Establishing identity has been the source of much innovation recently as the challengers in the industry seek to reduce the cost of acquisition and improve convenience when attracting new customers.
Traditionally, we have established identity through the sharing of formal documents from a couple of generally accepted lists. Customers then have to entrust their passport or driver’s license plus various bills and statements to the organisation and hope they are current, readable, appropriate and ultimately returned safe days or weeks later.
The “new” kids on the block are using dual camera shots of faces and drivers’ licenses backed up by some software and people to check validity – assuming you have not grown a beard, replaced your glasses or had cosmetic surgery and it works a treat.