Digitization is rewriting the rules of competition, businesses are seeking new approaches to better serve their customers in order to remain competitive in today’s digital business landscape. Delivering an exceptional customer experience can be the most important competitive advantage for organizations – making transactions fast, secure and easier is a good way of achieving this, all of which can be made possible with Singpass integration.
In industries like banking, financial services and insurance, the onboarding process can be tedious, with lengthy forms to fill whether online or offline. This documentation-intensive process is not only grueling for customers, but mistakes (e.g., spelling, etc.) can lead to delays or worse, cancellations. Frustrated enough, prospects can easily switch to a competing brand within seconds. If that competitor offers similar products but via an easier onboarding process, it may result in losing a customer.
Accelerated onboarding
All 4 million Singpass users are automatically granted access to a Myinfo profile. Through Myinfo, users can view their personal data, access records of past usage and give digital businesses permission to use this data and replace manual form-filling.
As of late 2021, more than 700 digital services offered by agencies and businesses have been onboarded to Myinfo, generating more than 200,000 transactions daily. This has drastically decreased application time for users by up to 80%! Additionally, users being able to pre-fill digital forms with personal data from government sources have allowed businesses to receive higher quality data, resulting in increased higher approval rates of up to 15%.
A welcomed bonus of leveraging Myinfo is that businesses have reported significant cost reduction regarding their customer acquisition process.
For the B2B industry, Myinfo business allows businesses to pre-fill digital forms with entity data from government sources, such as corporate profile, financial performance, etc. This service is already utilized by over 60 organizations in the private sector, and can be used for services like opening a corporate utility account and applying for loans.
Quality data for digital businesses
According to Gartner, organizations believe poor data quality to be responsible for an average of $15 million per year in losses. Organizations can improve their business outcomes by reducing the impacts and costs of handling bad quality data.
Through Myinfo / Myinfo Business, credible data from both users and businesses are retrieved from government sources and stored across various systems, protected by a combination of end-to-end encryption and multi-layered security sources. This level of authenticity allows businesses to provision products instantly, where applicable.
The removal of manual data management has improved approval rates and can enhance response rates for future marketing efforts, since the data collected is unlikely to be inaccurate or erroneous.
Managing data collected via Myinfo
The following guidelines were adapted from the FAQ section in api.singpass.gov.sg, to answer what we believe would be the initial questions that business will have.
- If user data conflicts with data retrieved via Myinfo, businesses are advised to assess which data takes precedence, based on factors like regulatory requirements and whether the data is from government sources, to better decide on which dataset to store, and which to replace.
- In staying aligned with the Personal Data Protection Act, businesses cannot request for more data items that what is necessary for the relevant digital service.
- To prevent data overlap or similar errors, businesses should ensure that every user profile retrieved by a digital service is new data from Myinfo. Businesses should avoid populating digital forms using data saved in cookies, browser caches, etc.
- As effective as Myinfo can be, businesses may not want to design their digital service to depend solely on Myinfo when populating user data. There may be instances when the user might be a foreigner who does not have Myinfo or a Singpass account. The user might also not wish to use Myinfo or cannot access Myinfo due to downtime for some reason.
In conclusion, Singpass integration is more than simply staying competitive. Assets like Myinfo allows businesses to drastically reduce customer onboarding lead times by removing manual data management and improving the quality of data received and stored in the company’s database.
Adnovum Singapore has helped multiple agencies and organizations with their Singpass integration efforts, from consultation to implementation with even the most legacy / complex systems.
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