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 utilizing 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 digitize 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 digitization 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.

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