Luminor is the third-largest financial services provider in the Baltic market, with nearly one million customers. Total shareholders’ equity amounts to 1.6 billion EUR and Luminor is capitalized with a CET1 ratio of 18.7%. Their scale puts them in a position to be looking for more optimal KYC and AML-related compliance solutions. At the same time, developing innovative digital solutions and offering them to customers is one of Luminor bank’s long-term goals.

Therefore, a collaboration between Luminor and Ondato was the natural next step. It started out as a partnership to allow its customers to open accounts remotely. Their main task was to provide Luminor’s customers with fast and intuitive ways to open an account following the highest security and compliance requirements. Automation of numerous internal processes came second.

The goals were achieved, helping Luminor Bank onboard its customer from all Baltic states in under 1 minute. The new solution allowed remote customer identification, using multi-level verification checks that include an automated review of the customer’s data and documents in databases and registries. 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.

Now becoming a customer of Luminor bank, a person or business entity no longer needs to go to their branch physically. An internet connection is all they need to open an account. New customers can authenticate themselves using their electronic signature or a Smart-ID application, fill out the form, and state the purpose of the opening. The bank employee then reaches out to them via video call, ensuring that all the data has been entered correctly. After the assessment has been completed, the Luminor bank decides on further cooperation. Once that is settled, the new customer’s account and Internet Bank will be activated, and chosen banking products and services will be connected.

“The new solution shortens and facilitates opening the account. Identity verification is performed by reading biometric data and using multi-stage checks, which span corroborating client data and documents in registers and databases. After a brief video call with a bank consultant, you will be able to begin using the bank’s services,” – Jevgenijs Kazanins, head of daily banking products for the Baltic States at Luminor.