DBS Bank’s automated online account service launched in Singapore

Development Bank of Singapore (DBS) has launched a fully automated online account opening service that will allow users to open a corporate account within 15 minutes as against industry average of one to two hours.

Development Bank of Singapore (DBS) has launched a fully automated online account opening service that will allow users to open a corporate account within 15 minutes as against industry average of one to two hours.

The new service was launched by DBS using database from Accounting and Corporate Regulatory Authority (ACRA).

Corporate accounts usually require multiple signatures and different levels of authority. However, the new service allows the online account opening forms to be pre-populated to save time, unnecessary paperwork and form-filling.

Clients can get their forms verified by scheduling an appointment with a bank branch of their choice at their preferred time.

So far, 24 companies including CL Interior & Engineering, Kloud and others have tried the new service.

DBS SME Banking head, Lim Chu Chong, said the new generation of entrepreneurs are tech-savvy, especially with regard to mobile usage, and travel frequently.

"Account opening is the first step in starting a relationship with DBS, and we want to make it quick and simple for customers," Chu Chong added.