Another bank is partnering with Onfido to enable remote customer onboarding. Bank Millennium Poland has been around since 1989, and was previously known as Bank Inicjatyw Gospodarczych BIG SA before getting folded in Portugal’s Millennium Group in 2003.
Since then, Bank Millennium Poland has established itself as one of its country’s leading purveyors of digital banking technology. Global Finance Magazine recognized Millennium as Poland’s Best Digital Bank in 2021, and the new partnership with Onfido should help the financial institution retain that position.
In that regard, Onfido’s solution uses a combination of face and document recognition to automate the onboarding process. New customers are asked to take a photo of an official ID and a selfie video. Onfido’s solution then analyzes the photo and the video to make sure that both the ID and the individual are present, and that the two faces in them are a match.
The solution already has the approval of Poland’s KNF regulatory agency, and is compliant with all of the relevant Know Your Customer (KYC), Anti-Money Laundering (AML), and data localization requirements. In addition to supporting remote onboarding, Bank Millennium is planning to deploy Onfido’s tech at branch locations throughout the country to provide a consistent and secure identity experience for customers in both digital and in-person channels.
“We wanted to make our process even more user-friendly and accessible on most devices, and that is why we chose to work with Onfido,” said Bank Millennium Electronic Banking Director Halina Karpińska. “Now new customers finish the process already logged in to the application, with an active account that they can immediately use.”
“Poland is seeing fast acceleration of the digitisation of financial service offerings, and we’re very happy to be partnering with one of the most innovative banks in Central Eastern Europe,” added Onfido EMEA SVP Oliver Krebs.
Onfido has encouraged banks to adopt digital banking services, and is already providing onboarding technology multiple financial institutions. The BMO Financial Group and TSB are amongst the company’s clients in other countries.
June 10, 2022 – by Eric Weiss