Singaporean lender DBS Bank, which focuses on leading to SMEs, Wednesday launched Tab banking for its customers in the segment which will ease and fasten the account opening process.
The new initiative named ‘AweSME Accounts’ will replicate the physical account opening form for SME accounts on the tablet.
“The initiative comes with in-built checks and balances that reviews the past data and ensures that the most frequent reasons for rejection are avoided, thus giving customers a smoother on-boarding experience,” bank’s head of small and medium enterprise, Amitabh Verma, told reporters on Wednesday.
The bank claims the initiative would help the SME customer open an account within four hours compared to the average industry time of 2-3 days.
To attract new customers, the bank has waived off the average quarterly balance charges for accounts under the new initiative for the first 12 months.
“With this new product we hope to increase our SME customer base by 30-40 per cent in the current year,” Mr. Verma said.
