OTP Bank Romania expands 100% online account opening facility for companies and SMEs with multiple shareholders

• 630% year-on-year increase in online enrollment of individual clients.
• 36% year-on-year growth in digital onboarding for SMEs.
• 29% year-on-year increase in Credit Application Volume, with 39% of Individual Applications Now Submitted Online.

OTP Bank Romania takes another significant step towards innovation and accessibility of digital banking services by expanding the 100% online account opening service for legal entities and SMEs with multiple shareholders.

Initially, this online flow was only available for individuals and SMEs with a single shareholder. Additionally, OTP Bank Romania has recorded impressive progress in its digital transformation program, with spectacular increases in performance indicators. Thus, the implementation of the online onboarding procedure for individual clients has led to a six fold increase in the number of new clients opting for this method compared to last year.

The new digital developments have been achieved with the support of the partner FintechOS, which has implemented solutions such as digital onboarding for individual clients and SMEs or the online credit granting process. Thus, in line with the bank’s customer-oriented vision, solutions have been introduced that efficiently meet banking needs, improve user experience, and, last but not least, optimize the bank’s internal processes.

“The expansion of the online onboarding service underscores our commitment to bringing innovation and accessibility to banking solutions. It is a project that has allowed us a significant transformation in how we interact with clients, offering a simplified and rapid process for opening accounts, regardless of the complexity of their shareholding structure. The speed and efficiency with which we have managed to implement these changes have helped us simplify internal processes and deliver tangible results in terms of customer satisfaction, facilitating an impressive growth in the adoption of our digital services,” said Constantin Mareș, Deputy General Manager of OTP Bank Romania, Digital Division.

The 100% digital onboarding has led about 40% of individual clients to consistently choose to open their accounts outside of the usual working hours, benefiting from the convenience and accessibility of these services anytime and from any device. Additionally, almost 40% of credit applications from individual clients have been submitted online.

“Today’s banks need to innovate to remain relevant and thrive, but many are hindered by old, inflexible systems. We developed the FintechOS platform to enable institutions to develop the digital products and offerings they need, when they need them, without disrupting core systems or requiring costly investments,” said Teo Blidarus, CEO and Co-Founder, FintechOS.

In the case of the SME segment, online onboarding has experienced an annual growth of 36%, with approximately 44% of new clients in this segment choosing to initiate the onboarding process outside the bank branches’ working hours. OTP Bank’s performance in this digitalization program has been recognized by the award for “Best Online Onboarding” from Finnoconsult, which designated the bank as a leader in this field for the “Ideal Bank” category in 2023. OTP Bank reaffirms its commitment to continue delivering optimal banking solutions and improving the digital experience for its clients. The bank will continue to support its clients through new innovative campaigns and maintain transparent and efficient communication.

About OTP Bank

OTP Bank Romania is a subsidiary of the OTP Group, a universal bank with a very strong presence in Central and Eastern Europe, offering comprehensive financial solutions, active in both the retail and corporate segments. After four years of consistent and considerable growth in all lines of business, OTP Bank Romania is moving towards consolidating its portfolio and operations. With a team that embraces change and leverages its potential, OTP Bank Romania is building a culture of trust at every level of the organization. In Romania, OTP Group members include OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors, and OTP Bank Romania Foundation.

About FintechOS

FintechOS is an end-to-end financial product management platform. With FintechOS, banks, insurers, and other financial institutions can extend their core business systems, often inflexible in the face of agility and versatility requirements, with flexible capabilities to address the entire product lifecycle – and provide employees with productive tools for defining, distributing, subscribing, servicing, and analyzing the performance of financial products. Over 50 clients worldwide – including Groupe Société Générale, Admiral Insurance Group, and Howden Group – use FintechOS to modernize financial products, expand into new markets, or address new business models such as embedded finance, avoiding lengthy implementations or risky migrations of core banking or core insurance systems.