Opening Bank Accounts Becomes More Seamless And Convenient For MyInfo Users
03 May 2017
The Smart Nation and Digital Government Office (SNDGO) and Government Technology Agency (GovTech), in collaboration with the Monetary Authority of Singapore (MAS), have begun a pilot with four banks to explore simplifying online banking transactions with the use of the Government’s MyInfo service.
Starting progressively from today, prospective customers of United Overseas Bank (UOB), Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and Standard Chartered Bank (StanChart) with a registered profile on myinfo.gov.sg can apply for a new bank account without needing to submit supporting documentation. This enables greater convenience and a faster transaction time, creating a seamless digital user experience. In addition, the banks benefit from higher productivity and lower compliance costs.
Banks currently require users to submit copies of their identity, income and CPF documents for applications. With MyInfo, customers can pre-fill these Government-verified personal particulars into the necessary forms, and avoid the need to submit supporting documents.
MyInfo has been rolled out for SingPass users since May 2016 for popular government digital services such as balloting of the Housing Development Board’s Build-To-Order (BTO) flats. MyInfo will be available on most government digital services with SingPass two-factor authentication (2FA) by 2018.
Jacqueline Poh, Chief Executive, GovTech, said, “We want to explore how citizen-centric government digital services can be extended to better help industry and transform service-delivery to citizens. We have seen good take-up of MyInfo, and hope that this public-private collaboration will provide citizens with even more benefits.”
Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “MAS is excited by the opportunities that national infrastructure platforms can bring to the financial industry, such as hassle-free online account opening and instant account activation in the near future. MAS would like to urge the industry to reimagine their customer journey for instant gratification as they leverage platforms like MyInfo.”
This bank pilot illustrates how the Government can work with companies and extend the use of a platform built for Digital Government to create even greater value and convenience in a Smart Nation. After this pilot, MyInfo may be extended later this year to other popular transactions such as applications for credit cards and home loans. MyInfo could also be extended to other sectors with strong citizen touch points such as insurance.
For more information on the MyInfo service, and for quotes from participating banks, please visit here.