Banks are continuously reducing their headcount in order to cut costs. To enable them to maintain their advisory services even with thinner staffing levels, manual activities must be automated to a large extent. A typical example of this is account switching. In our experience, many banks still do this manually. A lot of time is lost in the process. In addition, the information from the account switch often remains unused. Yet there is enormous potential here for banks to generate sales momentum and at the same time fulfill their role as advisors.
Basically, switching your house bank is quite simple these days. At fino, for example, we have been enabling the first digital, fully automated account switch since 2015. The procedure is completed in just a few minutes: all the customer has to do is log into his online banking system and call up his account transactions digitally. We then identify all payment partners and the customer decides which ones should be taken over or informed about the new account connection. After that, he only needs to cancel the old account. We prepare all cover letters to the payment partners and also send them on request.
After that, things get really exciting: As an option, we can analyze which financial products customers are already using and provide them with suitable offers. Financial advisors can then obtain a holistic view of their new customers on a clear dashboard within seconds. This would enable them to place attractive alternative products to an existing loan, savings plan, securities account or similar with their new customer immediately after onboarding. The time of the account change is ideal for this, as many customers take this as an opportunity to put their current income and expenses to the test and are then particularly inclined to conclude new contracts.
Reduce the effort involved in switching accounts and at the same time give your employees the opportunity to score points with their customers with good sales arguments. Our solution is ready to use out of the box. Moreover, financial service providers do not need their own PSD2 licensing, but are fully covered by our regulatory framework.
Would you like to learn more? Then we look forward to hearing from you.
