UK-based bank NatWest recently announced that customers can now open their banking accounts using a selfie. The major high street bank partnered with HooYu, an ID verification company, to confirm the identity of the applicant with images from authenticated ID documents such as a passport or driver's license.
This new launch makes banking more efficient for consumers by removing the need for them to physically visit a branch. The process uses state-of-the-art artificial intelligence that can accurately conduct a biometric verification of identities in real-time. Thus far, the system has been successfully piloted with over 60,000 customers and will launch nationwide shortly.
NatWest is not the only bank that allows consumers banking access through a selfie -- Metro Bank and digital banks Monzo and Starling have also harnessed AI identity authentication to allow customers remote baking access.
Selfie-Enabling Banking Access
UK Bank NatWest Uses AI so Customers Can Open Accounts with Selfies
Trend Themes
1. Selfie Banking Access - Facial recognition technology is enabling new banking channels that allow customers to open accounts and access banking services using a selfie, reducing the need for manual verification.
2. Real-time ID Verification - State-of-the-art artificial intelligence enables real-time biometric verification of customer identities to reduce fraud and enhance customer experience.
3. Remote Banking Services - With digital innovation and AI-enabled identity verification, banking services can now be offered remotely, providing financial access to a wider audience.
Industry Implications
1. Banking - The banking industry can leverage facial recognition technology for more efficient and secure services, expanding beyond traditional brick-and-mortar branches.
2. ID Verification - ID verification companies can partner with banks to offer more streamlined and automated verification processes that increase accuracy and reduce manual effort.
3. Digital Banking - Digital banks can lead the way in providing unparalleled customer experiences by adopting cutting-edge technology, like facial recognition technology, for improved financial access.