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UBS will now let new customers open accounts in minutes, without video interviews.  

The pandemic normalized digital customer onboarding, often through video. AI-powered tech can provide even more seamless experiences.

UBS is streamlining its customer onboarding through a new partnership with ID verification firm Regula.

UBS uses Regula’s technology to read, authenticate and verify data from a person’s biometric passport – with RFID checks run on a server-side. Combined with facial recognition for a “liveness check,” this combination of techniques “ensures not only that the document belongs to the real person but also prove the document – for example a biometric passport in the case of UBS – is genuine, and its data is not manipulated,” Regula chief technology officer, Ihar Kliashchou, told Insights Distilled.  

Because this process is fully automated, UBS can now offer customers a 24/7 onboarding process that requires very little effort on their part, and also allow them to create secure electronic signatures. UBS appeals to high-touch, wealthy clients, and it wants to make their initial experience with the bank as seamless as possible.  

Regula also counts The Commercial Bank of Dubai and Emirates NBD among its banking customers. Other know-your-customer verification providers catering to financial firms include Chekk, Veriff, and Insight Partners’ portfolio company Transmit Security, which serves Santander and HSBC.