KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) announced the launch of a digital account opening service that enables customers to open a personal bank account via the bank's all-in-one mobile banking app, UOB Mighty.
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 roll-out of its digital initiatives to offer customers greater convenience.
Managing director and country head of personal financial services Ronnie Lim 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 in a statement.
According to the UOB ASEAN Consumer Sentiment Study, more than half of the respondents preferred to open a bank account online. At the same time, 67 per cent were willing to apply for a financial product via the 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," Lim said.
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.
"Through Mighty Insights, customers can keep track of their finances conveniently, helping them to manage their money better.
"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.