To open an account, users need to download BBVAs banking app, upload a photo ID and take a selfie that the bank verifies using facial-recognition technology and then a BBVA employee confirms the new customers identity via a video call. Customers are not charged an administration fee for opening an account. According to the bank, Online Onboarding was designed to save customers time and to meet their demand for more mobile banking services.
However, BusinessInsider says it is unclear whether this new process will actually be more efficient as BBVA has not clarified whether its employees will be available 24/7 for the video calls. If a customer can only open an account during the banks working hours, the process will be similar as going down to a branch in person and waiting for an available employee. Introducing new verification methods that enable an account to be opened quickly will not be very useful unless the last step in the process, which depends on bank staff, can also be tailored to consumers convenience.
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