HSBC is the first bank to allow its customers to open an account with a selfie
Opening a bank account usually brings to mind images of filling out multiple documents and applications that we have to sign over and over again. Not anymore! HSBC business customers can now open new accounts by taking a selfie to verify their identity.
This makes HSBC the first bank to use facial recognition technology to open bank accounts. Now, if you want to open an account with HSBC, you have to download the bank’s app and take a photo using phone . The mobile app uses facial recognition software to compare new customers with a photo of their ID, such as a driver’s license or passport.
“This move by HSBC is like bringing about a mini-revolution in the way we open bank accounts. Selfie verification will simplify and speed up the process of opening a new account, using a mobile or digital device, while this process will attract more customers.”
According to HSBC, almost half of its accounts are now opened online, compared to 2013 when this method accounted for only 10%.
“By simplifying the identity verification process, we will be able to save time with our corporate customers and open accounts faster,” said Richard Davies, head of global propositions for HSBC’s commercial banking, in a press release published on Monday.
“We also expect the convenience and speed of a selfie to become the method of choice for our customers, who will no longer need to visit a store to complete the process.”
