Arete Financial Partners

    Digital branch with full functionality of a traditional branch, 100% paperless with STP

    A foreign bank in Laos wanted to expand its branch footprint in Laos. The bank wanted to create a differential branch banking proposition while providing exceptional client experience.

    Laos is a high cash economy with low banking penetration. In addition, few people have  digitally verifiable Government Issued ID’s. Lastly, wet signatures were recommended for transactions by the central bank.

    Impact

    1st 100% Digital Branch in Loas

    5 Min Digital Account Opening

    Digital KYC Using OTP and Facial Recognition

    Zero Teller Branch

    Approach & Key Challenges

    Key Challenges

    • Non consistent Client ID’s
    • Heavy Cash Usage
    • Manual Non-Digital Processes

    Approach

    • Arete mapped the operational processes, regulatory guidelines and existing bank IT architecture.
    • Worked with the regulatory to seek approval for digital KYC including digital authentication using OTPs and Facial Recognition
    • Created STP 100% digital workflows with NO use of paper.
    • Eliminated Cash Teller from Branch