You think you've seen it all in the world of fintech, and then along comes a catchy phrase like "selfie banking" and you have to stop and take note. Around since 2016 in the UK, selfie banking is a new way to onboard customers by allowing them to set up accounts by taking a selfie that is compared to the photo in a government issued ID. The advantage is simply time savings - enabling new customers to avoid having to go into a brick and mortar branch to establish new accounts, and utilizes AI-enabled technology and real-time biometrics from HooYu to accomplish the task. Look for this to come to the American shores in the future. For now, it appears to be a UK thing.
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"Courtesy of a partnership with identity verification specialist HooYu, NatWest has become the latest bank to enable new customers to open accounts with just a selfie, reports David Penn at Finovate.
NatWest joins the ranks of HSBC and Lloyds who began offering “selfie banking” in 2016. The bank will use HooYu’s AI-enabled technology and real-time biometrics to compare the customer’s selfie picture with the image on their government-issued ID.
The goal of the collaboration is to leverage faster, more convenient, and more secure identity verification to accelerate the account opening and onboarding process, overall. Today’s launch comes after a successful 60,000+ customer pilot that saw significant reductions in the number of fraudulent applications.
HooYu marketing director David Pope says it is critical that banks have faster, easier ways to onboard new customers. Rather than force them to visit a physical branch or to wait up to 48 hours to open an account, Pope says, the solution is an identity platform that “balances the twin demands of compliance and convenience” by streamlining and better securing the account opening process.,,"
Full Story at Bankingtech.com