Did you know how many fields your online forms have? Well, if you’re anything like the average, it’s at least 14 fields.
Imagine how annoying that is for your users who have to fill in all that information. Manually.
Enter the Myinfo service. Singapore’s government created this database to streamline the verification process. It is literally a digital identity card.
Myinfo saw the light of day in 2016. Back then, the service was used just for automatically filing digital paperwork. But its roaring success led to Myinfo’s expanse two years later in the private sector.
Now, Myinfo is a global tool that businesses all over the world can use. Yes, not only is Myinfo for individuals, it is for businesses as well.
That’s why you should learn how Myinfo works and how you can leverage it for your business. Keep reading below!
What Is Myinfo?
MyInfo is a digital platform that the Singapore Government created in 2016. This government-run platform is the storage-place of all your data, gathered across public agencies.
As a result, when people have to apply online for a loan or other digital transactions, they can log into MyInfo so that their information is automatically filled in. This tool takes the hassle of in-person visits or manually uploading the required documentation.
The most common reasons for using MyInfo are:
– Opening bank accounts
– Applying for personal loans
– Applying for credit cards
– Signing up for digital services at banks
You probably already know about the Smart Nation drive in Singapore. Well, the National Digital Identity is an integral part of this project, and Myinfo is an essential service from the NDI project.
Myinfo connects to the other service offered through the NDI project called Singapore Personal Access, aka SingPass. That’s how Myinfo:
– Can retrieve your data easily
– Offer massive convenience
– Guarantee transactional security to companies and people
What Can You Use Myinfo for?
MyInfo includes access to 600+ digital services across 340 companies and government agencies. These services stretch across a pool of sectors, from finances to utilities. This is very helpful as a large capital is required to start a business.
Basically, these services allow you to:
– Book facilities
– Sign up for a range of programmes
– Pay invoices
– Get insurance
– Verify people’s identities
– Open current or investment accounts
– Car sharing
– And many more – you can find the complete list here
How Does Myinfo Work?
Myinfo is a very straightforward service.
The platform has all this information about users stored from different government agencies. When you consent to share that personal information about you on a third-party’s form, Myinfo retrieves that data and automatically fills in your application.
Here’s the best part: You don’t have to go through document verification because you’re retrieving the paperwork from a government website. Basically, having this account authenticates your identity and all other documents you have.
Imagine the amount of time you can save!
Advanced financial institutions have integrated Myinfo into their loan application system for faster loan approvals. It is safer and hassle-free!
But what if you don’t give consent?
Well, the good news is you don’t have to. If you don’t want Myinfo to process the information about you, it won’t. However, you’ll have to fill in the forms yourself and attach the needed documentation. As a result, you’ll have to face more bureaucracy and a lengthier approval time.
With that in mind, here’s how to use Myinfo:
1. Get authenticated. Let’s say you enter a bank’s website so that you can apply for a current account. At this point, the website will show you a prompt that directs you to SingPass. Click on it and fill in your ID and password to log into SingPass.
Make sure the website you’re visiting is legit to avoid identity fraud.
2. Consent. When logging in with your SingPass account, you’ll be asked if you consent to retrieve your personal information from the public agencies into the online form. At this point, you have to double-check if the information you’ve retrieved is correct.
3. Submit. All you have to do now is send your application to finish the transaction.
What Data Can You Retrieve From Myinfo?
The information that MyInfo retrieves is generally used for standard transactions. As such, you’ll retrieve data like:
– Personal information related to your identity: name, nationality, birth date, ID number, passport number, etc.
– Contact information: phone number, home address, business address, e-mail, etc.
– Information about finances: your income, preexisting debt, credit rating, CPF details, etc.
– Employment and education: where you went to school, the diplomas, the job positions you had, the companies you worked for, etc.
– Family information: marital status, when you got married / divorced, etc.
– Vehicles and driving license: your license’s number and the date you got it, the vehicles you’re allowed to drive, what vehicles you own/ owned so far, etc.
– Property ownerships: what property you have and their corresponding addresses, when you bought/ sold them etc.
This begs the question, is Myinfo safe?
With all this available data, how can you be sure that only you have access to it – and, of course, the third parties you agree to send this info to?
Myinfo uses a mix of end-to-end security and stratified security, plus it stores your information on various systems. This combination of security-related features is difficult to crack, so it ensures that your information stays yours.
How Can Businesses Use Myinfo? Does It Help?
Myinfo has many advantages for businesses:
– You can retrieve info about your customers instantly.
– You don’t have to verify the information because that data is already government-checked.
– You streamline the onboarding process, especially when some employees work from home.
– You can deliver services to your customers much faster because your employees don’t have to manually process the documents and/or call customers for any necessary clarifications.
– You can expand your business in other countries because you can obtain customers’ info seamlessly, securely, and accurately.
That leads us to:
Myinfo was such a huge success that its little sibling, Myinfo Business, was born in 2019. This platform includes information about companies worldwide because corporations also want to minimise the time spent filling digital forms.
After you give your consent to share data with Myinfo, the service automatically fills in those forms with:
– Your corporate profile
– Company’s address
– Information regarding ownership
– Financial details
– Information regarding your shareholders
– The grants you’ve accessed
Basically, Myinfo Business allows companies to connect globally. You can use this platform to:
– Apply for grants
– Get information about your customers if you’re doing B2B transactions
– Get credit evaluations
If you’re interested in Myinfo Business, check out the complete data catalogue here.
Integrating Myinfo & Myinfo Business On Your Online Forms / Website
If you own a business, the good news is that you can incorporate both MyInfo and MyInfo Business on your online forms. The integration is easy; you don’t have to create new forms for that.
These two application programming interfaces are efficient for all sorts of purposes, including:
– Opening new accounts
– Applying for loans
– Applying for job positions
– Sending investment applications
Here’s what you have to do:
– Browse the APIs in the library to choose the ones you need.
– Read the guidelines.
– Use the templates to create a personalised user journey.
– Apply for link-up with the NDI Developer and Partner Portal to receive an App ID.
– You’ll receive handy resources along with your sample codes, such as a demo application, used cases and step-by-step guides.
– Apply for App configuration.
– Run the application.
Bonus: The Myinfo portal is free.
You’ll need to use your ID and password on SingPass to log into the portal and then log in to CorpPass.
Warning: If you’re not a Singaporean citizen, you need to get an SFA (SingPass Foreign Account) because the CorpPass 2FA for Foreigners is no longer valid since April 2021.
The Main Benefits Of Myinfo You Should Know
These are the main advantages to using MyInfo:
– You’re cutting back the time from filling in personal information or customer data on online transactions. The numbers show that application times are already cut by 80%.
– You won’t have to double-check digital documentation using physical documents. This saves both time and operation costs. In fact, research shows that verification costs have dropped down by 30%+.
– You minimise the risk of human error so that you can stay competitive.
– You will increase the transaction approval rates by 15% because the data from Myinfo is complete and correct.
In Conclusion – Should You Implement Myinfo Business?
The Smart Nation initiative is the engine that drives Singapore to become an even more flourishing country by the year. Besides, this initiative also turns Singapore into a haven for companies thanks to the seamless, intuitive business operation provided through this initiative.
As you can see, Myinfo has numerous benefits for companies because it minimises costs and risks but increases success rates. As such, you can offer faster services to your customers along with better customer support. This will be extremely helpful for F&B businesses in Singapore.
Just consider that Myinfo already sees 200k transactions daily; so, if you want to see your business expand faster, jump on the Myinfo wagon.