Singapore Test Tackles Paper with Digital Bank Account Opening
Singapore is testing an initiative enabling consumers to apply for a bank account without needing to submit supporting documentation, according to Paybefore sister publication Banking Technology. The Smart Nation and Digital Government Office, Government Technology Agency and Monetary Authority of Singapore have begun a pilot with four banks to explore simplifying online banking transactions with the use of the government’s MyInfo website service.
As part of the pilot, prospective customers of United Overseas Bank, Development Bank of Singapore, Oversea-Chinese Banking Corporation and Standard Chartered with a registered profile on the MyInfo website can apply. Banks currently require users to submit copies of their identity, income and other documents to apply. With MyInfo, bank customers can pre-fill government-verified personal information into the necessary forms without needing to submit supporting documents.
A consumer “only has to enter the [personal] data once,” said Michael Gorriz, Standard Chartered group chief information officer. Meanwhile, the bank gets qualified data from the consumer, which the consumer keeps updated, he explained.
After this pilot, the program might be extended later this year to other products and services, such as applications for credit cards, home loans and insurance, according to the organizations involved in the program.