KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) has launched a digital account opening service that enables customers to open a personal bank account anytime, anywhere via its all-in-one mobile banking app, UOB Mighty.
In a statement, the bank said this was part of its continuous efforts to harness technology to make banking simpler and safer for its customers.
“Through the app, customers can now embark on their financial journey with the bank in just 10 minutes, reducing the average time it typically takes to open an account in person by up to 60%,” UOB Malaysia said.
Managing director and country head of personal financial services Ronnie Lim said the digital account opening service offered on the UOB Mighty app was in line with consumers' shifting preference to bank online as they stay safe at home during the pandemic.
"As a bank that has served Malaysians for 70 years and counting, our focus has always been on innovating and improving our financial products and services to anticipate the needs of our customers.
"Our aim is for them to enjoy a seamless digital banking experience with a full suite of banking features, from account opening to performing transactions, at their fingertips any time of the day," Lim said.
According to the UOB Asean Consumer Sentiment Study, more than half of the respondents preferred to open a bank account online while 67% were willing to apply for a financial product via the internet or mobile banking.
On the top two most preferred channels to conduct banking activities during the pandemic, the study also found that mobile apps are favoured among 80%of the respondents, while web browsers stood at 70%.
"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," Lim said, adding that upon submitting the application, they would 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.
As part of UOB’s enhanced digital banking experience, customers will also be able to tap Mighty Insights, an artificial intelligence (AI)-driven digital banking service on UOB Mighty.
At launch, the bank is offering customers bonus interest of up to 6.68% per annum upon the opening of a savings account via the UOB Mighty app.
In addition, the customers will receive Shopee e-vouchers up to RM248 when they apply and spend with UOB debit or credit cards.