South African financial services company First National Bank (FNB) has introduced a new service that will enable its customers to open or switch a bank account in minutes through selfie authentication and digital Know Your Customer.

The paperless cheque account opening process, available for the SME customers, will be carried out through the FNB app where it uses biometric technology to authenticate the business and its owner.

Through the app, the SME can order new cards, switch debit orders as well as set up digital banking immediately.

FNB CEO Jacques Celliers said: “It is through this contextually helpful platform that we can offer holistic financial solutions and become a trusted partner to the broader society. This will enable us to help create a better world for years to come.”

In the African continent, the focus on fintech has increased significantly. However, FNB stated that most of the players lack scale to offer a single user-friendly platform that will not increase cost, security and administrative burdens.

FNB Business CEO Mike Vacy-Lyle said: “Therefore, it was imperative that we not only integrate key solutions, but further incorporate trust and simplicity to our platforms, while ensuring that we do not add complexity in an already over-crowded marketplace.”

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FNB app used extensively to enhance the entire SME customer experience including on-boarding process, day-to-day banking, authentications, business administration and relationship management.