Remote Online Account Opening with Video KYC Qorus Banking Innovation Awards 2015

Online account opening (OAO) services without visiting a branch for KYC purposes were regulatory prohibited in Israel. In early 2014, the local banking regulator signaled that online checking account opening services will be permitted to all retail banks to offer, under certain conditions - including the use of remote video-chat for applicant identification. In a speedy three-month process (since final regulatory approval), Discount Bank launched an advanced remote OAO service, which includes a video-based customer identification procedure. The bank viewed the OAO process as an important feature within its comprehensive digital strategy, as it is a gate for multiple customer journeys and a gate for new banking relationships. Additionally, offering such a service was important also since local competitor banks were most likely to launch an OAO service as well, following the regulatory approval. Discount Bank's new online account opening process can be a source of inspiration and learning for other banks worldwide, due it's simple and friendly user interface, it's video-chat capabilities, and the fact it is the only remote on-boarding service in Israel to allow opening a joint or multiple-ownership account (with more than one account owner). Since launch, the new onboarding system - relying on the video-chat KYC phase - received positive customer feedback. Discount Bank is currently at the midst of an ongoing effort to evaluate the effects the new service had on various business indicators, such as product cross-selling and overall customer satisfaction from the bank.