However, that has created a number of security challenges for us because in particular, customer verification and identity validation is something we need to ensure is as robust in that digital world as it would be if a customer is walking into our branch. For many of our customers the way they choose to interact with us is through our mobile banking app or through our online banking. Channels like branches and telephone banking are still really important and are crucial for certain segments of our customer base. For many of our customers, interacting with us via online channels is how they exclusively perform their banking. We’ve seen UK consumers take up digital services with their banks at a phenomenal rate and TSB has been no different. The digital banking revolution in the UK has been phenomenal with a marked and rapid shift to digital banking in recent years. By using their tools, we’re able to properly risk assess all of the account applications we receive in order for us to hone in on those that may present a high risk of fraud or financial crime to the bank.Ĭan you outline some of the cybersecurity implications of digital banking and how you manage this effectively with the help of Onfido? How do you ensure security, speed and convenience remain at the heart of what you do and how important is this?įinding that balance is what my job is all about and that’s why we’re proud to partner with firms like Onfido who give us the capability to detect and prevent fraud and financial crime in ways which are effective, efficient and highly accurate. We also need to be mindful of identity theft, which is a serious crime within the UK and ensuring that we don’t allow anyone to impersonate a genuine person and open an account at TSB Bank. At the same time, we’re exposed to a number of risks and threats in relation to our account opening and therefore it’s essential we have a channel that isn’t just easy to use and frictionless for customers, but has robust security checks along the way so that we can be sure who we’re doing business with and who we’re opening accounts for. That’s the first impression that our customers have of the bank so it’s essential that customers have a seamless and frictionless way to open their accounts, particularly personal current accounts which is our flagship product. The way in which TSB onboards new customers is critical to our customer experience. How did the rising demand for digital services result in the launch of a cutting-edge, streamlined onboarding journey for new customers? We caught up with TSB’s Director of Fraud Prevention, Paul Davis, to find out more about the organisation’s work with Onfido and how this has enabled it to technologically evolve and innovate. As such, the new digital journey meets AA standards. TSB worked with the Royal National Institute for the Blind to ensure greater accessibility features were at the heart of the design. New customers also benefit from a branch network with 220 TSB branches across the UK – as TSB combines cutting-edge technology and a digital focus with its high-street presence. The account is underpinned by TSB’s award-winning Fraud Refund Guarantee offering customers market-leading fraud protections. This ensures the ID is not fraudulent and that the person presenting the identity is its legitimate owner and is physically present – making it the most secure journey to date.Ĭustomers can then start their digital journey anywhere, anytime and gain access to all the benefits of the Spend & Save account. Onfido’s award-winning technology first checks that the ID is genuine and then matches it to the user’s face using biometric technology. TSB has partnered with Onfido, a global identity verification and authentication provider, so that TSB customers can sign up for a Spend and Save account simply by taking a photo of their identity document (ID) and a short video of their face. Additionally, 80% of new customer signups at TSB happen via a mobile device as increasing numbers of customers bank digitally. The launch follows a dramatic shift towards digital banking – as customer behaviour continues to evolve.Ĭurrently, 90% of TSB’s servicing transactions and 75% of its sales are conducted digitally. Paul Davis, Director of Fraud Prevention at TSB Bank, tells us more.Īs demand for digital services continues to surge, TSB has launched a new customer onboarding journey through the TSB Mobile Banking App, which will enable people to access a Spend & Save current account in just 10 minutes.Īt the heart of the new onboarding journey are security, speed and convenience for customers. With the help of biometric technology from Onfido providing a secure and seamless verification process, customers can now open accounts and access mobile banking in just 10 minutes. To meet rising demand for digital services, TSB has launched a cutting-edge, streamlined onboarding journey for new customers.
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