LOQR’s platform in Banco Montepio’s digital transformation

Author LOQR

Banco Montepio recently announced the launch of the Online Account Opening service for Organizations, being the first financial institution to make this service available in the Portuguese market. 

Another project that has the partnership of LOQR and that allows Banco Montepio to continue to expand its portfolio of digital services, offering a better experience and convenience to its Clients.

Through the integration of the LOQR’s platform, which ensures the Client’s virtual presence in full compliance with the KYC, AML, and Contract Signature Guidelines, the Online Account Opening for Organizations process is carried out in three steps and in less than 20 minutes, the account is active and ready to operate, and access to the Montepio24 Empresas homebanking service is then assigned.

The 100% digital process, carried out through the bank’s website, allows the collection of data and documents; video call; electronic contract signature, and account activation, be carried out without having to go to a branch and without the need to install an app.

This service was developed and launched in just two months, reinforcing Banco Montepio’s agility and innovation capacity. In the first phase, this functionality is only available to sole proprietors with one managing partner – who represent more than 50% of the universe of Organizations that opens in one year – and will soon be extended to Organizations with more partners.

Another recently launched project emerged following the Public Moratorium, a Government initiative that allowed the suspension of monthly installments of Credits for Permanent Home Ownership until September 30, 2020 and the Private Moratorium, a protocol promoted by the Portuguese Banking Association with the Credit Institutions, effective on April 15, 2020. Banco Montepio relied on LOQR and, in just three business days, created a 100% digital journey, which allows its customers to adhere to the Moratorium, carried out in just four steps.

We recall that this partnership started in March 2018 and that in just 12 months, three 100% digital services were launched: Remote Account Opening; Consumer Credit, and Account Opening for SMEs.

“With this business partnership and adopting a technology base that will follow in the future, we have been strengthening the path towards a more digital service”, said Luís Melo – Banco Montepio IT Director, at Portugal Fintech Report 2019, where LOQR was considered one of the top 30 Fintech and Regtech in Portugal.

LOQR remains focused on the development of a platform that allows banks to create a truly integrated, secure digital channel in strict compliance with current legislation.