OCBC Bank first in Singapore to enable account opening on-the-go

Their program is targeted for PMETs.

OCBC Bank began the first account opening application on smart phones in Singapore, on 2nd April 2014, and as the first bank in Singapore to do so, OCBC Bank continues to make banking simple and convenient with innovative products and services.

According to a release from OCBC Bank, with this simple-to-use app available on both ios and Android, customers can apply for the popular OCBC 360 Account on their mobile phones or tablets, without the need to visit a branch.

Within six months, more than 8,000 accounts were opened via the OCBC Open Account app. This makes up around 15% of the total number of more than 60,000 OCBC 360 Accounts opened in the same period of time.

Amongst customers who have used this application to open their accounts, more than 80% are new-to-bank. They are mostly PMETs (professionals, managers, engineers and technicians), aged between 23 and 35 years old. The OCBC Open Account app fits perfectly into the busy and hectic lifestyles of the PMETs as it has been designed to be simple and intuitive.

Here’s more from OCBC Bank:

It offers customers a seamless online account opening experience. Customers are able to submit their NRIC by taking a photo of their NRIC using the smartphone’s camera and similarly submit their signature specimen by signing on the embedded sign pad within the app.

The entire application process takes less than 10 minutes to complete. Once the application and documents are validated, the new 360 Account would be opened within one working day.

Mr Aditya Gupta, OCBC Bank’s Head of E-Business Singapore, said: “The banking industry has historically lagged behind other sectors such as retail and travel in the sale of products online. Online banking applications should no longer be developed just for serving customers.

We believe that they can be revenue generators too. We found the sweet spot - offer digital savvy customers a compelling, simple and secured solution to start a relationship with us, using devices like smartphones and tablets, which are ubiquitous in their lifestyle. The initial customer response and sales volume on the app validate our belief and approach.”