UK-based bank NatWest recently announced that customers can now open their banking accounts using a selfie. The major high street bank partnered with HooYu, an ID verification company, to confirm the identity of the applicant with images from authenticated ID documents such as a passport or driver's license.
This new launch makes banking more efficient for consumers by removing the need for them to physically visit a branch. The process uses state-of-the-art artificial intelligence that can accurately conduct a biometric verification of identities in real-time. Thus far, the system has been successfully piloted with over 60,000 customers and will launch nationwide shortly.
NatWest is not the only bank that allows consumers banking access through a selfie -- Metro Bank and digital banks Monzo and Starling have also harnessed AI identity authentication to allow customers remote baking access.