Natwest Collaborates with HooYu to Introduces Selfie-powered Current Account Opening
NatWest Bank joins the ranks of HSBC and Lloyds who began offering “Selfie Banking” in 2016.
The bank will use HooYu’s AI-enabled technology and real-time biometrics to compare the customer’s selfie picture with the image on their government-issued ID.
The goal of the collaboration is to leverage faster, more convenient, and more secure identity verification to accelerate the account opening and onboarding process, overall.
Today’s launch comes after a successful 60,000+ customer pilot that saw significant reductions in the number of fraudulent applications.
NatWest customers can now open a current account within minutes on their phones simply by taking a selfie.
New customers submit a snap of themselves and a photo ID and, using AI, a real-time biometric check compares the two images. Then the ID document is authenticated.
Removing the need to visit a branch or post documents slashes the time it takes to open an account, says NatWest, with some people completing verification in four minutes.
HooYu marketing director David Pope says it is critical that banks have faster, easier ways to onboard new customers. Rather than force them to visit a physical branch or to wait up to 48 hours to open an account, Pope says, the solution is an identity platform that “balances the twin demands of compliance and convenience” by streamlining and better securing the account opening process.
“We know customers want to be able to open accounts at a time and place that suits them and not have to worry about precious ID documents going missing in the post, or taking time out of their day to go to a branch,” NatWest chief digital officer Frans Woelders says.
“That’s why we’re making it easier, safer and faster to open and access accounts, allowing customers to get on with the things that matter.”
The partnership with NatWest is the latest collaboration from a company that has teamed up with a variety of firms this year – from alternative banking solution provider Suits Me to esports wagering platform Luckbox.
Other companies partnering with HooYu in recent months include gold-as-currency enabler Glint, online investment platform EasyMoney, and US-based casino operator Bear Group.
