HSBC is to enable business customers to open an account via facial recognition technology, following a trend set by the likes of MasterCard and challenger bank Atom.
The mobile application works through utilising facial tracking technology to capture an initial headshot or ‘selfie’ of a customer. The mugshot is then assessed against an ID document uploaded by the customer, such as a drivers licence or passport, with the application capable of recognising and verifying documents from up to 150 countries.
HSBC’s head of global propositions for commercial banking, Richard Davies, says amost half of all new HSBC Business Current Accounts are now opened online, compared to just 10 per cent in 2013
“Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker,” he says. “We also expect the convenience and speed of a ‘selfie’ to become the verification method of choice for our customers, who no longer need to visit a branch to complete the process.”
In February, HSBC announced plans to roll out voice recognition and Touch ID for 15 million UK customers.