“The system operates through the BBVA mobile app, and the bank says that 27 percent of its new customers have used it to join the bank.”
Spain-based BBVA has become the latest financial services provider to embrace selfie-based biometric enrollment.
The technology was developed more or less in-house, by Veridas, a tech company that spun off from BBVA last year. Essentially, it’s designed to scan and verify official identity documents, and to compare them against images of the end user’s face submitted via photo and video. The system operates through the BBVA mobile app, and the bank says that 27 percent of its new customers have used it to join the bank.
It’s an increasingly popular approach to customer onboarding, particularly in the financial services sector, where numerous firms have embraced solutions like Jumio’s Netverify selfie enrollment system. Such biometric registration systems offer a certain degree of convenience for customers, particularly as a growing percentage of banking is done through the mobile channel, and also offer financial services providers some important benefits in terms of efficiency. For its part, BBVA is somewhat unique in having developed its own solution – or at least having one developed by its own spinoff FinTech firm.
BBVA recently opened the biometric self-enrollment system to self-employed individuals, and the bank said in a statement that the system is still “being rolled-out over time”, suggesting that it will play an increasing role in bringing the organization new customers.
August 9, 2018 – by Alex Perala