Opening a Bank Account within 15 Minutes
Effective immediately, Credit Suisse is offering a digital onboarding process for new clients. In just 15 minutes, they can open an account online, including signing up for Bonviva Banking Packages with a Maestro card and credit cards. The entire process, including identification and signing the application, is fully digital and paperless.
Booking a hotel? – A couple of minutes online. An intercontinental flight? – Also a few minutes online. Getting those nice shoes? – A few moments online and they will be delivered to your door the next day. But opening a simple bank account? – That can take time. First you need to fill out a bunch of paperwork and then wait several days or even weeks before you can start doing transactions.
But those days are over. You can now become a Credit Suisse client online and with no media breaks, be it from home, on the go, or at work. With Online Relationship Onboarding – the name of this new service – Credit Suisse is meeting the growing client need for convenient solutions, explains Serge Fehr, Head of Private & Wealth Management Clients. "Opening a banking relationship nowadays should be easy, fast and secure. This new option therefore provides an extremely positive experience for new clients."
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 four steps. They first select their desired banking package from a range that currently includes Basic Banking and Bonviva Silver, Gold, and Platinum, including a Maestro card 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 finally signing the application electronically. 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. These persons are still 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 as well as the hologram, 3D image or watermark. Once identification 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. The account can be used as soon as the checks have been completed, and clients receive their Maestro card and credit cards by mail.
"Our goal was to provide a digital onboarding process that takes place online from start to finish and is concluded with a digital signature," says Anke Bridge, Head of Digital Solutions & Delivery. "From talking to clients, we knew that immediate availability of the account and IBAN, Maestro, and credit cards as well as savings accounts was essential for a new banking relationship to get off to a user-friendly start. Another wish that was frequently expressed was the option of interrupting the onboarding process if necessary. We have been able to implement all the criteria for such an essential starter package."