Reduce your consumer’s hassle of switching bank or portfolio accounts!

The finleap connect Switch Kit is made for any bank, who wants to offer a simple, secure and fast option to switch bank and portfolio accounts and thus become the main bank for its users. This digital service also makes you more attractive for customers choosing a new bank!

The digital workflow ensures a secure and smooth acquisition of accounts and portfolios from other financial institutions. By allowing finleap connect the automatic readout of the old bank account or portfolio, we can compile a comprehensive overview of who has to be informed about the switch and automatically send out notifications to all partners.

Three Switch Kit products – tailor-made for your needs:

Account Switch Kit (ASK): Fully digital workflow that allows users to switch their accounts from one bank to another within minutes.

Payment Accounts Directive Service (PADS): Workflow with a digital interface for bank agents to support users in the process of switching their accounts from one bank to another.

Portfolio Switch Kit (PSK): Fully digital workflow that allows users to switch their portfolios from one bank to another within minutes.

Customer Journey

Account Switch Kit (ASK)

  1. Automatic payment readout: ASK accesses the payment account of the user to read out the transaction history.
  2. Creation of account report: ASK creates a report of all identified payment partners (credit/debit).
  3. Notification management: ASK notifies all payment partners via the appropriate channel (letter, fax, email).
  4. Standing orders / balance transfer: Users can delete or re-create standing orders and initiate a transfer of their account balance.
  5. Account closure: Users can initiate an order to their previous bank to close the payment account.

Payment Accounts Directive Service (PADS)

  1. Initiate switch request via new bank: End user signs up for a switch process that in the following steps will be handled by the bank advisor of the new bank.
  2. Document management: The PADS will create, send, receive and manage ZKG-compliant documents throughout the switch process.
  3. Backoffice workflow: PADS will help the bank advisor throughout the switch process by giving guidelines and creating tasks to proceed with the switch.
  4. Notification management: Based on the identified parties, PADS will notify the payment partners via different channels (letter, fax, email).
  5. Dashboard: Users check the status and progress of their switch via access to an online dashboard.

Portfolio Switch Kit (PSK)

  1. Automatic portfolio account readout: PSK accesses the portfolio account of the user to read out the current securities.
  2. Creation of portfolio account report: PSK lists all securities available in the portfolio account. Users can choose the amount that should be transferred and what to do with the pending amounts and its custody.
  3. Notification management: PSK creates a portfolio switch order to the bank which will then initiate the switch at the central securities depository (Clearstream).
  4. Portfolio Closure: Users can initiate an order to their previous bank to close the portfolio.

Use Cases

  • Account Switch Kit (ASK)
  • Payments Accounts Directive Service (PADS)
  • Portfolio Switch Kit (PSK)

We believe…that a significant amount of users would change their bank if the procedures were simpler.

The problem…is that banks tend to involve a manual and lengthy process and users fear forgetting to notify an important creditors about their new account number.

Our solution…provides a simple and digital process that is transparent and safe for users. We help users transfer their bank accounts in less than 10 minutes.

We believe…that a significant amount of users would change their bank if the procedures were simpler.

The problem…is even when banks offer a digital process to switch accounts, this is not suitable to everyone. Some users require non-digital assistance to fully switch their accounts.

Our solution…is a semi-digital process designed for bank agents to go through with their users in a safe and transparent way.

We believe…that a significant amount of users would change their bank if the procedures were simpler.

The problem…is that even though banks are required to provide alternatives to their users, these tend to involve manual and lenghty processes.

Our solution…provides a simple and digital process that is transparent and safe for users. We help users transfer their bank portfolios in less than 10 minutes.

These companies trust in the finleap connect Switch Kit

Key Features and Benefits

For the bank

  • Become the “main bank” connection for the users to gain insights into their financial data (transactions)
  • Drastically reduces effort and costs in the back office
  • ZKG-compliant process in case of PADS (specific to the German market)
  • Easy to integrate: A single link, unlocking the value of each new customer
  • Customizable to the look and feel of your own website
  • A 90% conversion rate leading to high customer satisfaction and a 30% increase in customer activation.

For the customer

  • Simple and digital process in which the user can hand over switch responsibility to the bank – tasks will be taken over by the bank
  • Fully transparent and secure switching process through access to a customer dashboard
  • Flexible process for both online and offline need of the users

Interested? Contact us for more information!

We believe in empowering the future of financial technology together with you! Contact us for more information and your non-binding quote.
Christian Hegeler, finleap connect
Your contact person
Christian Hegeler
Head of Sales & Account Management
Phone: +49 40 228212710
E-Mail: inbound-connect@finleap.com