Fintech News

Results of bank and fintech cooperation – digital transformation

Luminor bank, which operates in Lithuania, together with the fintech company Ondato created clients the possibility to easily and quickly open an account remotely and make use of all banking services.

From now on, when seeking to open a bank account, it is enough to take a selfie during a video call, take a photo of one’s ID and confirm your identity is utilising a mobile signature or the Smart-ID app.

“Ondato is a company that offers digital identity verification services. Cooperation with Luminor is the best example of how fintech companies and banks can combine their experience and make use of the digital potential of new technologies for the convenience of clients. Thanks to this cooperation, Luminor has become the first traditional bank operating in Lithuania to digitise its client identification and account opening fully,” Liudas Kanapienis, Ondato’s CEO, says.

He also adds that this client recognition solution is notable for its particularly high-security parameters and artificial intelligence helps avoid human error.

“When performing client identification, not only document validity is tested, but also with the aid of biometric data, it is established whether the individual in the document truly is a match of the individual seeking to open an account,” the head of Ondato explains.

Currently, the third-largest financial services supplier in the Baltic States, Luminor bank digital services are chosen by 85% of its clients in the Baltic States for their everyday lives, and with increasing numbers of services being digitised, this number should grow even further.

“It was possible to become a client of Luminor bank and open an account remotely even before; however, the new solution shortens and facilitates opening the account. Identity verification is performed by reading biometric data and making use of 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.

When performing client identification, a biometric 3D map of the face is created, OCR (Optical Character Recognition) data digitisation and various other data review algorithms allow to establish one’s real identity and find out all necessary information on the individual.

Currently, an analogous solution is already in place in Latvia and will soon also become available to Luminor clients in Estonia.

About Ondato

Ondato is a multi-functional KYC management suit. Established in 2016, it has since become a trusted provider of authentication verification solutions that are bank-level secure and compliant to data protection laws. Ondato is an industry leader with progressive and innovative solutions, offering the fastest digital authentication services. The tool for KYC developed by Ondato can be tailored to businesses requiring the highest security level, including banks, fintech companies, online trading and other industries worldwide.

About Luminor

Luminor is the third-largest supplier of financial services in the Baltic States’ banking market, holding 16.6% of the deposit and 18.7% of the loan markets in late 2019. 2,500 Luminor staff serve 940 thousand clients. The Common Equity Tier 1 (CET1) coefficient is 19.7% and the shareholders’ capital is comprised of 1.6 billion euro.

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