DBS launches fully automated online account opening service for companies; first bank in Asia to do so

Innovative service offers speed and convenience, enabling companies to open an account in as little as 15 minutes

Companies, especially SMEs which the online account opening service is targeted at, have welcomed it since the launch on 13 Dec 2013. This is because unlike personal accounts, opening a corporate account is a more complex process. A company tends to need accounts in various currencies for their trading needs. Corporate accounts usually have more than one signer, and often with different levels of authority. In addition, different individuals in the company tend to have differing types of access rights to accounts on Internet banking, depending on their role in the company. Add to this, the need for certain key persons in the company to hold corporate debit cards or ATM cards, and the amount of customisation required in opening a corporate account is magnified. Finally, Director Board Resolutions need to be signed to authorise the whole process. Given all this, it is not unusual for the process of opening a corporate account to take about one to two hours at a bank branch or with relationship managers.

With DBS’ online opening account capability though, clients can open their accounts online, doing away with unnecessary paperwork. More importantly, the bank has enabled its backend systems to have access to information obtained from ACRA’s database via a service provider. This allows DBS to pre-populate account opening forms on behalf of the customer, saving the corporate client time and also eliminating the need for unnecessary form-filling and data entry work.

Consequently, form-filling now takes about five minutes. At the end of the online process, the customer can make an eAppointment with a branch of their choice and at a preferred time, go to the branch for their signature and identity to be verified. For straightforward cases, this can take as little as 10 minutes.

In the one week following the launch, 24 companies have tried out the online opening service, and customer feedback has been positive.

Mr Lay Siang Wee, Director of CL Interior & Engineering Pte Ltd, was one of the first customers to try out the service. He said, “The online account opening introduced by DBS is very user-friendly and convenient, and is particularly helpful for SMEs like ourselves. The online form is easy to understand, and we are able to save time as information required in many of the fields has been automatically pulled out from ACRA.”

Mr Kee Jing Zhi, Partner of Kloud LLP, was very pleased with the online corporate account opening service. He said, “It only took me five minutes to complete the online application, given that the questions were clear and structured. What is required from our side was clearly conveyed to us; for instance, the checklist for documents required was sent to my email prior to my branch appointment.”

Mr Bernie Trudel, Chairman of Asia Cloud Computing Association, said that he took only a few minutes to fill up the form, and the whole account opening completion process took less than 10 minutes at the branch including waiting time.

Mr Lim Chu Chong, DBS Head of SME Banking said, “We have observed that the new generation of entrepreneurs is tech savvy, mobile and travel frequently. They also tend to be very time poor, running demanding schedules. They deserve the best in speed and convenience. Account opening is the first step in starting a relationship with DBS, and we want to make it quick and simple for customers.  We are committed to a culture of continuous innovation so as to make DBS the SME Bank of choice for entrepreneurs.”

Photo caption:

Screenshot of opening a corporate account online.

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About DBS
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 16 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised as “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Managed Bank in Asia-Pacific” by The Asian Banker. The bank has also been named “Safest Bank in Asia” by Global Finance for five consecutive years from 2009 to 2013.

DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS also understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS believes that building lasting relationships with its customers is an integral part of banking the Asian way.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 19,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.