UOB said it is the first bank in Singapore to digitalise the application process for its consumer banking products, setting the stage for its upcoming digital bank.
Customers can get their applications for deposit accounts, credit and debit cards, personal loans and home loans approved in less than 15 minutes, Singapore-based UOB announced on Monday.
«We are the first bank in Singapore to have fundamentally transformed the way consumers can apply for and get access to a full range of banking products,» said Aaron Chiew, head of regional digital and mobile, group retail at UOB in a media statement. «With the new process, our customers can start making transactions immediately with their bank account, purchase their home or car or make purchases on their new credit card quickly and conveniently,» he added.
Within 12 Months
In August, the bank had announced plans to introduce a Digital Bank for Southeast Asian customers that will use a data-centric business model to understand individual customer banking needs and habits through their digital interactions. UOB said it is near to its launch, without specifying an exact time line.
With the launch of the digital application process, UOB expects online applications for all consumer banking products to account for one in two applications, within the next 12 months.
Leveraging on MyInfo
Similar to the digital car loans service launched a few months ago, the new process removed the need for customers to submit multiple copies of documents and fill in lengthy paper-based forms. Leveraging on MyInfo, a national digital identity service, customers can authenticate their identity using their SingPass and consent to the use of their personal information as part of the application process.
«Instead of having to take time to fill in all the fields within the digital application form, the form will be immediately auto-populated with verified information from the national database,» Chiew said.
Short Approval Times
To cut the waiting time further, UOB has built into the digital application process a secure connection to Credit Bureau Singapore as well as its proprietary credit assessment engine to facilitate an instant decision on applications.
New customers are now able to receive a status on the application within minutes, instead of one to five days previously. With the near-instant approval, customers can make transactions immediately thereafter.
