Aug 23, 2021

Digital bank account opening process at branch office

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Digital bank account opening process at branch office

Digital bank account opening process is not really different from the analogical one. However, one of the techniques requires more steps, more time and more complexity in its performance; facing the simplicity, security and immediacy of the other.

The actual digitisation of the branch or commercial office is a reality that is taking more and more shape. Innovation at the point of sale improves customer experience, employee productivity and reduces costs.

Check here the use case on cash withdrawal at ATMs with facial biometrics.

Digitisation of processes in commercial offices and branches

Thanks to the digitisation of processes, paperwork and bureaucracy are beginning to be minimised within the banking sector. This should fully affect the bank account opening process at the branch, however, it has not been widespread.

In the standard account opening process at branches, the client must fill out forms with a series of details about the account holders and make a formal written request. The documentation, together with a photocopy of the identity documents must be sent in such a way that the client is duly identified and registered. This is known in the banking and financial sector as KYC (Know Your Customer) process

Find out the details about online customer onboarding in this article.

Thanks to digitisation, KYC process has evolved into eKYC (electronic Know Your Customer). Identification, customer registration and digital bank account opening process remotely and totally online is already a reality that many of the leading banks are applying. 

User identification and registration technologies that are transforming online customer acquisition can be easily extrapolated to daily processes of physical points of sale, accompanied by its advantages, benefits, flexibility and security. 

The actual digitisation of the account opening process at the branch reduces waiting times for account opening to zero and duration of the process itself from tens of minutes to seconds.

How to digitally open bank accounts at branches

Digital bank account opening process

The process works the same way we can see at remote customer registration but it is assisted by the agent working at the branch office, by means of a bank’s digital device:

  1. The agent starts the process on a camera device.
  2. Users are requested to show their identity document on both sides, being recognised and verified.
  3. Subsequently, the user shows his face and smiles at the camera
  4. The agent, who has supervised the whole process, confirms and sends the collected data for automatic and instantaneous registration.
  5. The system returns an approval message, and the bank account is opened.

This entire process complies with the most advanced safety and reliability standards. The risk is avoided since there are real-time checks of the veracity and originality of the documents presented and the user’s biometric pattern. An automated artificial intelligence system performs the relevant checks with no error.

Request a free trial of VideoID, eID’s customer onboarding system.

VideoID, a versatile identity verification solution

VideoID is a flexible, advanced and scalable solution that adapts to any situation, medium and channel in which a user needs to be identified and registered for enrolling as a client.

It works on any device with a camera and complies with the most demanding industry regulations such as AML5 (or 5AMLD, Fifth Anti-Money Laundering Directive) and eIDAS (electronic IDentification, Authentication and trust Services).

Contact eID. We will echo your needs and offer an ad-hoc solution to digitise branch processes.

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