Their first product, UNQUO, was created to help sole traders keep track of both their personal and business finances in one simple app. By using Roaring’s services, a seamless onboarding process is enabled with only 15 clicks.

SEBx – a fintech start-up within SEB

Driving innovation within an established organisation is rarely straightforward, and the banking sector is probably no exception. After building IT systems, designing processes and establishing structures over several decades, it means that even if the willingness to embrace change exists, practical challenges must be overcome.

SEBx was created as one of many strategic initiatives within the SEB Group to meet this challenge. SEBx is described as a fintech start-up within the banking sector and has a mandate to explore new technology and build new customer offerings by drawing on the strength of the established bank in combination with modern technology and new ways of working.

This is UNQUO

The first product launched by SEBx, based on its new technology platform, is UNQUO – a digital banking service specifically designed to meet the needs of sole traders. UNQUO was launched via the App Store in 2020.

As a new service, UNQUO is conscious of offering an onboarding process that is as smooth as possible for users, without compromising compliance with the regulatory framework. The result is one of the fastest onboarding flows in the industry.

“We wanted to take a completely new approach to customer onboarding in the banking sector by utilising new technology and new partners, but also by redesigning the process itself,” explains Emelie Magnusson, CPO at SEBx.

“In UNQUO’s case, it takes only 15 clicks in total, or a few minutes, to get through the onboarding flow, while we carry out all necessary checks in the background.”

Customer data in real time – the key to success

A key factor in the redesigned onboarding experience in UNQUO is the strategy for data collection and verification, which both ensures compliance with regulations and creates a smooth user journey. The onboarding process in UNQUO has been designed to minimise the number of input fields, with additional data requested only as the customer relationship develops or if user behaviour deviates from expectations.

- “By collecting and paying only for the data we actually use, instead of buying bulk data, we can reduce costs and data handling in the registration process. We can interrupt or even terminate the onboarding flow neatly if we discover that the product is not suitable for a certain person or a certain company, which means that data collection stops immediately from that point,” says Emelie Magnusson.

“In that way, we do not waste anyone’s time unnecessarily or allow a user to complete an onboarding without being able to access the product,” continues Emelie Magnusson.

In addition to the onboarding process, SEBx also uses monitoring to ensure compliance over time.

“The monitoring services are fantastic. They not only ensure that we always have correct and up-to-date data, but also help us to work proactively with customers, to confirm any changes immediately and to help customers avoid fraud or irregularities affecting their business,” says Emelie Magnusson.

The next step for SEBx

By using the new technology platform underlying UNQUO, combined with key insights from the project, SEBx plans to offer its banking technology platform to more customers.

SEBx is entering the Banking-as-a-Service (BaaS) market, where functions such as regulatory compliance and customer onboarding can be delivered as a service. This enables customers to integrate financial services into their own offerings and customer journeys.

– “Banking-as-a-service is a fascinating area that is developing very quickly right now. For us, it is about leveraging our strengths as a full-service bank and building new technology around that,” says Christoffer Malmer, Head of SEBx.

“But it is also about finding the right partners who can help build strong products and services. Our experience is that Roaring is a good partner when it comes to data collection and real-time subscription.”