The bank seeks to simplify its application process and invites prospective customers to provide a self-portrait shot on their phone. By using a facial recognition software, the bank verifies the customers before allowing them to make deposits and withdrawals. The bank already uses fingerprint and voice recognition technology for millions of customers.
A passport or driving licence photo will also be required as an additional security measure.
Through simplifying the ID verification process HSBC saves business customers time and enables them to open accounts quicker. More than that, the convenience and speed of a selfie is expected to become the verification method of choice for the bank’s customers, who no longer need to visit a branch to complete the process, according to banks’ representatives.
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