With a high application drop-off rate, Swedish savings and investment bank Avanza turned to our aggregation technology to automate their onboarding process – and help customers set up a new account in minutes, not weeks.
It’s a big step for Avanza toward its goal of creating the best tool so people can successfully manage their finances. Customers were routinely wowed by what Avanza offered. But after they created an account, the process of moving money from one institution to another required too much manual work and was too complicated.
Fast forward to now, and the tiresome manual processes of moving funds to finish setting up a new account are gone. Using our account aggregation tech, Avanza’s onboarding process has been automated – quickly helping customers get over this big hurdle.
To appreciate what they’ve done, we’ll take you back in time. Before, when a new customer came to Avanza (or any other institution stuck with the standard process), it was the start of what could be a weeks-long process. Customers had to figure out what account types they had, dig up the relevant account numbers, fill out a form and wait for authorisation for the funds to be transferred.
Now customers can easily change banks when they want – and get better value products that suit them. And it’s just the start. Avanza will continue to launch features using our tech that makes saving smarter.
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Northmill is on a mission to build personalised banking services that improve people’s finances. By plugging Tink’s open banking technology into its app, Northmill will deliver a seamless and relevant customer experience.
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