TSB Bank has joined forces with Jumio, the identity-verification startup, to enable customers to access their bank accounts with a selfie. However, old people may not be keen to use it.
The new function means that users can simply use their smartphones to check their private funds. TSB believes it would make the user process smoother, more efficiently and in a secure way. Moreover, TSB hopes it will cut down on fraudulent accounts applications.
However, the bank’s own research reveals that far from everyone may be excited about the prospect. Having surveyed 2,000 UK smartphone users, TSB found that 57 per cent of those over the age of 55 never use online banking. The main reason was that 58 per cent was afraid of fraud.
That’s despite 73 per cent acknowledging that using their smartphones to run their banking errands could be faster and more convenient.
Comparatively, 82 per cent of the people polled between the age of 18 and 34 were happy to use mobile banking.
Pol Navarro, digital director at TSB, commented: “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.”
Adding to this, Robert Prigge, president of Jumio, said: “Despite all the talk about digital transformation, few banks are putting the customer front and centre. We’re thrilled to be partnering with TSB Bank to streamline the identity verification process and ensure that their new app delivers the convenience, speed, and security that their customers expect. We look forward to working with TSB to deliver the best-possible experience to their banking customers while simultaneously fighting financial crime and online fraud.”
Copyright © FinTech Global 2019
