HSBC banks on selfies for ID checks
Biometric banking isn't the future... it's now.
British banks are constantly trialling new ways to improve the customer experience. Both Barclays and HSBC have implemented biometrics technology into the process but the latter is taking things one step further, allowing those who open new accounts to confirm their identity by snapping a quick selfie.
The banks already utilise voice identification (Voice ID) and fingerprint scanning technology (Touch ID) but now HSBC is letting new customers upload a front-facing photo, to be cross-referenced against their passport or driving license as a way to verify who they are.
The app, available on both iOS and Android, uses facial tracking technology to match specific parts of a person's face with photos from an official document.
Mastercard offers a similar tool called Identity Check, which proves a consumer's identity and simplifies the online shopping experience, but that isn't available in Australia yet.
HSBC head of global propositions Richard Davies said the new technology means customers will no longer need to visit a branch to confirm their identity.
"We expect the convenience and speed of a 'selfie' to become the verification method of choice," he said.
Removing the barriers to digital innovation is often as simple as utilising new technology.
While Australia has been recognised for its advancement of fintech, certain industries, such as banking and finance, haven't been as heavily disrupted or influenced by digitisation as other sectors.
That's not to say there's no activity brewing. Commbank recently partnered with a consortium of global institutions to test the efficiency of blockchain technology in transforming trade financing for modern markets.
If you're interested in finance, from bartering and trades to Apple Pay, our historical guide on money explores the different ways in which we save and spend our cash.
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