UOB (United Overseas Bank) Malaysia recently introduced a new service on UOB Mighty.
UOB Mighty is an all-in-one mobile banking app that facilitates customers to open a personal bank account conveniently.
The new service on the app has streamlined the process of opening an account. It only takes 10 minutes online to complete the process and is proven to be approximately 60% faster than the same process at a bank branch.
As a launch offer, the bank extends a bonus interest of up to 6.68% per annum to customers who open a savings account using the UOB Mighty app platform.
Additionally, customers also hold a chance to receive Shopee e-vouchers of up to RM248 when they apply and spend with UOB debit or credit cards.
The reason behind adding the new service
As per UOB’s ASEAN Consumer Sentiment Study carried out in July 2020 among a sample size of more than 3,500 individuals between the age group of 18 to 65 across five ASEAN markets – Malaysia, Thailand, Vietnam, Singapore, and Indonesia.
The study revealed that over 50% of its respondents were more inclined to open a bank account online. In comparison, 67% said they were willing to apply for a financial product using internet banking or mobile banking.
Furthermore, the study revealed that over 80% of respondents favored using mobile apps, while 70% were more likely to go for web browsers.
What does UOB’s digital banking experience offer?
As a part of UOB’s improved and more polished digital banking experience, customers will have the liberty to tap Mighty Insights4, an AI (artificial intelligence) driven digital banking service on UOB Mighty.
The service offers best-suited money management solutions via hyper-personalized insights by analyzing customers’ transaction data. It also provides “prompts” that allow customers to save and spend wisely, suggests solutions to help meet financial goals, and alerts on upcoming and unusual transactions made on the account.
What do experts say?
UOB Malaysia’s Managing Director and Country Head of Personal Financial Services Ronnie Lim said: “We have also integrated an electronic Know Your Customer (e-KYC) solution to verify and to authenticate the identity of our customers. This means that new customers do not have to visit a branch in-person to verify their identity for account opening.”
“Upon submitting the application, they will receive a notification within two minutes on their application status through the app. Once the application is verified and approved, customers can then transfer funds to their new bank account to activate it” Lim added.
“Within minutes, they will be able to start using their preferred deposits account to grow and to manage their finances.”