Companies can now open a bank account in 15 minutes or less, instead of the usual industry standard of one to two hours. Previously known as the Development Bank of Singapore (DBS), DBS Bank yesterday announced that it has launched a fully automated online account opening service for companies in the city-state on December 13.
Unlike personal accounts, companies require accounts in various currencies for trading needs, which render it even more complex. DBS’s new simplified process was made possible with access to a database from Accounting and Corporate Regulatory Authority (ACRA).
In addition, corporate accounts usually require more than one signature for clearance, and often filter individuals in the company with differing types of access rights. With DBS’s new online opening account service, account opening forms can be pre-populated to save the client time and unnecessary data entry work and form-filling.
After completing the online process, the customer can schedule an eAppointment with a bank branch of their choice at a preferred time to verify their signature and identity. The press release notes that this process will take about 10 minutes.
At the moment, 24 companies have tried out the service. One of the first customers to try it out was Lay Siang Wee, Director, CL Interior & Engineering. He commended the service as “user-friendly and convenient”.
Another customer, Kee Jing Zhi, Partner, Kloud LLP, said, “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.”
DBS Head of SME Banking, Lim Chu Chong, also noted that the new generation of entrepreneurs are tech-savvy, especially with regard to mobile usage, and travel frequently.
He added, “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.”
Featured Image: ST PHOTO/ KUA CHEE SIONG