80% of customers choose open banking - Bancovo transforms financial services with Kontomatik


July 11, 2020
80% of customers choose open banking - Bancovo transforms financial services with Kontomatik

Bancovo is a Polish fintech that is making the experience of taking a loan incredibly easy. It is a truly digital financial marketplace where you can conveniently compare the best loans and receive money directly into your bank account within minutes.

The platform was launched in March 2018 to fill the product niche and give users a wide selection of online consumer loans. The consumer insight was clear: „I’m not the expert in finance and I don’t want to visit several banks to get multiple offers which are difficult to compare. I want a one place to get all financial offers at once, easy to compare and buy online.

Bancovo understands that the online lending process has to be as simple and intuitive as booking a hotel room or taking a taxi. Customers are presented with a selection of binding offers from banks and lending companies a few seconds after filling out all required information. Thanks to a clear layout and innovative solutions, they can easily choose the one that suits them best, confirm their identity online and receive cash in less than 15 minutes! No need to call the bank or visit a bank branch.

Make your credit decisions the most informed

However, to achieve these goals and meet customer expectations regarding online availability, transparency & hassle-free processing, some issues had to be resolved. How to seamlessly perform client’s identification and verification? How to verify customer’s actual income without paper documents? How to eliminate troublesome manual processes and prevent frauds at the same time?

That’s where open banking and partnership with Kontomatik steps in.

"Our top priority is to give people the best experience possible, because Bancovo is for people who care about their time and money, for people who want to compare loans and find the best rates in just a few clicks. That wouldn’t be possible without Kontomatik, who helps us offer a seamless, fully online process for the end user.” Monika Charamsa, CEO, Bancovo.

"Kontomatik has been operating as AISP since September 2019. Bancovo is one of the key clients who decided to use open banking to build a new quality in financial services." Patryk Pietrzak, Board Member, Kontomatik.

Implementation of the Kontomatik technology has a positive impact on the overall process efficiency. Primarily, it helps verify customer identity - thanks to secure access to clients' bank accounts, identity confirmation is fast and reliable. As there is no need to wait until a transaction is cleared, customer onboarding can be finished regardless of the time of day or night.

"We let our clients choose the preferred identity verification method: one is via open banking, carried out by Kontomatik as a licensed TPP, the other one requires making a 1 PLN verification transfer. 80% of our customers choose open banking."

Paweł Tatomir, Chief Innovation Officer, Bancovo.

It is not the only benefit - access to historical banking information and transaction history helps find out what customers’ income and spending really is. In real time. Trends and metrics range from revenue details, new loans and instalments paid on a monthly basis to lifestyle, healthcare and grocery spending, among many others. Income verification became quick and easy also for mobile customers, who can conveniently log in to their bank account and no longer need to manually upload PDF bank statements or employment certificates.

Open banking opens many possibilities to improve services and bring benefits to businesses and consumers alike. Write to us, and let’s talk about how open banking can impact your business.