HSBC is allowing business customers opening new accounts to verify their identity using a selfie taken within the bank's official mobile app.
According to Business Insider, the option will now be available to business customers within the banking app when they complete an ID security check to open an account, replacing the need for a password or biometric scans like a fingerprint check.
The app will use facial tracking technology to assess the selfie against ID documents previously uploaded by the customer, usually from a passport or driving license. The feature aims to streamline the process of opening an account, and is similar to one currently used by Airbnb.
“Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker,” said Richard Davies, head of global propositions for commercial banking at HSBC.
“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.”
As mobile technology grows more sophisticated, more banks are taking advantage of leaps forward in security features to introduce biometrics into their security processes, adding another layer of protection against fraud and hacking.
The World Economic Forum recently called biometric technology one of the key developments that is set to transform financial services over the next few decades.