KT Bank JSC is the first bank in Germany with an Islamic business model. Since 2015, it has been offering its clients financial products and services in the areas of banking accounts and financing, among other things – all consistent with the religious and ethical values of Islam.
The digital application process enables new customers to open an account easily and conveniently. Our solution can be used in the subsidary, with a bank advisor, or at the computers and mobile devices at home. In just a few steps, the customers are guided through the process that leads to their newaccount which is now available. The application process can be conveniently combined with other fino solutions such as the account switching service. This enables even better customer on-boarding.
Up to now, it was necessary for customers to download a form and send it in printed form with signature to the bank where they wanted to open an account.The form was then used by an employee who transfered the data to the banking systemso that the account was opened. With the digital application process, this paper-based process was not only simplified but also made more efficient.
Since November 2016, KT Bank has been using our digital Bank account process to open accounts as a white-label solution. By calling up our solution, the new customer has the possibility to choose between an individual and a group account. Once the personal data has been entered, additional products such as a Maestro card can be configured. Then the customers will receive an overview of the legal conditions. In the next step, relevant data is checked in real time, e. g. the creditworthiness or possibly existing third-party-bank-accounts. In the background, a credit investigation company query (e.g. at the german SCHUFA) is also made in real time. During the process, the customers receive a preview of his future bank cards. The contract for opening an account is then generated and prepared – without signature and pre-contractual information. The following activation and legitimation of the contract conclusion then takes place via WebId.
The previous process was not only digitized. Together with fino, KT Bank has crosschecked the existing form. Together, we were able to save around 50 % of the existing fields.
After these few steps, the customer is legitimized in a few minutes, the data is transferred into the banking system and the account is opened.