British lender TSB is set to roll out a new service that will enable the customers to open a current account with a selfie.
The service is devised particularly for the people above 55 years of age. It will enable them to open an account remotely without visiting a TSB branch.
Go deeper with GlobalData
The bank will utilise ID verification technology from Jumio in the app to enable account opening.
The launch of new service is primarily driven by a TSB-conducted research that found people above 55 tend to avoid mobile banking due to ‘fear of fraud’.
According to the survey, 57% of over 55s never use mobile banking despite possessing a smartphone. Around 58% of the respondents stated ‘fear of fraud’ for not using mobile banking.
However, around 73% of the same age group opined that they will benefit from remote banking. The most common reasons cited by the elderly people for remote banking are ‘speed’, ‘convenience’ and ‘24/7 access’.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTSB digital director Pol Navarro said: “Opening a new account can sometimes feel like an arduous task, but adding this new feature means we take the hassle out of completing the process.
“We know that life can take over and that quick lunch time visit to a branch might not happen. With this new experience, we are making banking better and enabling customers to fully complete their application in a way that fully suits their busy lifestyles: just with a simple selfie.”
The launch of remote bank account opening follows the introduction of fraud refund guarantee solution by TSB. The step is aimed to protect its 5.2 million customers from online frauds through appropriate compensation.
TSB, which faced a series of IT meltdowns last year, took the step to regain the confidence of the customers.
