DBS makes corporate account opening for SMEs a snap with biometric face verification technology
Singapore, 23 Feb 2021 - DBS is making online corporate account opening for SMEs even easier with the use of facial biometrics to speed up information authentication and verification. This new feature runs on the Government Technology Agency of Singapore’s (GovTech) innovative SingPass Face Verification technology, and DBS is the first bank to be deploying the technology to benefit the business community.
Online corporate account opening for SMEs easier with the use of facial biometrics
Currently, business owners who qualify for straight through processing need to manually key in their DBS digibank credentials to confirm their application. This has proven to be a hassle, with customers often forgetting their credentials. With SingPass Face Verification, DBS has done away with the need to remember passwords, and customers need only face the camera to authenticate their application.
DBS first introduced SingPass Face Verification as a pilot for SME account opening in November 2020. Since then, more than 100 customers have used the feature. With the success of the pilot, DBS will offer SingPass Face Verification as an authentication option for all qualifying applications from today.
SingPass Face Verification is just one among a slew of enhancements that DBS has made to the customer onboarding journey for an enhanced digital banking experience. Today, customers can look forward to accessing their corporate account online in just over 20 minutes from the point of application.
Joyce Tee, Group Head of SME Banking at DBS, said, “We are pleased to partner GovTech to deploy SingPass Face Verification for the benefit of our SMEs in Singapore. Getting a corporate account opened is the gateway for SMEs to access the critical banking services they need, including working capital support, supply chain financing, digital transformation solutions, property loans and more. That’s why we have doubled down on our digital innovation efforts to make the customer onboarding journey as seamless and intuitive as possible. This in turn enables SMEs to remain focused on their business operations and stay ahead in today’s business environment.”
Opening an SME account in two easy steps
Step 1
: Customers who apply for a new corporate account online will need to fill up an application form. Most fields can be pre-filled if the customer approves trusted data retrieval through ACRA or MyInfo Business.
Step 2
: Customers will be presented with SingPass Face Verification as an authentication option. Customers who select this option will simply need to scan their face on a computer with a web camera or a mobile device with a front-facing camera.
The integration of SingPass Face Verification to speed up corporate account opening comes less than six months after DBS announced that it was the first bank in Singapore to use the same technology to expedite the opening of DBS digibank accounts for retail customers. To date, over 10,000 retail customers have used SingPass Face Verification to register for their DBS digibank access.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Euromoney, “
Global Bank of the Year
” by The Banker and “
Best Bank in the World
” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney. In addition, DBS has been accorded the “
Safest Bank in Asia
” award by Global Finance for 12 consecutive years from 2009 to 2020.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
