UOB becomes first bank in Singapore to pilot electronic signature services for its customers
UOB further announced that it plans to roll out electronic signature services for its customers across the region from 2022.
UOB on 10 June announced that it is the first bank in Singapore to pilot the use of Government Technology Agency’s (GovTech) Sign with Singpass to confirm transactions or product applications using a customer’s digital signature. UOB’s latest innovation comes off the back of research that shows COVID-19 has accelerated the move to online services, with more than 65 per cent of customers expecting banking services to be digital by default.
Under an initial 12-month pilot, the Bank will test the use of Sign with Singpass with a set of its retail and corporate customers. Some of the transactions the pilot will cover include forms for individual wealth planning services and the PayNow Corporate application.
After the pilot, UOB aims to expand the use of Sign with Singpass in more of its products and services for both the retail and wholesale segments in Singapore. The Bank also plans to expand its electronic signature capability to the region from 2022. Once rolled out across all markets, electronic signatures will cut down the use of more than two million multi-page hardcopy documents each year which in turn will save more than 700 trees per year.
Ms Susan Hwee, Head of Group Technology and Operations, UOB, said, “At UOB, we have been using technology to help build the progressive solutions that our retail and corporate customers can use to manage their banking needs. The change in customer expectations and experience during COVID-19 has made it an imperative that we explore and extend our digital capabilities across more of our financial services and products.
“As more customers take to the convenience of managing their banking needs online, we must ensure that we offer them a seamless and safe digital experience. In 2018, we were the first bank in Singapore to digitalise all consumer banking product applications. Today, we build on our earlier efforts with our digital signature initiative. The initiative will not only increase the convenience for our customers but also remove one of the roadblocks – the need for physical signatures – in fully digitalising the documentation process.”
Mr Kwok Quek Sin, Senior Director for National Digital Identity of GovTech, said, “We are delighted that UOB will be piloting Sign with Singpass for UOB’s suite of digital services. UOB’s integration of Sign with Singpass, is a significant step towards offering a more secure and efficient process for UOB customers. We will continue to work with industry partners to build more beneficial services and establish new digitally-enabled ways of doing business.”
How Sign with Singpass Works for Electronic Signature Services
The Sign with Singpass feature enables Singpass users to sign an electronic document digitally via the Singpass app. This digital signature is identifiable and uniquely linked to the signer.
During the digital signing process, only a cryptographically random, indecipherable code will be shared with the Bank’s document management platform to confirm that the customer has signed the document, thus ensuring the confidentiality of personal data.
Sign with Singpass is part of the National Digital Identity Smart Nation strategic national project which aims to build a trusted digital identity ecosystem for citizens, public agencies and private sector companies.
Mr Paul Ho, chief officer at iCompareLoan, said: “UOB was the first Bank in Singapore to digitalise the application process for its consumer banking products, including its deposit accounts, credit and debit cards, personal loans and secured loans such as car and home loans.”
“Digitalisation is the future of all transactions not just in Singapore, but world over,” Mr Ho added.
UOB bank was the first to integrate MyInfo into the application process as it is the first experience a customer has with the bank. They said then, We know the pain points that customers typically experience when signing up for a new banking product and we have
designed the digital application journey to ensure that their first interaction with UOB is simple, seamless and speedy.”
“Using MyInfo means that the Bank can quickly and easily complete the application and verification process without the need for customers to fill in long forms and to submit physical documents. We transformed a process that is often the most time-consuming due to the volume of paper-based information required and made it effortless.
“With the new process, our customers can start making transactions immediately with their bank account, purchase their dream home or car or make purchases on their new credit card quickly and conveniently. We are the first bank in Singapore to have fundamentally transformed the way consumers can apply for and get access to a full range of banking products.”