UK retail bank TSB has partnered with ID verification firm Onfido to simplify and speed up the signup process for the bank’s Spend and Save account.
TSB partners with Onfido
The partnership means potential customers will only need to take a photo of their identity document and a short video of their face in order to open a current account with the bank.
TSB says the new onboarding process means customers can open accounts and access mobile banking through the TSB mobile app in only 10 minutes.
Onfido uses artificial intelligence (AI) to check the ID is genuine and then matches it to the user’s face using biometric technology. This ensures the ID is not fraudulent and that the person presenting the identity is its legitimate owner and is physically present.
The bank says that 80% of new customer signups at TSB happen via a mobile device as increasing numbers of customers bank digitally.
Nonetheless, TSB says it is taking a ‘best of both worlds’ approach, combining the technology with a 220-strong branch high street presence.
Additionally, TSB says it worked with the Royal National Institute for the Blind to ensure the new customer onboarding process is accessible to the visually impaired.
