Hong Leong Bank pioneers fully digital onboarding experience for customers
By Digital News Asia October 9, 2020
- Launch of Malaysia’s first truly digital onboarding experience timely, critical
- Users enjoy safer, convenient way to open bank accounts via smartphones
Following the publication of Bank Negara Malaysia’s (BNM) guideline on Electronic Know-Your-Customer (eKYC) on 30th June, Hong Leong Bank and Hong Leong Islamic Bank (HLB) announced a historic milestone yesterday by becoming the first bank in Malaysia to offer a truly digital onboarding experience for Malaysians looking to open a bank account. The experience is fully digital, eliminating the need to visit a physical branch or Self-Service Terminal.
Effective immediately, customers only need to download the [email protected] mobile app to open an account anytime, anywhere and their debit cards will be delivered to them wherever they are in Malaysia. This simple, hassle-free and convenient way of banking is timely given the ongoing Covid-19 health concern and corresponding shift to digital ‘everything’.
“We are pleased to be able to help Malaysians bank safely amidst the on-going pandemic and are proud to be doing our part in pushing for greater digital innovation in the financial sector,” said Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB. This, Fuda notes, would further stimulate the growth of the country’s Digital Economy while meeting the needs and expectations of an increasingly digital and mobile-first generation of consumers.
“Based on our data, we have seen a significant shift to digital banking over the past 7 months. Expanding our digital offerings to the first of its kind digital account opening through eKYC will further propel the move to digital banking,” Fuda predicts.
With Covid-19 still a major concern for all, it is widely predicted that digital platforms, including digital banking and payments, will play an even greater role in helping customers continue to live life and run their business uninterrupted. According to Fuda, not only is HLB excited to be the first bank in Malaysia to deliver a truly digital onboarding journey with zero physical branch visit required, “we also hope that this will deliver a significantly higher value-added customer experience which will set a new benchmark for the industry,” he says.
With the [email protected] app, opening a bank account can be done in three simple steps anytime, anywhere. Customers only need to have their MyKad in hand and;
- Verify their identity with the IC and a selfie;
- Fill in personal details’ and
- Create a username and password for HLB Connect to access online and mobile banking services once their account is opened.
Once the account is opened, customers can immediately transfer funds online from another account and start transacting via the banking app such as making online payments and transfers. While waiting for the debit card to arrive, customers can perform cardless ATM withdrawals using the Connect ATM withdrawal feature.
Charles Sik, Managing Director of Personal Financial Services of HLB adds, “Banking should never be at the expense of our customer’s convenience. We have all adapted to a new normal way of life and customers’ access to our banking services also have to evolve accordingly.”
According to him, the safety of customers and staff remains a high priority as the bank continues to battle the pandemic
According to Sik, besides opening a bank account without visiting a branch, “we will soon activate a fully digital credit card and personal loan application. This allows us to continue safeguarding the health and well-being of our customers, and staff at our branches, while still providing customers with the ability to access our financial products and services anytime, anywhere.”
Meanwhile, HLB’s Chief Digital and Innovation Officer, Shailesh Grover also added that since the Covid-19 outbreak, the bank has accelerated the delivery of its digital roadmap to ensure customers are able to access the products and services on the channel of their choice, which happens to be mobile.
“Our digital and innovation team has been eager and passionate to reimagine how our customers can continue to do banking in this new normal. Whilst we had enabled online application for a bank account for some time now, customers still had to complete the process by visiting a branch in-person for identity verification. [email protected] closes the loop on our previous account opening process and delivers an end-to-end digital account onboarding process, which is also aligns with our digital at the core strategy,” he says.
Any Malaysians, aged 18 and above can apply for an HLB account via the [email protected] app, which is available for download on Google Play, App Store and Huawei AppGallery. For more information please visit www.hlb.com.my/apply.