Introduction
In this case study, we will explore how the implementation of Selfie Accounts helped a leading financial institution operating in the banking industry in Poland enhance the security of their account opening process. The client aimed to improve security measures in remote account opening, where physical verification of the customer was not possible. The solution involved verifying customer data from their identification documents through a ‘selfie’ photo taken during the account opening process.
Client Profile
The client is one of the top 5 banks in Poland, known for their commitment to innovation and customer-centric approach. They recognized the need to enhance security measures in the account opening process while providing a seamless and convenient experience for their customers.
Challenge
The challenge was to strike a balance between simplifying the account opening process to maximize conversion rates, and ensuring the highest level of security and compliance. The project involved multiple stakeholders, including product and electronic banking departments, as well as risk, compliance, and security teams. The goal was to implement a solution that met customer expectations for simplicity and innovation, while maintaining the bank’s security standards.
Solution
Our project team proposed a solution using Selfie Accounts, which addressed the client’s security concerns while meeting customer expectations. Key aspects of the solution included:
- Selfie Verification: During the remote account opening process, customers were required to take a ‘selfie’ photo, which was then verified against their identification document. This added an extra layer of security by ensuring that the person opening the account was the rightful owner of the identification document.
- Efficient Integration: Leveraging our team’s expertise and experience, we efficiently integrated the Selfie component into the bank’s existing environment and account opening process. This ensured a seamless customer experience without compromising security or introducing complexities.
Results
The implementation of Selfie Accounts yielded significant results for both the bank and its customers. Key outcomes included:
- Enhanced Security: The introduction of Selfie Accounts significantly improved the security of the account opening process. By verifying customer identity through a ‘selfie’ photo, the bank could mitigate the risk of identity theft and fraudulent activities, providing a higher level of assurance to both customers and the bank.
- Streamlined Process: The use of Selfie Accounts eliminated the need for physical contract signing through couriers, reducing the time required to open an account. This resulted in a faster and more efficient process for customers, improving the overall customer experience.
- Increased Customer Adoption: Customers embraced the new functionality, leading to a widespread adoption of Selfie Accounts. The added security measures provided peace of mind to customers, instilling confidence in the bank’s commitment to protecting their personal information.
Conclusion
The implementation of Selfie Accounts revolutionized the account opening process for the client, striking a balance between security and convenience. By leveraging ‘selfie’ verification, the bank enhanced their security measures while simplifying the remote account opening process for customers.
The benefits of Selfie Accounts included enhanced security, streamlined processes, and increased customer adoption. The solution demonstrated the client’s commitment to innovation and meeting customer expectations while maintaining the highest security standards.
The successful implementation of Selfie Accounts showcased the bank’s ability to adapt to evolving customer needs and employ advanced technologies to drive digital transformation in the banking industry. This case study serves as a testament to the client’s commitment to providing a secure and seamless banking experience for their customers.