SINGAPORE – Small and Medium Business (SME) owners now simply have to face a camera to authenticate and verify their information while creating an online business account with DBS Bank.
DBS said the new facial biometrics feature works on SingPass Face Verification technology from the Singapore Government Technology Agency (GovTech).
Previously, business owners eligible for straight-through processing had to manually enter their DBS digibank credentials to confirm their request, the bank said on Tuesday (February 23).
“This has proven to be a problem, with customers often forgetting their credentials. With SingPass Face Verification, DBS has removed the need to remember passwords, and customers only have to deal with the camera to authenticate their application, ”the bank said.
DBS first introduced SingPass facial verification in a SME account opening pilot project last November, with more than 100 customers using the feature since then.
The bank will offer SingPass facial verification as an authentication option for all eligible apps starting Tuesday. Customers will be able to access their business account online in approximately 20 minutes from the point of request, DBS said.
Customers applying for a new business account online will need to complete an application form. Most of the fields can be pre-filled if the customer agrees to retrieve the data through the Accounting and Business Regulatory Authority (Acra) or MyInfo Business.
They will then be able to select SingPass Face Verification as an authentication option, before scanning their face on a computer with a web camera or a mobile device with a front camera.
Ms Joyce Tee, Group Head of SME Banking Services at DBS, said corporate accounts allow SMEs to access essential banking services such as working capital support, chain finance procurement and home loans.
“That’s why we’ve redoubled our efforts in digital innovation to make the customer onboarding journey as transparent and intuitive as possible. This allows SMEs to stay focused on their business operations and stay ahead of today’s business environment, ”she said.
SingPass Face Verification allows a captured facial image to be compared to the national biometric database.
This database contains the facial images and identities of four million local residents aged 15 and over, captured through passport and NRIC applications; its use has so far been restricted to official purposes, including checking at border checkpoints and certain government buildings to limit access rights.
With SingPass Face Verification, private sector organizations can leverage the country’s digital identity infrastructure to securely verify online transactions without having to build their own systems.
In July, DBS became the first private sector entity to pilot the service, which is integrated with its digibank application for retail customers.