In the dynamic realm of banking and financial services, staying competitive hinges on embracing innovative practices. Our report, “Top 10 APAC banks to ace digital account opening,” offers a comprehensive look at how leading banks in the Asia-Pacific region are revolutionizing their digital account opening processes. From harnessing cutting-edge technologies like artificial intelligence and biometric verification to reimagining customer onboarding experiences, these practices are reshaping the banking landscape. Embark on a journey with us as we explore these top banks, uncovering success stories and valuable insights from APAC banks at the forefront of digital account opening innovation.

Introduction

Digital account opening revolutionizes the traditional banking experience by allowing customers to open accounts online quickly and conveniently. With just a few clicks, users can complete the entire process from the comfort of their homes, using secure digital verification methods such as ID uploads and biometric authentication.

This streamlined approach not only saves time but also enhances accessibility, making banking more efficient and user-friendly than ever before.

Rise of digital account opening

Building customer lifetime value

Opening an account is the first step in creating lasting customer relationships. A seamless, efficient onboarding process builds immediate trust and satisfaction. By utilizing digital tools like automated data capture and biometric verification, banks can meet modern expectations and showcase their innovation.

A positive onboarding experience enhances customer lifetime value by driving engagement with additional services and fostering loyalty. Early insights allow for personalized solutions, boosting long-term engagement. In essence, a well-executed account opening attracts customers and lays the groundwork for sustained growth and loyalty.

Twimbit’s CX app benchmarking research methodology

Top 10 APAC banks to ace digital account opening

1. Video banking

AU Small Finance Bank stands out with its exceptional Video Call Assistance option, offering customers the flexibility to schedule calls at their convenience. This service provides personalized solutions via video, ensuring a safe and confidential experience available 24/7. Customers simply need a device equipped with a camera and speakers to access this feature. Use it for account opening, FD booking, queries, and other services—all designed to meet your banking needs efficiently and securely.

2. Voice banking

Axis Bank introduces Voice-based Account Handling with Alexa, available 24/7 for your convenience. With intuitive voice commands, the process is simplified and user-friendly. Customers can choose their preferred language for interactions, making it even more accessible. Use this service to check balances, bills, transactions, and more—all without the need for physical visits. For added security, a unique voice PIN ensures your information remains protected while you perform tasks effortlessly from anywhere.

3. Gamified interface

Bank Jago offers a gamified account opening experience, featuring interactive games for a smooth account setup. This enjoyable and fast process provides an innovative and entertaining method to open your account. Enjoy a seamless journey to becoming a Bank Jago customer, making banking fun and engaging from the very start.

4. Universal app

UOB presents a single app for all banking services, ensuring a consistent experience across platforms. Whether you use iOS, Android, desktop, or mobile, this app supports them all. Manage your accounts effortlessly with one app that offers universal compatibility for your convenience. Enjoy seamless banking anytime and anywhere with TMRW Bank’s comprehensive solution.

5. Paperless documentation

HDFC bank simplifies account opening by allowing you to upload scanned documents. Complete your KYC, loans, and account opening entirely online with ease. Use electronic signatures for authenticity and securely store and access your digital documents anytime. Receive real-time updates on the status of your documents, ensuring you’re always informed. Upload documents in various formats such as PDF, JPG, and more for added convenience with HDFC Bank’s seamless digital services.

6. Two-mins account opening

Revolut offers a 2-minute account opening process, requiring only basic details for account setup. Simply scan and upload your ID card and a selfie for verification. Instantly start using your account after the quick verification process. The entire procedure is virtual, eliminating the need for any physical presence, making it fast and convenient with Revolut.

7. Security Shield

TMRW bank ensures a robust security process for high protection. Utilize MPIN, login ID, and password for secure access. Enhance your security with Face ID and biometric authentication, effectively preventing fraud and reducing risk. Enjoy customizable security features tailored to your preferences, providing peace of mind with TMRW Bank’s advanced protection measures.

8. Automated savings

Fi introduces automated savings transfers from checking to savings, utilizing smart algorithms to analyze your spending patterns. Set custom rules for savings and investments, and round-up transactions for spare change investments. Easily set up SIPs for monthly, weekly, or daily contributions. Track specific savings goals effortlessly with seamless integration and high-level security. Maintain full control over the saving process as Fi automatically moves money to mutual funds or jars, ensuring your financial growth is both secure and convenient.

9. No exchange rates

Trust bank offers the ability to exchange currencies without extra fees, providing real-time, frequently updated exchange rates. Enjoy no hidden fees or commissions while supporting over 20 currencies including USD, EUR, GBP, JPY, AUD, CAD, CHF, CNY, INR and more. Effortlessly manage leftover money after trips with a numberless physical card for added security. Withdraw cash at overseas ATMs with the Visa logo without incurring any fees from Trust. Instantly activate overseas account usage via the app and receive instant in-app notifications instead of SMS for seamless and secure transactions.

10. Super app

SCB offers comprehensive banking services in one platform. Effortlessly view balances and transaction history, and download statements with ease. Make quick money transfers via NEFT, IMPS, and UPI for seamless transactions. Enjoy the convenience of seamless bill payments and auto-payments, all managed within a single app. Benefit from integrated wealth and investment management solutions in one go. Additionally, manage all your rewards and coupons efficiently with SCB’s all-in-one banking platform.

Conclusion

Digital account opening is crucial for staying competitive and engaging customers. By leveraging automated data capture and biometric verification, banks can streamline the process, ensuring security and efficiency. This seamless experience builds trust, encourages deeper engagement with services, and fosters long-term loyalty. Embracing these innovations turns account opening into a strategic advantage in today’s banking landscape

To further enhance this experience, consider the following recommendations: 

• Provide real-time translation services for non-native speakers to enhance communication and accessibility.

• Expand beyond Alexa to include other smart home ecosystems like Google Home and Apple Home Pod.

• Allow users to customize their dashboard according to their most-used features.

• Deploy virtual assistants powered with AI guiding customers step-by-step in real-time