HooYu chosen for biometric selfie onboarding by NatWest
NatWest is the latest bank to adopt biometric facial recognition from HooYu for new account openings, after a successful pilot program in which more than 60,000 customers used the technology for digital onboarding, with fraudulent applications dropping significantly.
HooYu combines facial biometrics with geo-location, identity document authentication, digital footprint analysis, and risk-based identity scoring to help maximize the number of customers financial service firms can meet KYC requirements for.
“In today’s digital age, customers expect to be able to do everything on-demand, they don’t want to have to go into a branch or wait for a day or two for account opening to be completed,” says HooYu Marketing Director David Pope. “Our work with NatWest balances the twin demands of compliance and convenience. Our unique identity platform that combines many forms of identity verification technology is designed not only to bring extra security into the account opening process but also to make customer on-boarding simpler and quicker.”
HSBC and Lloyds launched similar capabilities in 2016.
“We know customers want to be able to open accounts at a time and a place that suits them and not have to worry about precious ID documents going missing in the post, or taking time out of their day to go to a branch,” comments NatWest Chief Digital Officer Frans Woelders. “That’s why we’re making it easier, safer and faster to open and access accounts, allowing customers to get on with the things that matter.”
HooYu also signed up alternative financial inclusion-focused institution Suits Me for selfie onboarding earlier this year.