Luminor is the leading independent bank and the third-largest provider of financial services in the Baltics. They pride themselves on being dynamic and adapting to the needs of their customers. With a focus on small and medium-sized businesses, they require strong KYB practices and AML compliance solutions.

Switching to Online Processes

At the start of the pandemic, all banks had to make changes to their remote processes. Something that had been a benefit for so long had suddenly become a necessity. With nearly a million clients, Luminor saw an increase in activity on their website at the beginning of quarantine. Accommodating them with the existing regulations was a challenge. That’s why in 2020, Luminor turned to Ondato for the onboarding process of their private clients. A year later, when they wanted to apply the same process to onboarding business clients, Ondato was the obvious choice.

Switching to remote account opening is an obvious modern digital solution that will create additional convenience and save time for our clients, as all necessary actions can be performed completely remotely from anywhere in the world.

Jekaterina Ziniča, Luminor Business Development Manager for the Baltics

Because of the aforementioned KYC process collaboration, the adaptation to KYB wasn’t a difficult task, and a similar process was applied to Luminor’s business clients. It involves an easy way to identify clients remotely with several levels of checks to keep it secure. All customer information is checked against registries as required by AML regulations. For existing clients, opening a remote account is available via Smart-ID and electronic signatures. In addition to this, new clients are subject to a video call during which their identity is verified. Once identity verification is complete, a bank representative can tailor the service according to the customer’s needs. 

Client Onboarding in a Few Minutes

After the initial process, all additional services can be requested remotely for the convenience of the clients. Forgoing bank visits isn’t the only benefit, though. A remote KYB process allows for fast onboarding, as identity verification can be completed in just a few minutes. During this time, all provided information is automatically checked against existing registries to ensure the validity and legitimacy of the data. 

Once customers provide the company code, it is checked against the registries required by KYB regulations and all needed information is pre-filled by the system. This helps both Luminor employees and customers to get the process done as fast as possible and leave all the grunt work to AI. 

With Ondato’s modern KYB solution, Luminor can be sure that its process is secure, efficient, and 99.8% accurate. A manual process like this also cuts down on the resources needed to verify customers. The resources can then be allocated to improving customer experience in other ways.

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