Novabase builds customer onboarding platform for Banco CTT
Banco CTT, a new bank recently launched by CTT Correios de Portugal, the Portuguese post office, has developed a new customer onboarding platform.
The platform promises to complete the opening of a new account at Banco CTT in just 20 minutes online.
It has been developed together with a local software specialist, Novabase.
It is available on Microsoft Surface tablets and has been rolled out across the bank’s outlets.
“The customer’s data is captured through the Microsoft Surface tablet, thereby eliminating the need to fill out paper forms,” explains Novabase. “The identification information needed for the account opening process is gathered via automatic reading.”
Opening a new bank account is the first impression for a new customer and sets his/her expectations regarding the relationship with the bank. But as this process has traditionally been done on paper it entails high operating and administrative costs for the bank and a long wait for the customer.
Now, “the automated, integrated solution offered by Banco CTT has simplified this process, particularly the customer’s experience at the bank outlet and the amount of time to complete the process at the bank’s central offices,” states Luís Correia Amado, CIO of Banco CTT.
“It allows the customer to fully transact the account more quickly, using the debit card and PIN provided at the time of opening the account,” he says.
Here comes Banco CTT
José Domingos Teixeira, senior manager at Novabase Financial Services, says that “being part of the start of an ambitious project like Banco CTT’s is a point of pride”.
Portugal’s postal service, CTT Group, was privatised in 2013 (the Portuguese government made €909.2 million from the sale) and official plans for a new postal bank were unveiled in autumn 2014.
Around €20 million was allocated towards the setting up of the bank, including brand development and technology.
Banking veteran Luis Pereira Coutinho was appointed to oversee the launch.
Coutinho moved from Millennium BCP, one of the country’s largest banking groups, where he was the executive administrator, responsible for the group’s operations across several countries.
What’s the tech?
Banco CTT opted for the BankFusion Essence platform to underpin its operations, supplied by Misys.
The front-to-back office packaged solution – which includes Misys’ Fusionbanking Universal Banking core system and the digital channels product from IND (bought by Misys in 2014) – was delivered by the vendor’s partner, Deloitte.
The implementation started in 2015 and Banco CTT went live with the system in early 2016, Banking Technology understands.