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Spanish Online Bank Uses Biometrics, Videos to Speed up Customer Onboarding

Flag_of_SpainSelf Bank, the Spain-based online subsidiary of France’s Boursorama financial services group, said it will register new customers via video-conferencing, biometrics and electronic signatures, a move that could reduce time and costs of the expensive customer-onboarding process.

The process, created in conjunction with Electronic Identification and Everis, will result in a new customer having an account within minutes, according to Self Bank. The system “captures essential documents on camera and applies facial recognition to authenticate user identities,” the bank said. Authenticated customers immediately are able to sign up for new products.

“To Self Bank, the customer registration process is something critical, because it is the first experience people have when they begin their relationship with the bank,” said Alberto Navarro, Self Bank CEO. “As soon as the regulation made it possible to improve this process, we made a decisive commitment to simplify it and redesign it so as to create an excellent experience for our new customers.”

Such technology could potentially be applied to prepaid and mobile wallet onboarding. In fact, a recent Paybefore Pay-Op discussed ways to optimize prepaid card customer onboarding.

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