OCBC Bank has rolled out a new digital account-opening service that allows applicants to instantly open an OCBC 360 Account without visiting the branch.

Singaporeans and permanent residents of Singapore can use national data repository MyInfo and OCBC Bank’s real-time digital know-your-customer process (e-KYC) to open an OCBC 360 Account through their mobile devices or desktop.

Touted to be the first of its kind service in Singapore, the account opening process can be completed in less than five minutes via the bank’s website, according to the bank.

As soon as verification and authentication process is completed in real time, the applicant gets a new account number within seconds. The account can instantly be used for banking transactions such as electronic transfers.

The digital instant account opening is a two-way process.

The first process requires the applicant to submit an application using information from MyInfo. During this step, the customer logs into SingPass and gives OCBC Bank permission to use his or her MyInfo profile to create an account.

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Subsequently, an online OCBC 360 Account application form is pre-filled with the customer’s personal details, abolishing the need to manually fill the details or submit additional documents.

The second process includes authentication of the customer using e-KYC, after which approval for the account application is granted instantly.

OCBC Bank head of e-business Singapore Aditya Gupta said: “Instant is the new black. I believe this instant, hassle-free and secure access to our core banking products will make it hugely compelling for people to initiate and deepen their primary banking relationship with OCBC Bank.”

“Our ambition is to have one in every two customers on-boarded digitally with zero human intervention, and this launch is a significant milestone in that journey. We will be extending this service to a broader suite of our products shortly.”