HSBC Holdings plc (ADR) Lets Customers Use ‘Selfie’ Instead of Password

HSBC Holdings plc (ADR) (NYSE:HSBC) has made a change so that business customers can use a selfie when opening a bank account.

HSBC, SelfieThe new change makes it so that business customers with the banking company no longer have to use a password when opening their accounts. It also removes the need for a fingerprint scanner, or similar type of device. Instead, it will just the use person’s camera to give them access to the account.

HSBC said this should make it easier for business customers to open their bank accounts. It also has the added benefit of giving business customers access to their accounts without them having to remember passwords. The change also means that hackers can’t steal a person’s password to get into their account.

Business customers with HSBC will have to upload an image of themselves before they can use this feature. The image needs to come from an official document, such as a passport of driver’s license. Facial tracking technology will compare the person’s selfie to this image before granting them access to their accounts, reports Business Insider.

“Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker,” Richard Davies, the head of global propositions for commercial banking at HSBC, told CNBC. “We also expect the convenience and speed of a selfie to become the verification method of choice for our customers, who no longer need to visit a branch to complete the process.”

HSBC shares were down slightly as of Tuesday afternoon.

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