Now Estonia is known throughout the world for its user-friendly and secure online banking. Banks not only wholeheartedly embraced e-ID, encouraging customers to use their ID cards for secure transactions, even giving away free card readers. What is more, banks are constantly lowering the daily transaction limits for online users with password cards to use more secured e-ID methods. As a result, the expression “going to the bank” is slowly disappearing from the Estonian language.
- Cheaper transaction when made online
- No need to visit branch in person
- Secured access anytime anywhere
In addition, Estonian banks have partnered with telecommunications companies to invest in Look@World, a project that provides basic computer literacy courses to adults free of charge all over the country. As much as 10% of Estonia’s adult population has participated in these courses, which were organised in 2002, 2009 and 2010. The results of all these efforts are quite staggering – today, an incredible 99.8% of all banking transactions in the country are made online. What is more, according to the European Central Bank, the banks operating in Estonia are significantly more efficient than the rest in the Eurozone.
Banking Transactions done online
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.