{"id":22565,"date":"2018-11-05T15:17:30","date_gmt":"2018-11-05T14:17:30","guid":{"rendered":"https:\/\/mailcommsgroup.com\/blog\/digital-account-opening-with-verification\/"},"modified":"2025-10-30T14:29:00","modified_gmt":"2025-10-30T13:29:00","slug":"digital-account-opening-with-verification","status":"publish","type":"post","link":"https:\/\/mailcommsgroup.com\/en\/blog\/digital-account-opening-with-verification\/","title":{"rendered":"Enabling digital account openings with identity verification and electronic signature"},"content":{"rendered":"

[vc_row type=”grid”][vc_column dp_animation=”” el_class=”El nuevo reglamento europeo obliga a recabar el consentimiento expl\u00edcito para el tratamiento de los datos de car\u00e1cter personal” font_color=”#81d742″][vc_single_image image=”5856″ img_size=”full”][\/vc_column][\/vc_row][vc_row type=”grid” css=”.vc_custom_1524589886734{margin-top: 0px !important;padding-top: 0px !important;}”][vc_column dp_animation=”” css=”.vc_custom_1520348416680{padding-top: 20px !important;}”][vc_empty_space height=”80px” css=”.vc_custom_1761830433106{margin-top: -70px !important;}”][vc_column_text css=”.vc_custom_1761830489028{padding-top: 50px !important;padding-right: 50px !important;padding-bottom: 50px !important;padding-left: 50px !important;background-color: #F2F2F2 !important;}” dp_animation=””]Table of Contents <\/strong><\/span><\/p>\n

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  1. Harnessing the power of mobile for digital account opening<\/a><\/li>\n
  2. Main requirements to open a digital account<\/a><\/li>\n<\/ol>\n

    [\/vc_column_text][vc_empty_space height=”120px” css=”.vc_custom_1761830760371{margin-top: -100px !important;}”][vc_column_text css=”” dp_animation=””]As new competitors break into the financial services sector and the level of customer experience rises, banks<\/strong> know they must up their game when designing the digital experience for new customers<\/strong>. Today, many consumers want (and expect) the ability to open their accounts online or use their mobile device<\/g>, without setting foot inside the branch. This first point of contact<\/strong> with the applicant can have a profound impact<\/strong> not only on the likelihood of converting them into a customer, but also on their perceptions and relationship with the bank. <\/p>\n

    Historically, applicants had to bring their identification documents to the bank branch for a bank branch representative to verify the validity of those documents and make copies. The applicant would have to make a handwritten signature on the required account opening documents. Increasingly, however, technology is being used to digitize and automate the account opening process to enable remote, unmediated channels<\/g>. For example, document verification solutions can help ensure that identification documents<\/strong> such as driver’s licenses and passports are valid<\/strong>, while facial biometric verification can establish that the person presenting the ID is the same person whose photograph appears on the document. In addition, many banks and credit unions are adopting electronic signature technology<\/strong> across the enterprise with the goal of automating the secure delivery of documents<\/strong> for signature and capturing a legally enforceable contract<\/strong> to strengthen their legal and compliance position.
    \n[\/vc_column_text][vc_empty_space height=”120px” css=”.vc_custom_1761830777618{margin-top: -100px !important;}” el_id=”uno”][vc_column_text css=”.vc_custom_1761830583331{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #47D7AC !important;}” dp_animation=””]<\/p>\n

    Harnessing the power of mobile for digital account opening<\/strong><\/span><\/h2>\n

    [\/vc_column_text][vc_column_text css=”” dp_animation=””]Digital account opening is becoming increasingly important for banks in response to changing consumer preferences. However, the incorporation of new customers presents two main challenges: <\/p>\n

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    1. Comply with appropriate risk, fraud and compliance requirements<\/li>\n
    2. Ensuring a frictionless customer experience<\/li>\n<\/ol>\n

      In the past, this was difficult for mobile, as remote onboarding experiences still required in-person identity verification and forms were poorly rendered on small screens. However, recent advances in software and hardware technology have changed the playing field and mobile devices are now seen as a new channel of engagement for banks of all sizes<\/strong>. <\/p>\n

      In the U.S., President Donald Trump recently passed<\/strong> the Economic Growth, Regulatory Relief and Consumer Protection Act<\/strong>, which includes the “MOBILE Act”<\/strong> (Making Online Banking Initiation Legal and Easy), allowing financial institutions to digitally onboard new customers from a scan of a driver’s license or ID card. This form of remote digital onboarding will reduce costs for banks and improve the customer experience<\/strong> from the beginning of the relationship. It also complies with strict “Know your customer” (KYC) rules. As a result, bank customers across the U.S. will be able to open new accounts without having to visit a branch. <\/p>\n

      Banks can leverage digital onboarding solutions to verify the identity of applicants in real time<\/strong>. There are many ways to conduct KYC checks during the onboarding process. This often depends on the type of transaction and associated risk, geography and industry regulations. At its core, KYC ensures that the applicant is who he\/she says he\/she is and that he\/she is not attempting to enter into an agreement illegally or fraudulently<\/strong>. <\/p>\n

      Below is an example of an account opening workflow<\/strong> to illustrate how technology can help automate this process.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”grid” css=”.vc_custom_1541421305019{padding-top: 40px !important;padding-bottom: 40px !important;}”][vc_column dp_animation=””][vc_column_text css=”” dp_animation=””]<\/p>\n

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      \"opening<\/td>\nSTEP 1:<\/strong> Verify that the applicant’s identification document is legitimate.<\/em>
      \nThe applicant takes a photo of his\/her identification document (e.g. driver’s license) using his\/her mobile device. Document verification technology scans the supporting document and uses sophisticated algorithms to detect forgeries and ensure that the ID is authentic. <\/td>\n<\/tr>\n
      \"opening<\/td>\nSTEP 2:<\/strong> verifies that the applicant is really who he\/she says he\/she is.<\/em>
      \nThe applicant takes a “selfie”. This method compares the selfie with the image extracted from the identification document. The technology detects whether the photograph has been taken at the time to combat identity theft techniques. If the images match, the applicant can continue with the application process. Additional KYC \/ AML (“Anti-Money Laundering”) assessment can be incorporated using a configurable workflow that leverages third-party identity checks. <\/td>\n<\/tr>\n
      \"opening<\/td>\nSTEP 3:<\/strong> pre-fills the data from the ID document and allows the applicant to sign electronically.<\/em>
      \nData is automatically extracted from the ID document (e.g. name, date of birth, address, etc.) and, alternatively, from third-party data sources, and then completed on the application form. This reduces the amount of manual data entry required by the applicant before the electronic signature is captured. <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

      [\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”grid”][vc_column dp_animation=””][vc_empty_space height=”120px” css=”.vc_custom_1761830792683{margin-top: -100px !important;}” el_id=”dos”][vc_column_text css=”.vc_custom_1761830660643{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #47D7AC !important;}” dp_animation=””]<\/p>\n

      Main requirements to open a digital account<\/strong><\/span><\/h2>\n

      [\/vc_column_text][vc_column_text css=”” dp_animation=””]With the availability of mobile devices and digital technologies, such as identity verification and electronic signatures, creating a frictionless and secure customer experience is truly within your organization’s reach.<\/p>\n

      Look for solutions that enable your bank:<\/p>\n