AI-powered digital banking service makes money management more accessible and effortless

KUALA LUMPUR, July 26 (Bernama) -- UOB Malaysia today announced the launch of a digital account opening service that enable customers to open a personal bank account anytime, anywhere via the Bank’s all-in-one mobile banking app, UOB Mighty. This is part of the Bank’s continuous efforts to harness technology to make banking simpler and safer for its customers. Through the app, customers can now embark on their financial journey with the Bank in just 10 minutes, reducing the average time it typically takes to open an account in person by up to 60 per cent.

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 rollout of its digital initiatives in order to offer customers greater convenience.

Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, 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,” Mr Lim said.

According to the UOB ASEAN Consumer Sentiment Study¹ , more than half of the respondents preferred to open a bank account online while 67 per cent were willing to apply for a financial product via 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. 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 minutes² on their application status through the app. Once the application is verified and approved, customers can then transfer funds³ to their new bank account to activate it. Within minutes, they will be able to start using their preferred deposits account to grow and to manage their finances,” Mr Lim said. 

Customers can tap on AI-driven Mighty Insights to manage their money effortlessly
As part of UOB’s enhanced digital banking experience, customers will also be able to tap Mighty Insights⁴ , 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. Mighty Insights will provide “prompts” that enable customers to save and to spend more wisely through insights on their spending and cash flow, as well as recommend solutions that enable them to meet their financial goals. Mighty Insights will also remind customers about upcoming payments or alert them on any out-of-ordinary transactions made on their account.

“Through Mighty Insights, customers are able to keep track of their finances conveniently, helping them to manage their money better. Many of us are now using our smartphones to conduct daily errands because of the convenience and speed that it offers. 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,” Mr Lim said.  

At launch, the Bank is offering customers bonus interest⁵ of up to 6.68 per cent per annum upon opening a savings account⁶ via the UOB Mighty app. In addition, the customers will receive Shopee e-vouchers up to RM248⁷ when they apply and spend with UOB debit or credit cards.  

For more information on the UOB Mighty digital account opening, offers and terms & conditions, please visit www.uob.my/668 or download the app from Google Play, the Apple App Store or Huawei AppGallery.  

¹The survey was conducted by UOB in July 2020 among more than 3,500 individuals aged between 18 and 65 years old across five ASEAN markets, namely Singapore, Malaysia, Indonesia, Thailand and Vietnam
²Notifications for account applications made from 8.45pm to 8.30am will be received the next working day.
³To activate a new UOB bank account, customers need to transfer funds from a non-UOB bank account.
⁴Please refer to UOB Malaysia news release: “UOB Malaysia launches Mighty Insights, Malaysia's first AIpowered digital service on its all-in-one mobile banking app”, 21 October 2020
⁵Subject to terms and conditions, please visit www.UOB.com.my.
⁶The participating savings accounts are the ONE Account, Stash Account and Lady’s Savings Account.
⁷Subject to terms and conditions, please visit www.UOB.com.my.

About United Overseas Bank (Malaysia) Bhd

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is a subsidiary of Singapore-based United Overseas Bank Limited (UOB) and has had a presence in Malaysia since 1951. UOB Malaysia offers an extensive range of both conventional and Islamic banking services through its branches, subsidiaries and associate companies: corporate and commercial lending, investment banking, treasury services, trade services, cash management, home loans, credit cards, wealth management and bancassurance products. 

UOB is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Malaysia, UOB Malaysia receives AAA/Stable/P1 financial institution rating from RAM Ratings. 

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on longterm value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.  

For further information, please visit www.uob.com.my. 

Source: United Overseas Bank (Malaysia) Bhd

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Nizam Arop
Strategic Communications and Brand
Tel: 03-9195 2786/ 017-333 6329
Email: nizam.arop@uob.com.my 

Name: Averlyn Lim
Strategic Communications and Brand
Tel: 03-9195 2793 / 018-229 9168
Email: averlyn.limsl@uob.com.my 

--BERNAMA