JOHANNESBURG – FNB on Wednesday launched a new service which allows individuals and businesses to open bank accounts in a few minutes by taking a selfie and uploading it onto the bank's app.
Speaking at the launch at FNB's headquarters in Sandton, chief executive Jacques Celliers said "Selfie" – the name of the service – is the bank's latest step towards paperless banking.
He said the app will move the bank "from being a digital innovator to being a data-driven contextual platform disruptor".
It took around 18 months and more than 500 technical staff members to build the platform, and the bank is leveraging the relationship it has with third parties like the Department of Home Affairs to make it a success.
"The real message is that we are on this exponential helpfulness journey. And now, with the help of technology, we can do so much more than we used to do. That's our purpose," Celliers said.
With "Selfie", FNB existing and new customers upload selfies on the FNB app, which captures biometric information about them. The app is linked to the Home Affairs Department and uses Google Maps to validate addresses, doing away with paperwork for proof of residence.
Chief Executive of FNB Business Mike Vacy-Lyle said the tech industry in South Africa is growing at a healthy rate, and the level of security on the FNB app is higher than paper, although he stressed that no system is completely full proof from scams.
"I am encouraged by the number of fintech activities that are happening in South Africa right now. It is making us increasingly competitive," Vacy-Lyle said.
African News Agency