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Rasmus Heinla, head of consumer financing for private clients at Coop Pank, says the bank has taken course towards full automation, which will in the future allow loans to be issued without human involvement: “We find it very important to provide clients with the most flexible options for using our banking services. The process of applying for a small loan in Coop Pank is currently one of the best financial technology solutions available on the Estonian banking landscape.”

Heinla adds that the new solution will make issuing loans even faster and more convenient: “While one had to go through person identification at the bank’s branch office or Coop store before to apply for a small loan, our collaboration with Veriff resulted in the development of a system which allows the applicant’s identity to be quickly and securely verified online. Video verification allows a loan contract to be concluded anywhere regardless of one’s physical location, and the entire process can be completed in under five minutes.”

Veriff identity verification requires valid identification document (passport, ID card or residence permit card issued in Estonia or Estonian driving license) and a computer, tablet or smartphone with a web camera and internet connection.

In some cases, undergoing an identity check is mandatory in the process of applying for a loan, which is to prevent personal data theft and fraud. The solution by Veriff allows a video conference call to be used to verify that the identity documents match the person. The traditional person identification methods, including a visit to the branch office or Coop store, will remain in use at Coop Pank.