Development Bank of Singapore (DBS) has launched a fully automated online account opening service that will allow users to open a corporate account within 15 minutes as against industry average of one to two hours.
The new service was launched by DBS using database from Accounting and Corporate Regulatory Authority (ACRA).
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Corporate accounts usually require multiple signatures and different levels of authority. However, the new service allows the online account opening forms to be pre-populated to save time, unnecessary paperwork and form-filling.
Clients can get their forms verified by scheduling an appointment with a bank branch of their choice at their preferred time.
So far, 24 companies including CL Interior & Engineering, Kloud and others have tried the new service.
DBS SME Banking head, Lim Chu Chong, said the new generation of entrepreneurs are tech-savvy, especially with regard to mobile usage, and travel frequently.
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By GlobalData"Account opening is the first step in starting a relationship with DBS, and we want to make it quick and simple for customers," Chu Chong added.
