Fully digitised opening of a bank account is available from anywhere in the world now | Luminor

Luminor bank is offering an innovative opportunity in Latvia to become a customer of the bank or proceed through onboarding procedure, performing the necessary actions completely remotely. Such solution has been introduced in collaboration with a fintech partner Ondato and enables remote identification of a customer. That means that you can become a customer of the bank or manage your banking services from anywhere in the world, provided that you have a passport or ID card with e-signature or Smart-ID.

“This is another step that confirms – digital solutions are becoming our everyday life. We are happy that this year we have started offering our new Latvian customers a unique service – to become a Luminor customer completely remotely, by using a secure electronic signature or via a Smart-ID Qualified application,” says Jevgenijs Kazanins, Luminor Head of Daily Banking.

The experience of Luminor shows that banking services in digital environment are currently chosen by 85% of customers in the Baltic in their everyday life. An increase can be observed in customer activity on the internet bank, usage of remote consultation options, as well as usage of the bank’s application on cell phones. Development of innovative, digital solutions and offering them to customers is one of the bank’s goals.

The new solution allows remote identification of a customer, using multi-level verification checks that include automated review of the customer’s data and documents in databases and registers. The customer’s biometric data are also processed as specified in the applicable legislation, by comparing the picture in the passport with a picture taken upon application.

“Ondato is the industry leader in innovative technology solutions, offering digital identity authentication services. Collaboration with Luminor is the best example of how fintech companies and the banking industry can combine their experience to leverage the digital potential of new technologies for the convenience of their customers,” Liudas Kanapienis, CEO at Ondato admitted.

To become a customer of Luminor bank, you no longer need to find a suitable time to visit a customer service centre. To open an account, an internet connection is all you need. A new customer should authenticate themselves using their electronic signature or a Smart-ID Qualified application, fill out a form with information about themselves, state the purpose of opening an account and respond to several other questions required by regulators, then make a video call to an employee of the bank who will remotely make sure that the data have been entered correctly, and will any questions the customer may have. After an assessment, Luminor will make a decision on further cooperation. Once the formalities are settled, the new customer’s account and Internet Bank will be activated, and the chosen banking products and services will be connected.

At present, Luminor is offering to residents of Latvia to become customers completely remotely, and soon the service will be made available to residents of Lithuania and Estonia as well.

About Luminor: Luminor is the third largest provider of financial services in the Baltic market, with nearly one million customers, and market share of 16.8% in deposits and 19.5% in lending as at the end of the third quarter of 2019. Total shareholders’ equity amounts to EUR 1.6 billion and Luminor is capitalized with a CET1 ratio of 18.7%.
About Ondato: Ondato is a multi-functional KYC management suit. Established in 2016, it has since become a trusted provider of authentication verification solutions that are bank-level secure and compliant to data protection laws. Ondato is an industry leader with progressive and innovative solutions, offering the fastest digital authentication services. The tool for KYC developed by Ondato can be tailored to businesses requiring the highest security level, including banks, fintech companies, online trading and other industries worldwide.

Additional information: Inese Kronberga