Online account opening
An online account opening process with video banking identification, first on the domestic market.
Industry
Function
ProductContext
The account opening process used to require a personal visit to a bank branch. There was no easy-to-use interface for customers to select the best account package and card combination for them. The aim of the project was to create an account opening interface where customers could compare the available packages and, if necessary, receive detailed information on the conditions through dedicated microsites. Once they have selected the ideal account package, they can also select additional services on the online interface, without having to receive information from an administrator.
They can replace the paper documents they need to complete in the offline process by filling in data fields validated through the online interface, and then conclude their contract from the comfort of their home, using only their ID and address card, after identification through our online video bank.
We have further simplified the account opening process by making the selfie-based account opening option available to the bank's customers for the first time in the country, which means that instead of using video banking, customers can open their account from their mobile phones without the need to engage a video banking agent. This is an ideal account opening option for both the customer and the bank, as it speeds up the account opening process for the customer and allows the bank to accept the account opening request without the intervention of a clerk, thus saving resources.
Approach
The development was preceded by complex business preparation, as we were implementing a first-of-its-kind innovation in the domestic market, which had to comply with the current legislation. The online account opening application we developed had to integrate with the bank's existing systems, and it was important for us to have a generic architecture that would allow efficient development when introducing new account packages or bank cards.
Results
The churn reduced, with online account opening the conversion increased three-fold. The bank achieved record account openings with the introduction of our selfie-based solution.
The customer referral program we developed also boosted account openings, doubling the performance of its predecessor on average by ten times.