UOB Malaysia today announced the launch of a digital account opening service that enable customers to open a personal bank account anytime, anywhere via the Bank’s all-in-one mobile banking app, UOB Mighty.
This is part of the Bank’s 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 per cent.
Given the movement restrictions to contain the ongoing COVID-19 pandemic, more consumers are choosing to bank online instead of going to a branch. This has compelled the Bank to accelerate the rollout of its digital initiatives in order to offer customers greater convenience.
Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said the digital account opening service offered on the UOB Mighty app is 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 per cent were willing to apply for a financial product via 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 per cent of the respondents, while web browsers stood at 70 per cent.
“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. This means that new customers do not have to visit a branch in person to verify their identity for account opening. Upon submitting the application, they will 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. Within minutes, they will be able to start using their preferred deposits account to grow and to manage their finances,” Lim said.
Customers can tap on AI-driven Mighty Insights to manage their money effortlessly 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. This service offers relevant money management solutions through hyper-personalised insights based on customers’ transaction data.
Mighty Insights will provide “prompts” that enable customers to save and to spend more wisely through insights on their spending and cash flow, as well as recommend solutions that enable them to meet their financial goals. Mighty Insights will also remind customers about upcoming payments or alert them on any out-of-ordinary transactions made on their account.
“Through Mighty Insights, customers are able to keep track of their finances conveniently, helping them to manage their money better. Many of us are now using our smartphones to conduct daily errands because of the convenience and speed that it offers. Similarly, with Mighty Insights, we harnessed technology to anticipate our customers’ banking needs and to offer them the most suitable financial solutions to help them save and spend wisely,” Lim said.
At launch, the Bank is offering customers bonus interest of up to 6.68 per cent per annum upon opening 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.