BlueOrange is the first bank in Latvia that has received the permit from the supervisory institution of the financial sector, Financial and Capital Market Commission (FCMC), to offer fully remote or online identification process. Remote identification means that the customer will no longer have to go to the bank branch in order to open an account. Customer identification in person at the bank will be replaced by a video conversation. All other communications between the bank and customers (sending of documents, cards) will take place electronically and by mail.
“On behalf of the customer the identification process has been made as simple and convenient as possible: you have to log into the specially created online office of the bank by performing authorisation by your e-mail or facebook profile, fill in the application for opening of an account and electronically receive the invitation to join the video conversation during which you also have to present an ID document,” explained Marina Zaharova, Project Manager and Chief Operating Officer at BlueOrange. “The bank will review the application and in case of a positive decision will send the payment card by mail, and will send the links to the mobile phone in order to connect with the mobile digipass device BlueKey and Internet Bank. Currently, the meeting in person will be necessary in case of an additional product or higher risk services, but in this area also we will move forward in our development,” explained Zaharova.
“The project was started already in summer 2015, when the bank began its work on the new business model within the framework of which was planned attraction of new customers from the EU Member States and further from across the world without maintaining regional offices in each country,” Zaharova shared in more detail. “… We researched the best examples in the global banking sector, which already used remote customer identification instruments in order to provide services to them. We found good examples also for regulatory and necessary procedure documents,” the e-project manager shared her experience.
After the bank presented its new solutions to FCMC in the autumn of 2016, a meticulous work was invested into the development of the process itself and the regulatory documents, risk assessment, and personnel training. Meanwhile, the remote customer access office has been created, where potential customers can fill in an interactive application in order to open an account. In November 2017, changes were made to the legislation: remote identification process was established in the law, providing the bank with the possibility to prepare an official application to FCMC in order to receive the permit.
“Since we are pioneers of this service in the very significant sector of financial platforms, initially for receipt of the permit was developed the use of technically simple technologies for remote identification by the participation of people and not automated systems. At the same time we are preparing for the very near future of biometric scanners; however, the priority will always be a convenience, security of customers and assessment of all risks,” commented the project manager Zaharova.
The new possibilities will let the bank easily attract and serve customers also in the remotest regions of Latvia and the Latvian residents abroad, which was not possible until now. At the same time, people who prefer a personal conversation can still visit BlueOrange Client Service Centre in Riga.
Source: Delfi.lv, BlueOrange Bank