Switch Your Account in 10 Minutes – No Paperwork, No Stress, No Problem
Account SwitchKit by Qwist
Your customer opens a new account – and wonders: how do I transfer all my direct debits and standing orders now? Paperwork? Lists? Not with you.
What our Account SwitchKit can do:
- Direct debits & incoming payments? Automatically detected and redirected
- Standing orders? Set up quickly and easily
- Open Banking? Full data access for a seamless switch
- Furthermore, the SwitchKit Plus add-on intelligently analyses account data and provides immediate insights for targeted customer acquisition and personalised marketing from day one.
These companies rely on our Account SwitchKit
Safe & easy
Seamlessly switching bank accounts
In many cases, opening a new account involves moving all account details from the old bank to the new one. A process that is not very popular, but a regulatory requirement that is supported by banks. What’s more: The complex process of transferring an existing bank account to another institution poses financial and security risks, which affects the end user experience by utilizing manual methods that are time-consuming and error prone.
Make your customers happy
With Qwist’s Account SwitchKit product, you can offer your customers to switch their payment accounts through real-time access using Open Banking, ensuring a fast and secure customer transition: Seamlessly support your customers to switch recurring transactions, direct debits and remaining funds from their old bank account to yours automatically via one single platform.
Increase value from new customers, transforming them into active customers
Activate valuable customer from the start while reducing costs. A new end user will become a valuable one, because they will use the new bank account as the main one.
Increase conversion rate
95% of account holders switch to at least one payment or close their legacy account. This leads to more cash flow and transactions in the bank system and increases revenue by having more end users using the new bank as the main one.
Reduction back office effort and costs
Actively transitioning customers to the service as an online-only process on the desktop or in your app decreases the cost and effort related to customer support and back office. Duration reduced from 4 hours to less than 10 minutes.
No struggle with regulatory obligations
We take over all regulatory obligations from PSD2 with our own PSD2 license, therefore a fast setup within days is possible. In any case, the offline service is requested by the bank to be totally compliant.
Gaining of insights via marketing analytics
Every switch provides a lot of insights on the financial markets and on market trends, that can provide meaningful insights on the state of the industry.
Data Enrichment with SwitchKit Plus
The add-on transforms transaction data into calculated metrics, derived indicators, and other key attributes that precisely describe the user’s financial activities and history, providing meaningful insights into their financial behaviour.
New add-on SwitchKit Plus
Understand customers instantly with intelligent data analysis
The add-on combines event-based APIs or exportable datasets provided in real-time or on demand. This allows banks to benefit from automated account-level intelligence —regardless of technical integration — and to optimise onboarding, marketing, and product strategies based on data.
How Account Switch Kit works
Reduce time and money spent through simplification and digitalization
Account SwitchKit simplifies and digitizes the entire process, reducing costs and labor while ensuring a streamlined customer experience. It is a fully digital product that enables account holder to transfer their bank accounts from one bank to another within minutes, including notifying all payment partners about the new account.
The full stack (front and backend) service allows consumers to switch all their transactions (direct debits, standing orders, and incoming payments) from one account to another, including the notification of the account change to the payment partners, closure of the account and transfer of the remaining funds to the new account.
So, from a account holder’s perspective, our Account SwitchKit enables a rapid and secure account switch in under 10 minutes, without requiring them to exit the bank’s application.
Demo Account SwitchKit
Still have questions about our Account Switch Kit? Please contact us and we will be happily provide you with advice!
contact@qwist.com
Existing customer requests
We kindly ask our existing customers to use the Zendesk Support Portal, which you received during your onboarding, if you have support queries or need to talk to us. Thank you very much!