The Account Switch Kit provides an effort- and paperless transfer of a current account from one bank to another in less than 10 minutes.

Why banks love the Account Switch Kit: Why customers love the Account Switch Kit:
  • Conversion rate above 90% leads to high customer satisfaction
  • Average duration was reduced from 4 hours to less than 8 minutes: no branch visit, no paperwork, no waiting time;
  • Increase of customer activation by +30% through convenient, fully-digital process
  • Reducing backoffice effort and costs dramatically by a completely digital and automatic process that eliminates the need for the PAD compliant process;
  • Easy and digital process without mediabreak
  • Online, mobile and in the branch
  • Transparent and secure switching process
  • Complete account switch in less than 10 minutes

The Account Switch Kit

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PAD COMPLIANT ACCOUNT SWITCHING SOLUTION

On the 18th of September the European Union introduced a new legislation enforcing banks to provide a free account-switching solution to customers. To address the issues arising from the new legislation FinReach has developed a fully compliant electronic workflow that minimizes the effort imposed on the service centre of banks.

FEATURES OF PAD COMPLIANT ACCOUNT SWITCHING KIT

  • Data Processing and sorting
  • Transmission of 13 months transaction history
  • Transfer of all direct debits and standing orders
  • Monitoring of legal deadlines
  • Forward of balance and closing of bank account
  • Transparent and comprehensive monthly reporting

Benefits for the bank offering the FinReach Account Switching Solutions

  • Increase the amount of overall switches by +30%
  • Reduce backoffice effort and cost by -60%