BBVA Further Looks into Biometric Developments

Just a few months after they developed a prototype device for invisible payments in partnership with Veridas, BBVA again relies on this Joint-Venture to modernise their subscription processes to sign up new customers. They introduced a faster account opening procedure using face biometrics.

Through their biometrics-dedicated subsidiary Veridas, BBVA implemented an identification system enabling customers to open an account in a matter of minutes online or on mobile. This solution is mostly meant for self-employed workers.

The prospective customer first has to upload the required supporting documents. Once these documents checked, he is prompted to take a picture and a video to verify that he actually is the legitimate owner of the given documents.

This solution will enable future customers to receive a bank identification number and business card, exclusively for their professional activity, for free and without having to visit a branch.

Comments – Biometrics for faster subscription procedures

Remote authentication is part of the group’s increasing focus on digitalising customer processes. BBVA pioneered in 2.0 banking, and confirmed that mobile devices are an entry point for more than 27% of their new customers. In June, they reported roughly 3.6 million mobile customers in Spain and more than 50 million in-app sessions over the month.

This new biometric identification solution is available for businesses and individual customers. Their idea, from a marketing point of view, is to improve customer service via addressing needs expressed by those overwhelmed by professional duties and who could not visit a branch to go through the subscription process.

Neo-banks such as N26 and Atom Bank also have selfie-based account opening processes but not for biometric verification. In France, Société Générale recently launched a face biometrics-based service for opening a bank account remotely. In this case younger prospects are mainly targeted.