OCBC Bank has rolled out a digital account opening service that simplifies account openings for multi-national companies (MNCs) and other large corporate customers – a first by a bank in Singapore. With the use of the digital service, the time taken to set up an account can be shortened from months to weeks, in some cases by as much as 75%. The number of data fields has also been reduced from more than 200 to less than 50.
Unlike retail and SME customers, setting up an account for MNCs and large corporates is far more tedious and can take months to complete. As part of the process, these large organisations are typically required by banks to fill in a physical application form that could be as long as 40 pages with more than 200 data fields.
This is due to the complexity of these companies where cross-jurisdictional structures and multiple levels of ownership are not uncommon; some could have operations in 20 – 30 countries and account opening could require upwards of 15 authorised signatories.
With the digital account opening service, the process is made simpler and more convenient with not only a reduction in the time taken to set up an account. Accuracy of data and documents submitted has also improved substantially. Human errors, such as the inconsistent and missing information commonly associated with hardcopy application forms, are minimised.
Ms. Elaine Lam, Head of Global Corporate Banking, OCBC Bank, said: “We want to transform digitally the way MNCs and large corporates engage with banks, a customer segment which is far more complex than others. The roll-out of this digital account opening service is part of an ambitious plan to create new digital touch points and pioneer new solutions to enhance their experience and bring greater value to our customers.”