The process allows the customer to open a new account or to apply for a loan, thanks to the face to face remote interaction without a visit to the branch. The feature has now been introduced in Germany, Israel and Slovakia, with many new countries soon to follow their example.
The chart below presents the action flow in the case of opening a new account.
In the case of opening a new account, the process involves: filling out the application, initiating the video interaction, correcting the application if necessary, taking photographs of the customer and their ID. The information flow can be optimized if OCR is used to scan the ID and retrieve the personal data. In such a case the entire process would be truly smooth and lean.
In Israel, the next step is to transfer of money to the newly created account to make it fully operational. In Germany, on the other hand, the customer needs to download the application, sign the paper version and send it to the bank.
A very similar process is now required by the Slovakian regulations in applying for a loan.
The process starts with a loan simulation on the bank’s web page. When the simulation result meets the customer’s expectations, they start filling out the loan application. The data from the simulator is copied into the application and the subsequent steps are similar to the ones described above.