TSB has partnered with identity verification and authentication provider Onfido for an overhaul of its customer onboarding process.
The bank has launched a new service through the TSB Mobile Banking App, which will enable people to access a Spend & Save current account.
The shift towards digital banking is well known across the UK, and TSB explains that 90% of its servicing transactions and 75% of its sales are conducted digitally. Additionally, 80% of new customer sign ups at TSB happen via a mobile device.
Kavin Mistry, Head of Digital, TSB, says: “Demand for digital services is soaring, and we are proud to meet new customers’ needs with a convenient, secure and streamlined onboarding journey – with sign-up in just ten minutes.“
TSB customers can sign up for an account by taking a photo of their identity document (ID) and a video of their face.
Onfido’s technology first checks that the ID is genuine and then matches it to the user’s face using biometric technology.
TSB also worked with the Royal National Institute for the Blind to “ensure greater accessibility features are at the heart of the design”.
With branch cuts a common theme in the UK, TSB points out that such physical things are not forgotten in its digital developments. It has a branch network with 220 branches across the country.
In other news, last week banking technology platform provider BankiFi teamed with TSB to launch the Revenu app for small businesses.
The app is exclusive to TSB and will allow small businesses to collect customer payments from requests sent via SMS, WhatsApp, email and QR code.
There are about 5.5 million SMEs in the UK with fintech firms and banks constantly trying to stand out in a very competitive market.
The app uses open banking infrastructure to allow invoices to be settled. In addition, the app connects to existing accounting software for invoice management – allowing SMEs to create, manage and see all invoices in one place.
According to TSB, on average, SMEs in the UK are owed over £6,000 in late payments. The Federation of Small Businesses also recently reported a rise in delayed payment of invoices over the past three months, meaning over 400,000 SMEs could be forced to close in 2022.
