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May 15, 2019

OCBC instant approval rolls out for retail banking products

By Douglas Blakey

OCBC instant approval is live for credit and debit cards, personal loans, bank accounts and lines of credit. Moreover, OCBC instant approval applies to all Singaporeans and permanent residents including non-OCBC customers.

OCBC instant approval leverages Singapore’s data repository MyInfo and the bank’s proprietary real-time digital KYC and credit assessment systems.

In June 2018, OCBC was the first local bank to allow customers instantly to open and use a new account.

Since then, digital applications and instant approvals of OCBC 360 accounts have grown three-fold. Notably, one in three OCBC 360 accounts is now acquired digitally.

Customers receive discounts and rewards immediately they make purchases or contactless payments after applying for an OCBC card. Physical credit cards are delivered and received on the day of application.

The OCBC ExtraCash personal loan, once approved, is instantly released to the account nominated by the customer. Similarly, the OCBC EasiCredit personal line of credit, once approved, can be immediately drawn on.

OCBC instant approval: digital onboarding soars

Dennis Tan, OCBC Bank’s head of consumer financial services Singapore says: “With a mobile device in almost every Singaporean’s hand, digitally-savvy customers expect banking products and services to be instantly and immediately accessible. This is a natural progression of our pursuit of the new digital.

“That is to provide instant, embedded and frictionless access to all our products and services for the convenience of customers. This enables them to start a banking relationship with us seamlessly and instantly.

“I expect one in every two OCBC Bank customers to be on-boarded digitally by 2020. So this service launch is a significant milestone in our digitalisation journey.

“We will be extending our instant digital application and approval to secured lending products such as home and car loans. Thus customers do not have to wait to own their dream home or drive away in their dream car.”

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