Everything you need to know about instant onboarding in corporate banking

Perhaps you are wondering how to open a corporate bank account or a multicurrency account online or use any of the bank’s services or products without visiting a bank.

Though most banks today provide online account-opening services, not everyone can open an account online without undergoing an onboarding time of at least 2–3 weeks.

A businessman talking on mobile

This article gives the necessary details to help you open an online bank account in Singapore.

When it comes to some leading banks, like DBS Bank, they help you with digital onboarding in corporate banking through a DBS Business Account, where customers can experience a seamless onboarding process. You can use DBS IDEAL as part of the automated procedure on your mobile phone and open the DBS Business Account right away.

Everything was done in person in conventional banking, and there was a high degree of trust and confidence; however, contemporary banking solutions are designed to provide even more security and compliance in order to protect the interests of modern customers, like corporate and retail ones.

Through customer onboarding, a bank makes sure that it on-boards companies with genuine intentions and goals, other than gathering their vital information.

Understanding digital onboarding in corporate banking.

The process of enrolling new companies for the bank’s services and products is known as instant onboarding in corporate banking.

It usually starts with an online application process, receiving and storing documents digitally, e-KYC checks, and a host of other tasks throughout the process, particularly in the early stages.

A traditional method of customer onboarding in corporate banking generally includes an inquiry from the prospective client, setting up a meeting in the branch, and then dealing with a protracted verification procedure, more paperwork, and longer response times.

Benefits of instant digital onboarding for companies.

Digital onboarding entails an end-to-end approach that addresses each step of the process.

Some of its benefits include:

Enhanced customer satisfaction.

An effective digital onboarding process enhances the customer’s banking experience and satisfaction. They favor it because it offers them more convenience, on-demand customer care, and quicker access to financial services.

Quicker response times.

When it comes to conventional banking, a job like determining a customer’s creditworthiness takes a long time. Conversely, underwriting time is considerably reduced through credit risk management technology, allowing the underwriters to make critical judgements quickly.

Instant access to services.

Unlike traditional onboarding, customers can quickly access their corporate bank accounts.

For example, they can apply for a loan or overdraft and review day-to-day transactions by having the necessary information and services easily.

Transparent dealings.

A more digitalized approach to banking allows for more transparent information flow between banking staff and consumers. There will be a predetermined procedure, whether it is information about a particular service or product and the value it offers.

Standard procedures.

You can have the same experience consistently across all channels with digital onboarding. The onboarding procedure is the same whether you apply for a loan via a chatbot or the bank’s website.

Reduce fraud.

Automating processes will drastically lower the chances of making any mistakes in any activity, including documentation. Efficient ML and AI models help avoid anomalous activities and offer better fraud detection and compliance.

Easy maintenance.

It enables easy tap-and-swipe navigation to all banking services online.

For instance, you can activate and use digital token+ to access DBS IDEAL on your smartphone.

Onboarding a business account with DBS.

DBS provides a good selection of account solutions for corporate and SME clients. If not, you can still begin the application process online and finish it by going to a DBS office and providing supporting documentation. You can open an instant account online by following some basic steps:

  • Go to the business website of DBS.
  • Choose the desired account and select the “Apply online” option.
  • Enter your company’s details, including the UEN and the contact details for each account user, by following the steps.
  • Await an email confirming the opening of your account, informing you of any additional documents you have to submit, or a branch visit.

All major banks in Singapore provide online account opening services, but in reality, your ability to use them is typically determined by your nationality or visa status, as well as whether you currently have a Singpass account with MyInfo.

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