Users of bank services benefit from the convenience of having user-friendly online services available 24/7, a vast improvement over typical banking hours. In contrast with the US, where a third of money transfers are still carried out by writing and mailing checks, which can take days to process, Estonia’s e-banking system is simple, secure, and practically instantaneous.
Based on regulatory changes in 2017, opening a bank account is now possible online using e‑ID or e-Residency card, a video interview recording, and facial recognition technology. Banks are working hard to develop technical solutions that will allow them to welcome clients from anywhere without a face-to-face meeting by enhancing the security of customer identification.
Developers of e-banking systems: