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."
Why This Trend Is Growing
- Digital ID Verification
- The use of video-based ID verification systems is becoming more common in the banking industry.
- Remote Account Opening
- The ability to open a bank account completely remotely is a growing trend in the banking industry.
- Digital Banking Platforms
- Digital banking platforms are increasingly incorporating new technologies to enhance the customer experience.
Industries Being Reshaped
- Banking
- The banking industry is leading the way in the adoption of video-based ID verification and remote account opening.
- Fintech
- FinTech companies are rapidly developing new technologies to enhance the capabilities of digital banking platforms.
- Cybersecurity
- As digital banking becomes more prevalent, the importance of cybersecurity in protecting sensitive customer information becomes more crucial than ever.
