Opening a Bank Account within 15 Minutes: Credit Suisse Launches Online Relationship Onboarding Montag, 03. Juli 2017 - 09:30

With immediate effect, new clients of Credit Suisse will be able to open an account online in a process taking just 15 minutes. This includes signing up for Bonviva banking packages with Maestro and credit cards. The entire process, including client identification and signing the application, will be fully digital and paperless.

Potential clients wishing to open an account at Credit Suisse will no longer need to visit a branch. They can now sign up on a fully online basis and via one medium – from their home or office, or on the move – thanks to the new Online Relationship Onboarding service launched by Credit Suisse as part of its digitalization strategy.

Four-Step Process

All that applicants require is a computer equipped with a webcam and a microphone, or a tablet or smartphone, as well as an active phone number to receive text messages. They also need to have their identity card or passport ready to hand. With these preparations done, they can open their account digitally in a four-step process. They first select their desired banking package from a range that currently includes Basic Banking and Bonviva Silver, Gold, and Platinum, including Maestro and credit cards. In the second step, they enter their personal information, and answer questions about the purpose of the account and the origin of the assets being deposited. The new client is then identified via video call, before signing the application electronically in the fourth and final step. In this way an account can be opened in roughly 15 minutes – with no paper required.

For Private Clients in Switzerland

Online relationship onboarding is aimed at private individuals domiciled in Switzerland, and is available in German, English, French, and Italian. Identification by video call is available from 8:00 a.m. until 10:00 p.m. from Monday to Saturday. The process is currently available to people of 53 nationalities. Restrictions apply to politically exposed persons and persons subject to tax in the US. As before, these persons are asked to visit a branch in order to open an account. At a later date, the service will also be made available to clients outside Switzerland as well as to corporate clients.

Secure Identification by Swisscom

The digital account-opening process meets all security requirements of Switzerland’s banking regulator, FINMA, and is as secure as opening a banking relationship in the traditional way at the bank counter. Credit Suisse has partnered with Swisscom to identify the ID holder and check their identifying features during the video call. This is done using a software program that recognizes the ID’s security features such as the hologram, 3D image or watermark. Once the identification procedure has been successfully completed, Swisscom sends the data to Credit Suisse via an encrypted, secure connection. The bank then reviews the legal and regulatory requirements, as it does in the conventional process for opening an account. The account can be used as soon as the checks have been completed, and the client will receive his Maestro and credit cards by mail.

Serge Fehr, Head of Private & Wealth Management Clients: "With online relationship onboarding, we are moving with the times and are meeting the growing client need for convenient solutions: Opening a banking relationship nowadays should be easy, fast and secure. This new option therefore provides an extremely positive experience for new clients. At the same time, it means more efficient processes within the bank: Employees in the branches will now have more time for value-adding advice."

Anke Bridge, Head of Digital Solutions & Delivery: "Our goal was to provide a digital onboarding process that takes place online from start to finish and is concluded with a digital signature. From talking to clients, we also knew what aspects were essential for a new banking relationship to get off to a user-friendly start: immediate availability of the account and IBAN, Maestro and credit cards as well as savings accounts. Another wish that was frequently expressed was the option of interrupting the onboarding process if necessary. We have been able to implement all of the requirements on such an essential starter package."