softecon

nFinity

Traditional banks in Slovakia are at risk of losing their clients. Digital (smart) banks, which do not know frontiers, do not need branches and are always open, are coming to the Europe-wide market. Opening an account or taking out a loan with them is a matter of a few minutes on a mobile device. Banks will have to fight to retain their clients by means of new technologies. nFinity offers digital onboarding, communication via chatbot and other innovative technologies that can help banks hold on to clients or gain new ones in Slovakia as well as abroad.
 

Main benefits of nFinity

Online services extension

Unique 24/7 digital onboarding

Servicing usual requests via chatbots

nFinity-01

Who is the product intended for?

• Banks
• Telecommunications operators
• Other service operators

Problem: Opening a new client account in a brick-and-mortar branch only.

At present, clients of Slovak companies/institutions (e.g., banks, telecommunications) do not have the possibility to open a current account/set up a service exclusively online. Personal identification and verification of a new client must be carried out by the company’s employees. While in other EU countries the establishment of a new client account online is standard, in our country this option has not been legally allowed until recently. This whole process can last for several dozens of minutes and is currently expensive and time consuming for the client as well as for the provider.

Solution: Online identification and verification of new clients via mobile phone.

nFinity brings modern solutions in the field of online digital onboarding.
It provides quick and intuitive client acquisition at a distance via the internet and mobile phone and thus without the need to visit a branch/store. It is enough if the client scans his/her identity document, takes a selfie picture and performs a so-called “liveness check” – nFinity will take care of the rest. It verifies the identity through an online service of the Ministry of the Interior of the Slovak Republic, compares photos from the document and the selfie, and evaluates whether the onboarding is being performed by a living person. The solution is designed in this way to meet all legal requirements for remote client verification and complies with the AML law.
nFinity also includes a chatbot that serves the client outside standard business hours. In the course of the communication, it collects data and prepares the base documents for analysis. Based on this and using predictions, it delivers tailor-made products to the client.

Product description

nFinity offers:

Digital onboarding – for an existing client, it simplifies the interaction with the company, while a potential future client of the company is relieved from having to visit to a branch/store in order to create an account, to be provided a loan product or to activate a new service.
Unique client identification using optical character recognition technology (OCR) and face biometry , which authenticates the client and verifies his/her identity against the ID card, assesses whether he/she is a living person and finally verifies the identity through an online service of the Ministry of the Interior of the Slovak Republic.
Selfie login – allows an existing client to sign in to the application using a selfie picture, as well as authorise some client actions, e.g., authorisation of a payment order.
External (client) Chatbot – customer care (tracking the balance of the account or the state of the data drawing, sending payments or entering standing orders) and sales (identifying possible overdrafts, recommendation of a tailor-made product).
Internal (employee) Chatbot – an internal source of information for company employees.
Online reputation and knowing their own clients – by analysing both its own and freely available data using machine learning algorithms, the company can better get to know their clients.
More accurate targeting of advertising, upselling and cross-selling campaigns.
• Efficient cross-linking of the online/digital identity of the client with the identity registered in the company.

Softec in the media

Peter Polák: Digital banks in mobile phones will not replace classic bank houses
The European banking market is changing rapidly. Digital banks establish themselves on the market that do not know the state borders and their services are very flexible. Though it is a trend for the future, but the classic banks will not be replaced by them after all. As Peter Polák from the company Softec said in a discussion on TABLET.TV.
New digital banks are fast moving forward in Europe. For example, the German N26 has already more than half a million clients. “Progressive banks are mobile, anything that needs to be dealt with happens via mobile. The use of mobile apps in banking rose by several tens of a percent only in last year. New digital banks, however, will not replace the traditional banking houses. The current large banks will rather have also their own digital branches in the portfolio. This is however a clear trend for the future,” said Peter Polák, the director of the banking sector at SOFTEC.
TV TERAZ, 28.09.2017

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