TSB launches selfie account opening
UK-based, TSB, has launched its new ‘selfie’ functionality, which allows customers to open a current account using a selfie phone photo, without the need to visit a branch, according to The Herald.
Pol Navarro, TSB’s digital director, says that opening a new account can sometimes feel like an arduous task, “but adding this new feature means we take the hassle out of completing the process”.
The bank partnered with Jumio to develop the account opening technology.
“Despite all the talk about digital transformation, few banks are putting the customer front and centre – we’re thrilled to be partnering with TSB Bank to streamline the identity verification process and ensure that their new app delivers the convenience, speed, and security that their customers expect,” says Jumio’s president, Robert Prigge.
The latest tech comes after new research from TSB revealed that more than half (57%) of over 55s say they never use mobile banking, despite being smartphone users. This is in contrast to 82% of 18 to 34 year-olds who say they use mobile banking.
The survey was conducted by Opinium Research in July among 2,000 UK adult smartphone owners, finding that 73% of over 55s said they would benefit from being able to do their banking remotely, citing ‘peed, convenience and 24/7 access as top reasons.
However, only a quarter (26%) of over 50s would open a bank account using their smartphone, compared with 72% of 18 to 34 year-olds. The main reason for not opening a bank account using their mobile was fear of fraud (58%).
TSB identified a cohort of over 55s who use their smartphones daily, but only 11% use their phones for financial activity. Of those who do, 36% use it to look at their balance and 23% to transfer money.