From paper contracts to money transfers made upon a click - changes in Individual Retirement Accounts (pl. IKE) and Individual Retirement Protection Accounts (pl. IKZE) from Nationale Nederlanden

Nationale Nederlanden has been our Client for over a decade. The newest project provided modern solutions connected with electronic banking that make it easier to open and run Individual Retirement Accounts and Individual Retirement Protection Accounts (IKE/IKZE) in Poland.

Individual Retirement Accounts and Individual Retirement Protection Accounts constitute two options for saving your resources for a pension. As a result, they have become more and more popular in Poland. Data from the Polish Financial Supervision Authority show that there were 1,259,140 such accounts at the end of 2021, and 182,040 accounts were opened in the second half of 2021. Such accounts are usually run by financial institutions, including banks and insurance companies. Our Client - Nationale Nederlanden - is in this group. Nationale Nederlanden has decided to go through a multistage process of implementing changes, which we prepared after a thorough analysis made by our specialists.

Automation of the opening account process

Before implementing the new system, opening an account involved going through a long and expensive bureaucratic path based on printed forms and a courier company. The process involved filling in an online application for opening an account. Then you had to wait for a courier to deliver the form in a printed version, verify the recipient’s identity, make sure the recipient signs the documents, and return the papers to the relevant company’s office. The whole procedure generated high costs and carried the risk of failure. For example, a courier might have missed the appropriate person (in which situation the process was repeated even a few times), or he might have lost the documents during such a complex process. No wonder Nationale Nederlanden decided to digitalize the process. An online form has been created. The form is connected with the verification transfer system. The project was done in PHP, and it lasted only 1.5 months, from order to implementation.

Integration with MyNN (pl. MojeNN)

In the subsequent phase of changes in the functioning of the service, we have introduced integration with MyNN (pl. MojeNN) system. The system gathers all the company clients in one place. Thanks to the connection of the individual retirement accounts, they started to be visible for all the clients using MojeNN. It did the popularity of the product good. We have also connected the retirement accounts with electronic payments: money transfers, BLIK, and card payments. Before the changes, a client was only shown a message with a bank account number. Now to make a transfer to your account, you only need to make a few intuitive clicks.

Work effects

Now it takes only a while to open an account and the process is fully automated.

Now it takes only a while to open an account, and identity verification involves a transfer of 1 zloty from an account owned by a person signing an agreement with NN. The bank operator is Bluemedia. The process is fully automated, and it lasts a maximum of three working days (depending on the Client’s bank). However, usually, it takes a few minutes. After the positive identity verification, a Client can continue the process of opening their account. As a result, the costs incurred by Nationale Nederlanden have significantly decreased. Thanks to the elimination of the lengthy verification process during the opening of the retirement account procedure and placing the product in the Client’s application, the number of signed agreements has significantly risen – there have been 82% more agreements during the first year since the implementation in comparison with the year before

Further plans

Our team has been still working on facilitating the service. We are planning a subsequent phase of changes, which will amount to the automation of signing electronic documents by Nationale Nederlanden to minimize human involvement in this process.