Banking sector taking a mobile leaf out of Airbnb's book...
HSBC has confirmed that business customers can now their identities with a simple selfie, meaning opening a new account can now be done without ever having to visit a branch.
In a statement sent to Business Insider, HSBC said that facial tracking technology will serve to "streamline the account opening experience".
Once the selfie is taken, the headshot is then assessed against an uploaded ID document, such as a passport scan.
It mirrors the method Airbnb employs for opening an account.
HSBC's global propositions boss Richard Davies said:
“Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker.
"We also expect the convenience and speed of a ‘selfie’ to become the verification method of choice for our customers, who no longer need to visit a branch to complete the process.”
The app is available on both Android and iOS and apparently able to recognise and verifying documents from roughly 150 countries worldwide.
The news comes a week after the World Economic Forum (WEF) published a "Future of Financial Infrastructure" report which concluded that biometric technology will help transform financial services over the coming decades.