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Digitising client onboarding is generally possible, though it will depend on the existing technical infrastructure. The FMA's Online Identification Ordinance sets the legal framework for this process. Many banks opt to outsource the task as they are required to adhere to strict standards - such as ensuring that identifications are carried out by accurately trained professionals in a secure area with controlled access. Under the revised FMA Online Identification Ordinance, onboarding can often be conducted via videoconference. An operator may still be required to verify customer identity, however in some instances this personal interaction can be replaced by AI that assesses certain data from ID documents provided. It is important to note that any such procedure must meet certain requirements, including adhering to Article 9(2)(a) of Regulation (EU) 2016/679 (the GDPR), and implementing appropriate technical and organisational measures in compliance with Article 32 of the GDPR - to ensure the level of protection is commensurate with the associated risk.¹

Data protection in Austria

Fintech in Austria

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/austria