South Africa's First National Bank (FNB) has introduced a range of financial services that make it possible for consumers and businesses to open an account by simply taking a selfie through the FNB app, reports ITWeb. Identity verification is done through the Department of Home Affairs (DHA), it stated. All that will be required is an email address and to answer eight questions to set up the new account.
FNB chief executive Jacques Celliers said the 'Selfie' service is its latest step towards paperless banking. He said the app would move the bank from being a "digital innovator" to being a "data-driven contextual platform disruptor".
FNB said it had taken at least eighteen months and more than 500 technical staff members to build the app. It includes a Track My Spend feature, which shows users how much money is flowing into their account, checking it against known forthcoming payments, and monitoring expenses.
The feature will allow customers to see where they are overspending, or using credit sub-optimally, and will give money management tips to customers. The app will include a My Credit Status tool, which monitors the customer's credit status, showing them how they are currently ranked and how they can improve their credit score. The self-portrait activation function, which is live on the FNB app, uses the relationship that the bank has with the DHA. According to FNB, through biometric facial verification on the app, consumers and business owners can begin opening an account with the bank.
Customers will be able to order and schedule courier delivery of new bank cards, switch debit orders, and set up digital banking.