TSB to debut account opening with a selfie

TSB to debut account opening with a selfie

TSB is to enable new customers to open an account using a selfie, without the need to visit a branch.

The UK bank is using ID verification technology from Jumio to introduce the process, which cross-checks uploaded Photo ID with a selfie snap to authenticate the application.

The service is expected to cut down on fraudulent account applications and smooth out the process for new customers at a time when banks are pulling away from the high street in favour of more digital channels.

Pol Navarro, TSB’s digital director, comments: “Opening a new account can sometimes feel like an arduous task, but adding this new feature means we take the hassle out of completing the process.

“We know that life can take over and that quick lunch time visit to a branch might not happen. With this new experience, we are making banking better and enabling customers to fully complete their application in a way that fully suits their busy lifestyles.”

Comments: (4)

A Finextra member
A Finextra member 19 July, 2019, 09:29Be the first to give this comment the thumbs up 0 likes

This is good. Here in Europe online bank N26 already has this feature and it is working exteremely well.

A Finextra member
A Finextra member 19 July, 2019, 10:15Be the first to give this comment the thumbs up 0 likes

Monzo in the UK uses a selfie video as part of the account opening process, presumably giving ability for some voice recognition as well as face in order to help with ID&V. This process allowed my 19 year old daughter to open an account via her mobile with them in less than 20 minutes, compared to the 3 hours we spent in a bank branch with an advisor when we opened her children's account a few years ago. That bank have bombarded her with credit card and loan offers since she turned 18, much to her annoyance. On the other hand Monzo send her 'community' emails asking for her views on their services and other stuff, some of which she responds to enthusiastically even though she isn't in the financial services game like me.  Guess which bank she recommends to her friends?   

A Finextra member
A Finextra member 19 July, 2019, 10:17Be the first to give this comment the thumbs up 0 likes

Absolutely. This should be the future of banking. Good to see that it is already happening. And with regulations like PSD2 and Open Banking coming into action, these should interesting times for the industry and its end customers.

John Wojewidka
John Wojewidka - FaceTec - Las Vegas, Nv 22 July, 2019, 18:34Be the first to give this comment the thumbs up 0 likes

Face biometrics are not all the same, and what Jumio uses is not recognition, but authentication. The difference - and it is material - is the apps ability to determine if the person is not only the "correct" user, but is alive at the time of the log in request. This prevents bad actors from using non-human fakes, like photos, video, masks, etc. to create and/or log into an account. Liveness detection is THE requirement for this to work, and it is a game-changer.

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