A self-shot  head shot can be used to open an account
A self-shot head shot can be used to open an account

HSBC allows customers to use selfies to open new bank accounts

Facial recognition technology will be used to verify the images

Will Worley
Monday 05 September 2016 09:17
Comments

Business customers with HSBC will be able to open new accounts with a selfie as the high street bank seeks to simplify its application process.

Prospective clients will be invited to provide a self-portrait shot on their phone, which the bank will then verify using facial recognition software before allowing them to make deposits and withdrawals.

A passport or driving licence photo will also be required as an additional security measure.

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

He added: "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.”

The banking giant already uses fingerprint and voice recognition technology for millions of customers.

Biometrics have been growing in popularity with banks in recent years and other methods available to customers include iris recognition and finger vein technology.

The increased use of biometrics over more traditional security methods has gained vocal support from some industry insiders.

Earlier this year, Malcolm Marshall, Global Head of Cyber Security Practice at accounting giant KPMG, told Business Insider: "It's time we found ways to get rid of the password. They are no longer viable and considering the extent of how much we live our lives online, we need to find ways to make ourselves more secure.

“After all, think of how many passwords we use and how hard it is to remember them all. Even I have had to constantly reset my passwords because I keep forgetting them."

Cyber security has been high on the agenda of banks in recent years, both for customers and security higher up.

In August, banking regulators in the US said the issue of hacking would be under renewed focus following cyber-attacks on key financial institutions in the country.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in