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Oct 19, 2020

Bank account opening process in an ATM

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Bank account opening process in an ATM

The bank account opening process at ATMs is still unknown to most people. On other occasions, we have already talked about digital and remote client onboarding. However, many passers-by or users would positively view being able to open a bank account from an ATM.

This bank account opening procedure is proposed as a solution for those who do not have a mobile device, many others who do not want to wait in line at the branch or commercial office or those who see this method as a simple and agile process at street level.

The digital bank account opening process flow

The traditional process of opening bank accounts usually occurs with complexity and bureaucracy, wasting time for both employees and customers

That is why, this process has been digitized and simplified for a long time, being able to open a bank account without any complexity and with total security and legal guarantees through the video identification process.

Download this extensive guide about digital customer onboarding. Reduce costs and save time in your user acquisition processes.

To carry out the opening of a bank account, a series of procedures and steps must be followed. The KYC (Know Your Customer) process is the indispensable procedure by which the organization, institution or company verifies the identity of the client and registers it in the company’s database. This process has been digitized, being now called eKYC (electronic Know Your Customer).

This video-streaming identification technique for customer onboarding is used for digital bank account opening process. It is a fully standardized process, which must comply with regulations on money laundering, such as AML5, AML6 and eIDAS.

Unlike selfie and image-based solutions, which do not meet the required security and reliability standards, video identification supported by artificial intelligence and machine learning is reliable, secure and legal.

Download here for free our guide on the regulations that affect the digital bank account opening process.

Why integrate KYC processes at ATMs?

Automating bank account opening process reduces costs, bureaucracy and speed up the procedure so that the potential customer will become client within less than 3 minutes. In addition to giving a fluid, pleasant and autonomous experience to the user.

This process, integrated into ATMs, is also a way to attract customers quickly and easily in places where you have installed a terminal. We are not only talking about ATMs, but also about any electronic terminals with a camera in a commercial area or establishment. This is useful, for example, in airports, hotels or shopping malls.

Queues in commercial and branch offices are avoided using this bank account opening process solution while saving time for employees. There are mixed formulas in which an employee helps the client at the terminal or ATM, with a double value: personal and direct employee-client treatment and automation, immediacy and simplification of the process to be carried out.

How does bank account opening process work at ATMs?

The bank account opening process flow at an ATM is simple and agile, with a graphic and voice interface that guides the user:

  1. The user approaches the ATM or terminal.
  2. Selects the option “Become a customer” or “Open a bank account in 3 minutes without commissions”.
  3. You are shown information about what you are going to do and the products you are going to choose, in this case, about opening a bank account.
  4. Enters personal information: Name and surname, ID, address, telephone and any other information that the company or bank requires.
  5. Read the conditions and accept the relevant documents.
  6. Additionally, you can be requested an OTP (one-time password), entering your mobile phone and the code received by SMS. 
  7. The user is asked to show his identity document to the camera on both sides, his face and smile
  8. If necessary, our team of trained agents validates the video in a process in the back.
  9. The identity has been validated and the person’s credentials, as well as the recorded video, are registered in the company’s database.

VideoID, revolutionizing the banking industry

VideoID is the new standard in remote identification for streaming video. A complete and versatile solution that integrates seamlessly into ATMs and digital terminals.

Electronic IDentification solutions are developed fully complying with current regulations and legal standards so that the bank account opening process flow has maximum security, reliability and guarantees. VideoID is protected against any fraud attempt.

Thanks to these eID solutions for the automation of bank account opening process, users obtain an unbeatable experience in the relationship with their financial services provider at the same time that banks improve their processes, optimize costs and minimize bureaucracy and times necessary to onboard a new client.

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