The United Kingdom’s TSB has become the latest bank to offer customers selfie-based biometric remote onboarding, care of Onfido.
Thanks to the latter’s biometric solution, TSB is now letting customer open a new Spend & Save account remotely, asserting in a statement that the whole process takes just 10 minutes. An interested end user needs only to upload a photo of their official ID along with a short selfie video; from there, Onfido’s technology will use facial recognition to match the faces in both media formats, thereby confirming the end user’s identity.
In announcing the new onboarding process, TSB framed it as a timely response to an intensifying digital trend, noting that 90 percent of its servicing transactions and 75 percent of its sales are now performed through online channels. What’s more, 80 percent of its new customers sign up using a mobile device, which is well-suited for Onfido’s brand of selfie-based identity verification.
“Demand for digital services is soaring, and we are proud to meet new customers’ needs with a convenient, secure and streamlined onboarding journey – with sign-up in just 10 minutes,” explained TSB Head of Digital Kavin Mistry. “Today’s launch demonstrates our customer-focused digital offer that complements a modern branch network; offering customers the best in both digital and traditional banking.”
TSB’s embrace of selfie-based onboarding reflects a broader trend. Enthusiasm for this technological approach to remote identity verification has been building for years, with the financial services sector in particular blazing a trail – and the trend only accelerated in the wake of a pandemic that intensified the push into digital channels across banking and a number of other sectors, as illustrated in FindBiometrics’ most recent Year in Review Report.
For its part, Onfido has emerged as leading vendor of this kind of technology. Naturally, this has translated into booming business, with the company having reported a 90 percent year-over-year increase in revenues in its most recent corporate update, covering the 2021 fiscal year.
“With Onfido’s AI-powered technology, identity verification is streamlined for a user-friendly onboarding process while conducting strong fraud detection and mitigation in the background,” commented Onfido’s Senior Fraud Risk Manager, Dimitrie Dorgan. “We’re excited to be working with leading UK banks such as TSB to help them rapidly and securely evolve to meet their customers’ changing digital needs.”