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RETAIL BANKING | Staff Reporter, Singapore

UOB fully digitises consumer banking business

Opening an account can be done in less than 15 minutes.

UOB revealed that it will digitalise all application processes for its consumer banking products in what it claims is the first such move in Singapore. These will include deposit accounts, credit and debit cards, personal loans, and secured loans such as car and home loans.

The new scheme will reduce the process for opening an account to less than 15 minutes, the bank said. It will also allow customers to authenticate their identity using their SingPass and consent to the use of their personal information as part of the application process.

Also read: UOB unveils plans to launch ASEAN digital bank

Moreover, 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 digital identity service.

“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,” UOB head of regional digital and mobile, group retail Aaron Chiew said in a statement. 

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