OCBC Bank customers applying for cards, loans and bank accounts can now be spared the troublesome and long wait for approvals as the Singapore bank is now offering instant approval and access to its core consumer banking products.
In a statement on Wednesday (May 15), OCBC announced that the service is open to all Singaporeans and permanent residents, including those with existing relationships with the bank.
Specifically, customers can now receive immediate approval and access to OCBC Bank credit cards, debit cards, personal loans, bank accounts and lines of credit via digital channels.
The perk was previously only applicable when opening new accounts with the bank.
In addition, customers will be eligible for card discounts, rebates and rewards upon making eCommerce purchases or contactless payments using mobile devices within minutes of applying for an OCBC Bank card.
According to OCBC, even physical credit cards will be delivered and received on the same day of application.
Those who apply for loans through the bank’s ExtraCash personal loan service would also be able to get immediate access to their funds once the account that they have nominated has been approved.
OCBC’s EasiCredit personal line of credit can similarly be immediately drawn on upon approval, added the bank.
If you are wondering how this all works, OCBC Bank said it uses MyInfo, a data repository for SingPass users, together with its proprietary real-time Know-Your-Customer (KYC) and credit assessment system.
As such, the bank is able to pre-fill customers’ application forms with details such as their proof of income and home address, without the need to submit more details or documentation.
The bank can now also authenticate customers in real-time using its digital KYC process and assess their credit worthiness for approval of applications for its products.
OCBC Bank’s head of consumer financial services in Singapore, Dennis Tan, said: “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 – to provide instant, embedded and frictionless access to all our products and services for the convenience of customers, enabling them to start a banking relationship with us seamlessly and instantly,” Tan added.
The bank is also looking at expanding the instant application and use service to include secured loans such as mortgage and car loans in the near future.
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