Free Trend Report Free 2018 Report & eBook

Get the top 100 trends happening right NOW -- plus a FREE copy of our award-winning book. Our Research Methodology

This article is one of 350,000 experiments. We use crowd filtering, big data and AI to identify insights.

In Austria, Customers May Now Open a Bank Account from Home

 - Jan 27, 2017
References: & nfcworld
Online banking has made it possible for countless people around the world to enjoy the convenience of banking from anywhere, but to open a bank account in the first place, customers are still typically required to visit a local branch in person. Austria’s Erste Bank und Sparkassen is now making it possible for new customers to open an account entirely online.

The bank's digital banking platform is making this possible with a new video-based online identification service from IDnow, which is known as 'Video-Ident.' To verify a customer's identity, a live video connection is required. In the span of about five minutes, pictures are taken of an individual's government-issued photo ID and a person's likeness is compared to the official documents.

As the bank says: "A special feature for Austrian citizens is that, in addition to passports and national identity cards, they can also use their driving licences for video identification."