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First Automated Bank Account Opening Process In Luxembourg


Keytrade in partnership with Finologee is the first bank in Luxembourg to implement a completely digitised onboarding process that enables customers to open accounts in only 10 minutes.
by: Silicon Luxembourg
photo: Finologee
featured: Raoul Mulheims and Fabrice Vrignon

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Finologee, the Luxembourg-based Fintech specialist, and Keytrade Luxembourg announce the launch of the bank’s new digital account opening system powered by Finologee. With this new platform, customers can enjoy a frictionless, prompt and paperless account opening experience, reducing the time it takes to open an account to less than 10 minutes from both desktop computers and mobile devices. It simultaneously gives the bank control over the user experience, complete access to the application data and drastically reduces onboarding expenses and manual processes.

The white-labelled solution has been built from scratch and includes a web-based interface and a back-end core API that assembles user’s data and documents on Finologee’s platform and automatically transmits them to Keytrade’s existing customer management system. Once received by Keytrade, the banks’ client validation committee decides on opening the account based on the information provided by the user through the platform.

“This innovative technology marks a major step on the path to become a bank that acts with efficiency and speed.”

Depending on their language preferences and risk levels, users are given the choice between two options: a fully automated process with a guided scan and upload of an ID document validated against a picture of their face (“face match”) in real time, and a video chat session conducted by a human operator validating the ID document.

To meet financial service regulation compliance requirements, a major part of Keytrade’s own risk matrix has been implemented. Customer journeys adapt dynamically using a continuous automated risk assessment feature throughout the process that considers the information given by users and other risk factors. If the risk level is low, only essential documents and data are requested – for higher risk levels, however, users need to provide additional documentation, information and evidence. Using the portal’s digital upload feature, clients can then submit relevant documents to complete the onboarding process. Ultimately, users are required to sign electronically, no printing out or manual signing is needed. Using LuxTrust to e-sign is also an option for customers that already own a LuxTrust certificate.

“Finologee’s KYC process does not entail system-side requirements on the customer’s part, we are enabling rapid, digital and, above all, uncomplicated onboarding for all customers.”

Finologee’s platform handles the process and workflow on behalf of Keytrade Luxembourg. Outsourcing to Finologee by Luxembourg regulated entities is straightforward: Finologee operates under a Support PFS licence supervised by the CSSF. The setup, processes and documentation are optimised for financial services professionals, enabling them to fast-track digitisation projects while maintaining full compliance with Luxembourg regulation.

In pursuance of delivering an elevated client experience across their product offerings and network, Keytrade Luxembourg began by rethinking and then redesigning the entire client onboarding journey with the help of Finologee. The main goal was to bring new capabilities to market as the bank continues to make progress on digitising their core banking competences, end-to-end.

“We aim at providing our client Keytrade Bank a genuine added value. This innovative technology marks a major step on the path to become a bank that acts with efficiency and speed. Unlike existing solutions, Finologee’s KYC process does not entail system-side requirements on the customer’s part, we are enabling rapid, digital and, above all, uncomplicated onboarding for all customers”, said Raoul Mulheims, Finologee’s CEO. “Our goal is thereby raising the bar and creating the basis for establishing a market standard for the KYC process”.


The article is sponsored by Finologee and reflects only the opinion of the author.

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