Smile please, you're on HSBC

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.

Related Companies

HSBC

Channels

Retail banking Security

Keywords

Innovation Mobile & online banking Biometrics

Comments: (3)

Jacob Christiansen - Advantage FSE - Guildford 05 September, 2016, 11:43

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I do wonder whether this is an example of where banks are getting their digital banking priorities not quite right. Why I am saying this? As a HSBC business banking customer I am exposed, on near daily basis to their business online and mobile solutions and I am sorry to say they are pretty poor and very, very limited in self-service functionality.

I am otherwise quite happy with HSBC but the regular frustrations I have with the digital business banking solutions, is such that I feel I have really no other option then to look elsewhere.

So, I my comment/question is; are banks getting the balance right when focussing their digital investments in 'leading edge' features or should really focus on getting the basics right first, so they can retain their customers?

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Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 05 September, 2016, 18:23

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@JacobChristiansen: I too wonder about the same thing! Problem is that getting the basics right won't give any talking points to their C-Suite in their cocktail circuit!

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Chetan Ghadge - Wipro - Pune 06 September, 2016, 10:24

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I am interested to find out whether they do actually open an account real time. I have been working on similar product for a year now, while all the digital features are ok the biggest stumbling block is the online real time KYC. There are companies who claim to do it , however there SLA is around 4-5 mins . Now keeping a prospect occupied for 4-5 mins till confirming that he can be accepted as a customer causes friction in the process.

I am working on simple checking account aopening. For business banking accounts the KYC will be even more strenuous so I am wondering how long it takes HSBC to create the account or are they just referring to digital application and not actual account opening ready for transactions.