Feature
Business Banking & Finance
changing The
tech of banking
Technology is changing every aspect of our lives, so it is no surprise to learn that it is also having a direct impact on the way people manage their finances. Chamberlink explores the ways in which technology is being adapted in the banking sector.
In September, HSBC announced that business customers would be able to open new accounts with a ‘selfie’, as the high street bank sought to “simplify its application process”. And simplified it has been – new customers will merely have to provide a self-portrait photo, which the bank will then verify using facial recognition software. HSBC’s head of global propositions for commercial banking, Richard
Davies, said: “Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker. 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.” This is just one of many examples of high street banks in the UK adopting
technology to keep up with the changing trends of the digital age. But how else is technology shaping – and changing – the business banking sector?
44 CHAMBERLINK October 2016
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