UOB Malaysia announced the launch of a digital account opening service that enable customers to open a personal bank account anytime, anywhere via the bank’s UOB Mighty app.
The bank said that its customers can now complete the onboarding process in just 10 minutes, reducing the average time it typically takes to open an account in person by up to 60 percent.
This move was made possible thanks to the e-KYC guidelines that Bank Negara Malaysia had released in June 2020 in preparation for its digital banking push in the country.
Upon submitting the application, customers will receive a notification within two minutes on their application status through the app.
Once the application is verified and approved, customers can then transfer funds to their new bank account to activate it.
Given the movement restrictions to contain the ongoing COVID-19 pandemic, more consumers are choosing to bank online instead of going to a branch.
Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia said,
“By digitalising the application and account opening process, our customers can now apply for a bank account from the comforts of their own home without having to fill in lengthy paper-based forms.
We have also integrated an electronic Know Your Customer (e-KYC) solution to verify and to authenticate the identity of our customers. This means that new customers do not have to visit a branch in person to verify their identity for account opening,”