Dukascopy Bank has announced that identification of clients is now made in 15 minutes during a video session, respectively opening an account and starting to trade can be done within 1 hour.
Dukascopy Bank was often criticized on Internet forums because of its long and bureaucratic account opening process requiring 10 days in average and up to 1 month, so this is quite a breakthrough for the company.
Clients can now execute Dukascopy contracts fully online, by few clicks. Once opened, the account can be funded instantly by credit card and used immediately.
Opening an account still and will continue to begin by filling online forms from Dukascopy’s website. Optimizations will be made in this respect so as to further improve the client experience by swiftening and simplifying the account application process.
Dukascopy Bank feels comfortable to speak to and to identify clients via video because it does so via its own communicator Dukascopy Connect – a tool supporting chat and video, in a free, secure and confidential environment.
Sensitive data remains on Dukascopy’s servers in Switzerland.
Dukascopy Connect is also used by the company’s subsidiary Dukascopy Payments to deliver instant and inexpensive payment services via smartphones, which also is a new service.
Andrey Duka
Andrey Duka, co-CEO-CTO and founding shareholder of Dukascopy Bank, commented:
Dukascopy Bank puts its video-identification technology at the disposal of all Swiss and foreign banks, completely for free.
We are very much grateful to the Swiss Bankers Association and to its members, in particular to Swissquote Bank, for their active support to our initiative started in December 2014 for obtaining a modernization of Swiss regulation regarding client on-boarding in Switzerland.
We also express our gratitude to the Press, in particular l’Agefi, Bilan, Finews.ch, Finanz und Wirtschaft for relaying our message.
Switzerland was suffering a serious competitive disadvantage in client on-boarding. FINMA has rapidly and wisely reacted by issuing a new regulation allowing Swiss financial institutions to increase swiftness and competitiveness, a smart move for the Swiss financial industry.
We congratulate all bankers for such a powerful regulation improvement.”