630% year-on-year increase in online enrollment of individual clients.
36% year-on-year growth in digital onboarding for SMEs.
29% year-on-year increase in credit application volume, with 39% of individual applications now submitted online.
OTP Bank Romania announces that is expanding the 100% online account opening service for legal entities and SMEs with multiple shareholders. Initially, this online flow was only available for individuals and SMEs with a single shareholder.
Additionally, OTP Bank Romania has recorded impressive progress in its digital transformation program, with spectacular increases in performance indicators. Thus, the implementation of the online onboarding procedure for individual clients has led to a six fold increase in the number of new clients opting for this method compared to last year.
The new digital developments have been achieved with the support of the partner FintechOS, which has implemented solutions such as digital onboarding for individual clients and SMEs or the online credit granting process. Thus, in line with the bank’s customer-oriented vision, solutions have been introduced that efficiently meet banking needs, improve user experience, and, last but not least, optimize the bank’s internal processes.
„The expansion of the online onboarding service underscores our commitment to bringing innovation and accessibility to banking solutions. It is a project that has allowed us a significant transformation in how we interact with clients, offering a simplified and rapid process for opening accounts, regardless of the complexity of their shareholding structure. The speed and efficiency with which we have managed to implement these changes have helped us simplify internal processes and deliver tangible results in terms of customer satisfaction, facilitating an impressive growth in the adoption of our digital services,” said Constantin Mareș – Deputy General Manager of OTP Bank Romania, Digital Division.
The 100% digital onboarding has led about 40% of individual clients to consistently choose to open their accounts outside of the usual working hours, benefiting from the convenience and accessibility of these services anytime and from any device. Additionally, almost 40% of credit applications from individual clients have been submitted online.
„Today’s banks need to innovate to remain relevant and thrive, but many are hindered by old, inflexible systems. We developed the FintechOS platform to enable institutions to develop the digital products and offerings they need, when they need them, without disrupting core systems or requiring costly investments,” said Teo Blidarus – CEO and Co-Founder, FintechOS.
In the case of the SME segment, online onboarding has experienced an annual growth of 36%, with approximately 44% of new clients in this segment choosing to initiate the onboarding process outside the bank branches’ working hours.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
