SME business owners need only to face the camera to authenticate their application.
DBS has added facial biometrics to its online corporate account opening process, making the information authentication and verification process easier especially for small and medium enterprises (SMEs).
The new feature runs on the Government Technology Agency of Singapore’s (GovTech) SingPass Face Verification technology. DBS Bank is reportedly the first bank to deploy this technology, the bank said in a press release.
Currently, business owners who qualify for straight through processing need to manually key in their DBS digibank credentials to confirm their application. With SingPass Face Verification, DBS has done away with the need to remember passwords, and customers need only face the camera to authenticate their application.
DBS first introduced SingPass Face Verification as a pilot for SME account opening in November 2020. Since then, more than 100 customers have used the feature.
The facial biometrics feature is one of the enhancements that DBS has rolled out to its online customer onboarding process. Today, customers can look forward to accessing their corporate account online in just over 20 minutes from the point of application, according to DBS.
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