DBS is the first bank to deploy Singapore’s SingPass Face Verification technology to benefit the business community, particularly SMEs that can now open accounts and access these online in just 20 minutes.
Business owners who qualify for straight through processing currently 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.
“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,” said Joyce Tee, group head of SME Banking at DBS.
“That’s why we have doubled down on our digital innovation efforts to make the customer onboarding journey as seamless and intuitive as possible,” said Tee. “This in turn enables SMEs to remain focused on their business operations and stay ahead in today’s business environment.”
SMEs can open account in two easy steps. First, they fill up an application form. Most fields can be pre-filled if the customer approves trusted data retrieval through ACRA or MyInfo Business.
Second, 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.