City Bank launches instant account opening app
City Bank has recently launched a mobile app doing away with the need to visit branches and fill in paper documents for opening accounts as part of its push towards an electronic know-your-customer (e-KYC) system.
Bangladesh Bank issued the e-KYC guidelines on January 9 to deepen the country's financial inclusion.
City Bank has enabled real time account opening through its "City Ekhoni App", available for both iOS and Android platforms, says a statement.
Once the app is installed, the account type has to be selected, following which a one-time password (OTP) verification will confirm the customer's cellphone number.
Then images of the front and back of the customer's national identity card will have to be uploaded, which will also be verified. Afterwards the customer will be asked to take a selfie.
Once the customer selects the desired branch, the account will be opened and the bank account number would be sent through SMS for an immediate start of transactions.
"Customers can open accounts from the comfort of their home during the time of the current pandemic and safeguard themselves from the virus," said the bank's Managing Director Mashrur Arefin.
This form of digital banking could ensure the financial inclusion of millions of Bangladeshis, he added.