SME Bank is the first Lithuanian capital digital-only neobank, focused on small and medium-size enterpises, that offers day-to-day banking services and lending products. They're serving their clients only remotely, which means heavy reliance on Ondato's services.
SME Bank provides bank-like services with the help of modern technological innovations. They provide their services strictly remotely to make their services accessible from any location. The priority for user convenience makes a case for a partnership with a service provider as it’s much cheaper and more efficient than developing the necessary technology themselves.
Since remote delivery is their principal route of operation, onboarding and identity verification are among their most crucial pain points. As a central axis of their whole onboarding process, identity verification is directly tied to the quality of the user base. This makes Ondato’s contribution central to the most important vein of SME Bank workflow.
Identity verification is performed by submitting a user’s ID document and taking a photo. This data is then followed by usual KYC questionnaires and other necessary company information. All the provided data is evaluated, and if everything seems in order, the contract is offered to sign. After this procedure, the user’s bank account is opened with an option to request other services: daily banking and loans.
The partnership doesn’t end with the onboarding solutions. It goes further than that. Various registry checks are also performed, including sanctions screening. This helps SME Bank to evaluate risks associated with new potential clients. The KYC process workflow is also simplified, giving them the company’s ultimate beneficiary owner discovery. This provides a full view of the company’s structure when looking out for potential red flags regarding financial crimes.
All in all, Ondato and SME Bank is a mutually beneficial partnership that provides growth opportunities for both enterprises and helps achieve their individual goals. Ondato takes care of the technical user management side, allowing SME Bank to focus their effort on their priority targets.