DBS has partnered with the Government Technology Agency of Singapore (GovTech) to launch Govtech’s SingPass Face Verification Technology through digital banking on Wednesday (July 29).
This partnership comes as Singapore has seen a rise in digital banking in recent months as a result of COVID-19. Even seniors have turned to digital banking during the outbreak, with the number of seniors who used digital banking in April and May 2020 more than tripling compared to the same period last year.
Nevertheless, DBS hopes to further increase these numbers by making its digital banking services more accessible to its customers who are SingPass holders, but do not use them.
The SingPass Face Verification Technology will allow people to fill in their personal information instantly without having to have out an ATM, credit/debit card, and PIN. Instead, a quick selfie will do the job as the SingPass Face Verification Technology can scan a user's selfie and match it to their NRIC/passport photo records from the Government’s biometric database. This is especially beneficial for seniors as it will simplify the process of registering for a digital bank greatly.
In July 2020, DBS conducted a test run of the SingPass Face Verification technology with over 100 seniors and students from ITE College West.
One of its participants, Nancy Yeo, 66 years old, says of the technology “I didn’t sign up for a digital banking account as I wasn’t confident about completing the process, but this new face verification option helped me erase any doubts. The instructions were easy to understand and the process was surprisingly enjoyable, as it was just like taking a selfie photo with my grandchild on my smartphone! This definitely changed my view about online banking, that it really isn’t as complicated as I had thought.”
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Amidst a global pandemic, along with the global shift to digitalization, this partnership will provide great convenience as people, even seniors, can access a digital bank from their phones just by taking a selfie.
Kok Ping Soon, Chief Executive of GovTech, said, “We are delighted to partner leading digital bank DBS in piloting SingPass face verification for simpler customer journeys. As our Smart Nation digital identity, SingPass enables citizens to transact seamlessly with public and private sector services, accelerating digitalisation and strengthening trust in our digital economy. We look forward to building more impactful services with the financial sector and beyond, to bring greater convenience to our citizens.”
As at 3:23pm, shares at DBS were changing hands 8 cents lower, or 0.39% down, at $20.42.
