Swiss customers can now open a bank account using their mobile phones and biometric passports
Swiss bank UBS launched a digital onboarding service that enables Swiss citizens and foreign nationals with a Swiss residence permit to sign up for an account remotely by simply scanning their IDs. The service is based on a document authentication solution from tech provider Regula.
The tool reads the RFID chip in a customer’s biometric passport via the NFC-enabled mobile device. Thus, customers can scan the contactless chip embedded in their biometric passport and confirm their identity with a selfie, using face recognition technology. The data is sent to the server and verified by means of asymmetric cryptographic keys.
Previously, the bank required clients to carry out real-time video interviews to sign up for an account remotely, access banking products and create an electronic signature in the UBS mobile banking app.
All the verification process takes place within five minutes. Then, customers immediately get access to their freshly created bank account.