Tesco Bank is partnering with Onfido to speed up the onboarding process for customers signing up for a Tesco Clubcard Pay+ account. The Bank launched the Pay+ program in January, and believes that its use of biometric identity verification tech will serve as the foundation for a more modern shopping and digital banking experience.
In that regard, Tesco Bank contrasted the new system with legacy registration systems that asked customers to fill out paper applications and send them in by mail. Onfido’s service, on the other hand, can run on a smartphone, a desktop, or a tablet, and allows people to open accounts quickly regardless of location.
With Onfido, Tesco Bank customers will be asked to take a selfie and a picture of a government-issued photo ID. Onfido uses facial recognition to match the selfie to the image on the document, and also uses Optical Character Recognition technology to extract personal information from the ID and autofill online application forms. The entire process can be completed natively within Tesco Bank’s mobile banking application.
Once set up, Tesco Clubcard Pay+ will be able to get users extra loyalty points when they use their Clubcard at any location. They will also be able to round up the cost of their purchases to the nearest pound, with the excess getting sent to a Round Up account that can be put toward a future transaction.
“The world of banking and e-commerce has changed significantly in recent years and customers are increasingly looking for integrated, seamless experiences,” said Tesco Bank Chief Customer Officer Sigga Sigurdardottir. “By partnering with Onfido, we’re building on our reputation as a trusted high street bank with the addition of technology that gives customers the best digital experience possible.”
Lemonway and TSB are some of Onfido’s other recent clients in the financial industry. Onfido joined the European FinTech Association in November, and has since argued that the public and private sector should work together to modernize the financial ecosystem in the UK.
Sources: Fintech & Finance News and Finextra
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