With the power of facial recognition AI software, bank NatWest allows its customers to open a bank account by snapping a picture

U.K.-based bank NatWest is now allowing customers to open an account with just a selfie. In partnership with financial technology company HooYu, NatWest is using facial recognition AI and biometrics to match consumers' selfies with their ID photos and open accounts.

This service was pilot tested with over 60,000 customers before being rolled out to the public to assure that the function keeps personal information secure and the interface user friendly. The pilot program revealed that with a system of facial recognition in place, fraud decreased significantly. This new addition will allow those who bank with NatWest to save time by opening accounts quickly and securely without heading out to the bank.

facial recognition

The financial institution is the first of its kind to implement this kind of technology into its business model. The capability ultimately aims to better meet the needs of today's consumers who increasingly expect streamlined and personalized onboarding.

NatWest

HooYu


Lead image: stock image from Megan Betteridge/Shutterstock

U.K.-based bank NatWest is now allowing customers to open an account with just a selfie. In partnership with financial technology company HooYu, NatWest is using facial recognition AI and biometrics to match consumers' selfies with their ID photos and open accounts.

This service was pilot tested with over 60,000 customers before being rolled out to the public to assure that the function keeps personal information secure and the interface user friendly. The pilot program revealed that with a system of facial recognition in place, fraud decreased significantly. This new addition will allow those who bank with NatWest to save time by opening accounts quickly and securely without heading out to the bank.