{"id":7106,"date":"2023-02-22T16:31:20","date_gmt":"2023-02-22T14:31:20","guid":{"rendered":"https:\/\/ondatolive.wpenginepowered.com\/?p=7106"},"modified":"2025-05-06T11:44:55","modified_gmt":"2025-05-06T09:44:55","slug":"luminor-kyb-case-study","status":"publish","type":"post","link":"https:\/\/ondato.com\/pl\/case-studies\/luminor-kyb-case-study\/","title":{"rendered":"Case Study: How Luminor Digitized KYB \u2014 Fast, Secure &amp; Fully Remote"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Switching to Online Processes<\/h2>\n\n\n\n<p>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\u2019s 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.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Switching to remote account opening is an obvious modern digital solution<\/strong> 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.<\/p>\n<cite>Jekaterina Zini\u010da, Luminor Business Development Manager for the Baltics<\/cite><\/blockquote>\n\n\n\n<p>Because of the aforementioned KYC process collaboration, the adaptation to KYB wasn\u2019t a difficult task, and a similar process was applied to Luminor\u2019s business clients. It involves <strong>an easy way to identify clients remotely with several levels of checks to keep it secure<\/strong>. All customer information is checked against registries as required by <a href=\"https:\/\/ondato.com\/blog\/anti-money-laundering-compliance\/\">AML regulations<\/a>. 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 <a href=\"https:\/\/ondato.com\/blog\/what-is-identity-verification\/\">identity verification<\/a> is complete, a bank representative can tailor the service according to the customer\u2019s needs.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Client Onboarding in a Few Minutes<\/h2>\n\n\n\n<p>After the initial process, all additional services can be requested remotely for the convenience of the clients. Forgoing bank visits isn\u2019t the only benefit, though. <strong>A remote KYB process allows for fast onboarding, as identity verification can be completed in just a few minutes.<\/strong> During this time, all provided information is automatically checked against existing registries to ensure the validity and legitimacy of the data.&nbsp;<\/p>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p>With Ondato\u2019s modern <a href=\"https:\/\/ondato.com\/business-verification-services\/\">KYB solution<\/a>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Luminor is the leading independent bank and the third-largest provider of financial services in the Baltics. In 2020 they turned to Ondato to streamline their KYC process. A year later, they once again partnered with Ondato for their KYB process. We delve deeper into this solution in this case study. <\/p>\n","protected":false},"author":9,"featured_media":7109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-7106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.6 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Luminor KYB Case Study: Fast Business Onboarding<\/title>\n<meta name=\"description\" content=\"Learn how Luminor optimized KYB onboarding with Ondato, ensuring compliance, reducing manual work, and enhancing customer experience.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ondato.com\/pl\/case-studies\/luminor-kyb-case-study\/\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study: How Luminor Digitized KYB \u2014 Fast, Secure &amp; Fully Remote\" \/>\n<meta property=\"og:description\" content=\"Learn how Luminor optimized KYB onboarding with Ondato, ensuring compliance, reducing manual work, and enhancing customer experience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ondato.com\/pl\/case-studies\/luminor-kyb-case-study\/\" \/>\n<meta property=\"og:site_name\" content=\"Ondato\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/OndatoKYC\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-22T14:31:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-06T09:44:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ondato.com\/wp-content\/uploads\/2023\/02\/v01_Luminor-blog-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Aist\u0117 Jok\u0161ait\u0117\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/ondato.com\/wp-content\/uploads\/2023\/02\/v01_Luminor-blog-1.webp\" \/>\n<meta name=\"twitter:creator\" content=\"@OndatoKYC\" \/>\n<meta name=\"twitter:site\" content=\"@OndatoKYC\" \/>\n<meta name=\"twitter:label1\" content=\"Napisane przez\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aist\u0117 Jok\u0161ait\u0117\" \/>\n\t<meta name=\"twitter:label2\" content=\"Szacowany czas czytania\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minuty\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"Report\"],\"@id\":\"https:\\\/\\\/ondato.com\\\/pl\\\/case-studies\\\/luminor-kyb-case-study\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ondato.com\\\/pl\\\/case-studies\\\/luminor-kyb-case-study\\\/\"},\"author\":{\"name\":\"Aist\u0117 Jok\u0161ait\u0117\",\"@id\":\"https:\\\/\\\/ondato.com\\\/pl\\\/#\\\/schema\\\/person\\\/7ae54278438044c034643f1b362a7f05\"},\"headline\":\"Case Study: How Luminor Digitized KYB \u2014 Fast, Secure &amp; 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