HSBC becomes the first bank to let customers open bank account with a selfie

HSBC customers can open a bank account with a selfie

Opening a bank account brings vivid images of filling multiple forms and signing x number of times on them. Not anymore! HSBC business customers can now open new accounts by taking a selfie picture in order to verify their identity.

In doing so, HSBC became the first bank to use facial recognition technology for opening bank accounts. Now, if you want to open an HSBC account, you have to download the bank’s App and take a photo using the front camera. The HSBC mobile app uses facial recognition software to compare the new customers selfie with a photo ID uploaded by the customer, such as a driver’s licence or passport.

‘HSBC’s move is like to bring about a mini-revolution in the way we open our banking accounts. Selfie verification will simplify and speed up the process of opening a new account using a mobile or digital device, and in the process bring more customers under banking net.

According to HSBC, nearly half of its accounts are now opened online, compared to just 10 percent of accounts in 2013.

“Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker,” said Richard Davies, HSBC’s head of global propositions for commercial banking, in a press release published Monday.

“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.”

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