Context
Banisi is a Panamanian bank with a strong focus on personal banking. The traditional web-based account opening model was not delivering the expected results: many prospects abandoned the process before completing it, and verification times stretched too long.
The institution needed a solution that combined accessibility, speed and regulatory compliance, without requiring users to download additional apps.
The challenge
The main challenge was to digitize savings account opening in a way that solved three key frictions:
- Low conversion in web forms, where many prospects dropped off before finishing.
- Slow and manual processes, which prolonged identity verification and contract signing.
- Demanding regulatory requirements, requiring end-to-end traceability across KYC and AML steps.
In other words, the goal was to modernize the process without sacrificing security or compliance.
The solution
Banisi bet on WhatsApp as the onboarding channel, building a fully conversational and automated flow. Within the same chat, users could:
- Complete registration with guided, low-friction data capture.
- Capture and submit ID photos and a selfie, validated with real-time biometrics.
- Be checked instantly against watchlists and an internal scoring model.
- E‑sign the contract and receive their credentials, all without leaving the app.
This change turned WhatsApp into the bank’s main digital acquisition funnel while eliminating more than 80% of manual steps from the traditional process.
Results
The impact was immediate and measurable:
- 1,700 savings accounts opened in 2024 through the new channel.
- 146% increase in the account‑opening rate vs. the previous web model.
- Average onboarding reduced from 25 minutes to under 7, delivering a much faster experience.
- Sustained conversion thanks to automatic reminders that re‑engage users who drop mid‑flow.