Various digital solutions, which allow remote solving of daily needs, become increasingly more popular. Thinking about customers, who have available funds, but do not want to visit the bank for discussing possible placement of deposits, AS Expobank has created a new financial technology or fintech platform SmartDeposit in Latvia for remote placement of term deposits.
SmartDeposit solution provides for fully remote process – the customer can himself/herself choose the deposit term, confirm own identity and conclude an agreement with the bank remotely and transfer the chosen amount to the deposit account. None of the process stages requires contacting the bank via phone or visiting the bank on site – everything is done on the technology platform www.smartdeposit.lv. Characteristic of a technological solution, it also does not have specific “working hours”, namely – the customer can carry out operations on the platform at any convenient time.
“In the time, when we are forced to limit our movement and daily activities, also demand for remote banking services and solutions, where involvement of bank employees is minimal, namely, the customer can himself/herself choose the necessary service and apply for it, and sign the agreement remotely, increases”
– the new service is described by the Chairman of the Management Board of AS Expobank Rolands Legzdiņš.
“Our newly created fintech solution is oriented to people who prefer digital technologies and wish to take care of their future capital already today. Every solution is based on needs, and we see, what customers need today – mobility, convenience and security. Use of financial technology platforms becomes increasingly more popular; therefore, when deciding on offering the term deposit service to customers, we chose exactly fintech solution.”
The tool developed by the bank has received an approval of regulatory institutions, which means that this specific personal identification type and agreement conclusion process is secure, although it is fully remote. After the customer completes the identification process, SmartDeposit system will make the required verification to ascertain legal origin of funds intended for the deposit. The customer will receive a confirmation in the system and will be able to choose the term of deposit and sign an agreement.
The money transfer is made from the customer’s existing account opened with any bank to the new SmartDeposit account. The maximum amount of SmartDeposit term deposit is 15,000 euros, and the minimum amount – 500 euros. The maximum amount could be increased in the future.
SmartDeposit is the first fintech solution of AS Expobank, created for Latvian customers – private persons.
“We have come to a conclusion that there is a sufficient number of people in Latvia who have savings for “hard times” in their bank account, but this money does not “earn” anything. Our offer is to use this money smartly, in other words – we give a chance to earn up to 1.70% a year,”
– explains R. Legzdiņš.
AS “Expobank” is one of the oldest banks in Latvia, established in 1991. The main strategic priorities of the bank’s operation is close and individual cooperation with customers, activities aimed at ensuring and improvement of productivity and quality, as well as targeted development in the chosen business areas – servicing of customer cash flows, crediting of companies, attracting of term deposits, and financial market and brokerage services.
For detailed information, please contact:
Head of Public Relations and Marketing at AS Expobank