A bank account in Latvia can now be opened remotely

September 19, 2018

BlueOrange is the first and currently the only bank in Latvia with the right to perform remote identification of Latvian citizens for the purpose of opening an account with the bank. Those Latvian citizens who live in the outermost regions and abroad will benefit the most from the implementation of online identification – such services as remote account opening, settlement, and various other financial services will now become much more accessible. Online identification at BlueOrange bank is now available to any Latvian citizen as well as to residents who have the Latvian national passport.

Remote identification means that clients no longer need to go to the bank branch. Customer identification in person is replaced with a video conversation. Also, all other communication, such as delivery of documents and cards, will take place electronically and by mail.

“It is a modern and friendly solution both for those Latvian residents who moved to live permanently in other countries, and for those living abroad and now thinking of returning to Latvia. Until recently, the process of returning to homeland presented certain difficulties – an active bank account in Latvia is vital for renting a place to live or settling other first formalities, but until now it was impossible to open an account remotely. We are pleased that people in different Latvian regions will also benefit from this innovation, without requiring them to travel the long distance to Riga”, says Sigita Kotlere, Head of Domestic Client Servicing Department at BlueOrange Bank.

To receive BlueOrange remote services, for example, to open a bank account, you only need to have an Internet connection and your identity document that you will present to a bank employee during a video conversation. “The identification process is simple and convenient: using the relevant section of the BlueOrange website, you log in with your e-mail address or Facebook profile, fill in the application form, and attach a scanned picture of your passport or ID card. Then you receive an electronic invitation to join the video conversation, during which you have to present the same identity document to the bank employee. After that, the processing of the application begins, and in a few days a payment card is sent to you by mail, and instructions for connecting to the Internet Bank are sent to your email”, Sigita Kotlere explains.

The online identification project was launched in summer 2015, when BlueOrange started working on a new business model to attract clients from the European Union and other countries, without maintaining a network of regional offices in each country. BlueOrange Bank Project Manager Marina Zaharova notes: “Over the past two years, meticulous work has been carried out regarding the process, drafting of regulations, risk assessment, employee training, and creation of a user-friendly and secure online tool for our clients. The remote identification service now available to Latvian citizens is only our first step. We will continue to expand our geography and range of services with the aim to provide remote identification to European citizens in a very near future”.

On May 22, BlueOrange received a permit from the financial industry supervisory authority, Financial and Capital Market Commission (FCMC), allowing the bank to attract clients by using remote (or online) identification, thus becoming the first online bank in Latvia. It means that BlueOrange keeps developing as a technological bank and becomes an advanced financial platform that can provide online services to Latvian residents – individuals across the world. Thus, Latvia is approaching countries like Germany, Great Britain, and Estonia, where remote communication with customers is used in full.