Kassel. fino further improves customer onboarding for banks and savings banks. To this end, the fintech has added a status module to its new account switching service. This allows new customers to track progress in the completion of all tasks for 90 days. At the same time, financial service providers have the option of displaying information on the products offered, thus providing additional sales impulses for their advisors.
The so-called “switching status” ties in directly with the fino account switching service. This enables banks and savings banks to make it as easy as possible for their new customers to move to them. The white-label service seamlessly integrates into the bank’s application so that customers can intuitively log into their previous online banking system in the software of their new financial institution via a PSD2 interface. fino retrieves the transactions there and identifies all payment partners in real time.
The customer can then click to select which of them should be informed automatically. “We notify these partners of the account change as part of the process,” explains Aleksandar Jeremic, Co-Founder of fino, adding, “Previously, we emailed the customer the documents from the communication with the payment partners, but many users wondered whether all the required steps were actually successful. The switch status is our answer to this customer feedback. It gives new customers an overview of the current status at any time.” In addition, fino generates templates when payment partners cannot be informed directly, for example because the address is unknown or providers maintain customer communication via online portals.
Placing individual recommendations
Customers only need to log in to the banking application to see which payment partners are already using the new bank account and which are still awaiting confirmation. The documents for switching accounts, which were previously sent by e-mail, are stored on the platform. After completing all steps, the customer can cancel his old account directly. fino sends the cancellation automatically, without any additional effort for the customer.
In addition, the bank can display recommendations for further products, such as a credit card or a securities account, even more prominently than before in the switch status. “In this way, banks can offer complementary products even though they don’t yet know the customer, and thus take advantage of his increased affinity to conclude new contracts immediately after switching accounts,” emphasizes Aleksandar Jeremic.
The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto “Less finance – more you” becomes a reality for more and more companies and private individuals. Among other things, companies benefit from easier provision and management of their invoices, account information and payment flows. The analysis of these also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino’s products. Reference customers and partners include savings banks, VR banks, DATEV, Miles & More and Schufa.