Source: mentatdgt

Following the launch of its new digital innovation which allows individuals to open bank accounts in less than five minutes by taking a selfie, FNB on Wednesday said that its digital innovation would also solves the needs of small, medium enterprises (SMEs).

5 things you need to know about FNB’s ‘Selfie Banking’:

1. FNB said that SMEs can now completely switch or open a new bank account in less than five minutes through selfie authentication and digital know-your-customer on the FNB App.

2. With “Selfie”, FNB existing and new customers upload selfies on the FNB App, which captures biometric information about them.

3. The App is linked to the home affairs department and uses Google Maps to validate addresses, doing away with paperwork for proof of residence.

4. This paperless cheque account opening process uses biometric technology to validate the business and its owner, allows the SME to order and courier new cards, switch debit orders and set up digital banking immediately.

5. FNB Business chief executive, Mike Vacy-Lyle, said that the bank has worked hard to understand how SMEs operate and the day to day challenges they face, which are considerable.

“We have coined the phrase “businessism” inside FNB, driving our focus on solutions that remove those moments of angst that businesses face – from registering a company and opening a bank account, to applying for credit and managing the businesses daily affairs,” Vacy-Lyle said.

“Our digital solutions now cater for the entire SME value chain via Online Banking Enterprise which is linked to the FNB App.”

– African News Agency (ANA), Editing by Devereaux Morkel