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United Trust Bank implements facial recognition for mortgage customers

Source: United Trust Bank

United Trust Bank has launched an electronic ‘facial recognition’ ID verification service through a bespoke smartphone App aimed at saving its mortgage introducers and customers time and money.

The new ID service is delivered in partnership with Nivo, a secure messaging platform developed by Nivo Solutions Limited. UTB has a well-established relationship with Nivo, who also provide a wide range of FinTech services such as e-signatures, secure messaging and open banking.

The new system, which is now live and integrated with UTB’s application system, takes only 90 seconds to complete and is available for all UTB first charge customers, and selected second charge customers.

This removes the previous requirement for certified ID, usually provided by a Solicitor, thereby saving customers time and inconvenience.

ID is verified by using facial recognition AI to compare an applicant to their nominated document such as a Passport, Driving License or National ID Card. As well as being quick and free to use for all applicants, the system eliminates human error associated with hard-copy documents and mitigates potential fraud.

This is the first of a number of planned enhancements to UTB’s mortgage application journey over the coming months, as the Bank seeks to digitise its processes to support its aims for growth.

Buster Tolfree, Commercial Director - Mortgages, commented:

“The introduction of facial recognition ID verification is a significant improvement to our mortgage application process. Brokers and customers are already experiencing the time and money saving benefits of the cutting-edge solution.

“We enjoy working with leading technology providers such as Nivo as we seek to make applying for a UTB mortgage as simple and straightforward as possible for brokers and borrowers. As a forward-thinking lender, we are continually looking for ways to employ technology where there’s a tangible benefit to the customer and the increased efficiency means we can spend more time on the important things such as personal service and individual underwriting.”

Matthew Elliott, Chief Development Officer at Nivo, commented:

“UTB have shown a real drive to innovate. We’re proud to be helping them to deliver a leading mobile experience that reduces fraud, effort and boosts customer satisfaction.

We’re delighted to announce this partnership and further establish Nivo as the go to brand for secure customer service and identity verification in this sector.”

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