Banks are very much prone to experience fraud because customers provide fake or duplicate documentation. One of the reasons is the time-consuming process to fill up forms. Data collected from customers aren’t always reliable or uniform (not consistent) across banks. The most valuable way to overcome this challenge is for banks to adopt the paperless system of account opening.

This way the bank can onboard customers quickly, seamlessly, and digitally. This smooth onboarding process would even attract more customers. Adopting the paperless facility alone can increase your market presence.

Customers have unique numbers like NIN, BVN, passport details, driver’s license, and more. This unique information can be used to gather data like Name, Phone number, Date of Birth, Address, and other details. These details are indeed stored in a centralized location in form of your unique information. Furthermore, this information is authenticated with the relevant bodies or agencies, before the bank can collect and store the information for their verification functions.

When a customer needs to open a bank account, the bank certainly needs the biometric of the customer. For example, as a customer in the account opening process, you provide your NIN number. The bank captures your thumb impression with your NIN number which is interfaced online with the banking system. Employing a paperless tool, when your data is captured, a paperless system automatically downloads all the customer’s related data from the NIN server to the bank system as required by the bank such as Name, DOB, Gender, Address, Phone number, etc.

Bank staff can verify all the details in real-time and open the customer account immediately in a quick time without any issues. Below are various benefits of the paperless system:

• The paperless tool can be used by agents for quick account opening either at a bank branch or customer location.
• Customer consents are taken online for accessing their information from the
• Account numbers are shared instantly and provided to customers.
• Paper system can reduce turnaround time for account opening with such an online process and reduce paper filling activities by the customer, as everything is digitalized.
• Mobile banking credentials ATM cards, Internet banking, are synced in real-time with the account number of the customer sent digitally to customer email / mobile number during account opening process.
• This process will reduce fraudulent activities and reduce false -documentation during the account opening process as all information is verified by the system and can be re-used by the bank for their purpose.

Data captured are uniform across the customer onboarding with paperless account opening. Customers are provided with a hassle-free account opening experience in real-time and get onboarded.

Bioregistra is a platform that creates simple web and mobile forms to collect all kinds of information in every industry.