-Alicia Chiang-

Spanish BBVA Bank puts in motion a new system of immediate registration in which operating with a mobile phone device a person will be able to open new bank account and its identity will be verified by taking a selfie! 

BBVA bank was founded in 1999 by the merger of Banco de Bilbao and Banco de Vizcaya, nowadays it has presence in 35 countries and in 2015 it was the 39th biggest global bank according to Global Finance.

The new process can be done through the company’s website or app and besides the selfie it requires the client to upload a picture of their ID to see if both match. Once this is done, an employee facetimes the client to do a final check. BBVA claims that the whole process can be done in just a few minutes and besides the time saving, the client also benefits from the fact that no commissions have to be paid in this procedure.

Traditionally, Spanish banks checked the client’s identity in three ways:

  • Physically in their offices
  • In the client’s home with the help of a delivery courier employee
  • Checking the person’s information against another bank in which he or she is already client and therefore the identity has already been validated in one of two previous options.

The selfie and video call approach has started to be implemented in the industry this year by entities such as HSBC, Lloyds or Federal Bank among others. In Spain, this will be the first time that non presential identification is used.

This is a new step into of the digitalization of the baking processes and it will use an innovative biometric face recognition technology. And I think that it could be an example of what Helena has been mentioning in class the past few weeks, about how businesspeople need to be aware of the needs of their companies and to think of solutions, then work with computer science experts that bring those ideas to life. In this case, the need was for the client to be more independent and not have to be present in an office to do these procedures.

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