully digitised application processes for all its consumer banking product offerings.
These range from deposit accounts to credit and debit cards, to personal loans and secured loans.
The milestone was achieved by UOB in line with its three-month goal to transform the application and approval processes for all of its retail products, with the aim of making banking simpler, smarter and safer.
In a Monday press release, the bank says it is the first in Singapore to digitise all of its consumer banking product applications; allowing customers to apply for, and open, an account in less than 15 minutes in the process.
By digitising the application- and account-opening processes, which includes the integration of MyInfo, UOB has therefore removed the need for customers to submit multiple copies of documents and fill in lengthy, paper-based forms.
Customers can now apply for any UOB consumer banking product by logging in to SingPass and consenting to the use of their personal information. Upon authentication, UOB’s online form will be instantly auto-populated with the verified information from the national digital identity service.
To cut waiting time further, UOB has built a secure connection to Credit Bureau Singapore into its digital application process, along with the bank’s proprietary credit assessment engine to facilitate decisions on applications.
New customers may hence receive a status on their application within minutes and make transactions immediately thereafter, instead of having to wait for the application status over one to five days.
“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,” comments Aaron Chiew, head of regional digital and mobile, group retail, UOB, on the bank’s decision to integrate MyInfo into its application process.
“We transformed a process [application and verification] 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 card,” he adds.
Via the new application process, UOB expects more than 1,000 man hours to be saved each month.
The bank has also seen a 30% reduction in the usage of paper since the launch of its digital applications for deposit accounts and credit cards.
