OCBC digitalises account processing for SMEs

SME owners can now open a bank account in just 30 minutes.

Banking giant OCBC has launched a digital initiative that makes it easier for customers owning small and medium enterprises to process a new bank account.

According to the group, business banking managers at 36 OCBC branches will now be using iPads for the opening of business accounts, eliminating the need for hardcopy forms. With this end-to-end, digitalised account opening process, SME owners who bank with OCBC will be able to open up their bank account in as quickly as 30 minutes.

Some of the features of the online form are the inclusion of pre populated fields as well as the 

"As the platform has access to a real-time database of ACRA Business Profiles, customer information can be pre-populated, thereby reducing the time needed for Business Banking Managers to fill in customer details," the group explained.

Additionally, the digital platform allows customers to only sign once instead of a minimum of 10 times in the traditional processing of accounts. The platform is also intuitive and user-friendly.

The digitalisation of OCBC’s business banking account opening process is in line with the bank’s strategy of investing in its digital capabilities to enhance customer experience. Other innovations launched by OCBC include the OCBC Business Mobile Banking app.

Earlier this year, we also introduced Emma, a first-of-its-kind artificial intelligence (AI)-powered specialised home and renovation loan chatbot service in Singapore, and Buddy, an AI-powered chatbot that is part of the Bank’s HR in Your Pocket app which gives employees a holistic HR portal.