The most innovative bank in South Africa for two years in a row according to the African FinTech Awards has come up with a unique way to attract new customers – by “switching with a selfie”.
Tapping into the mobile-first generation, FNB recently announced that customers can open individual or business accounts directly on its smartphone app within minutes by uploading a selfie.
Identity verification is completed through a tie-in with the department of home affairs, a process that took around 18 months to pull off. The app also uses the GPS functionality on a smartphone to geo-locate you as a way to verify your address. It’s useful for those who don’t have bills under their name for the physical proof of address required at other banks.