Adding a Second Account Holder with LOQR’s Platform

In today’s digital world, convenience is paramount. Almost everything can be done online these days, from ordering groceries to booking flights; however, certain banking processes still require an in-person visit.

We aim to empower clients to overcome common hurdles, such as enhancing the customer experience through seamless solutions. That is why our Platform now allows users to add a second account holder to an existing bank account online with just a few clicks. 

Here’s why financial institutions should adopt this solution and how it would benefit customers. 

Sharing a Bank Account

A bank account can be opened and operated by several people. Therefore, when opening a new account, it is necessary to identify the number of holders authorized to operate it, as the signatures of all holders are required. However, once an account has been opened, it is still not possible to add a second account holder. That’s where LOQR’s solution comes in. 

An online solution could be a game-changer for couples, business partners, or family members managing shared finances. Whether dealing with household expenses or operating a business, having joint access without the hassle of paperwork would streamline financial collaboration, making it more efficient and quicker since there’s no need to open a new account.

LOQR’s Solution for Adding a Second Account Holder to an Existing Account

We always strive to deliver the best and most innovative digital solutions. Our solutions, with a fast time to market, are designed to guarantee scalability and adaptability, seamlessly meeting financial institutions’ ever-changing demands.

We offer a robust identification solution with our biometric facial recognition and liveness detection technology. LOQR’s Platform ensures that the identity verification step is conducted with the highest level of security and compliance, and our qualified certificates guarantee a legally binding document signing.

Key Benefits

Speed and Efficiency
Our solution would streamline approvals by providing a seamless process – from identity checks to legal document signing – without the need for manual verifications. This would reduce time, resources, and operational costs.  

Improved Customer Experience
Not everyone can easily access a branch. Whether it’s due to mobility issues or scheduling conflicts, an online option would make this process more convenient for all customers. 

Competitive Advantage
Financial institutions that embrace digital innovation attract more customers. In a world where convenience often determines customer loyalty, offering the possibility of adding a second account holder online to an existing account would be a tremendous competitive advantage.

Regulatory Compliance and Security

LOQR’s solution is in strict compliance with:  

– General Data Protection Regulation (GDPR).
– eIDAS Regulation, ensuring the capability to issue qualified certificates (LOQR acts as a Registration Authority of a Certification Authority entered in the EU Trusted List).
– LINCE Qualification, providing advanced protection against cyber threats in video identification tools.
– ISO/IEC 27001 and ISO/IEC 30107-3 standards for information security and biometrics. 

The ability to add a second account holder online to an existing account is the next logical step in modern banking. Today’s customers expect efficiency, security, and flexibility, and banks that constantly adapt and innovate will lead the industry forward.

Talk to our team and find out more about our solution!