Intelligent CIO Europe Issue 57 - Page 64

CASE STUDY

As 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 .

At the heart of the new onboarding journey are security , speed and convenience for customers . The launch follows a dramatic shift towards digital banking – as customer behaviour continues to evolve .
Currently , 90 % of TSB ’ s servicing transactions and 75 % of its sales are conducted digitally . Additionally , 80 % of new customer signups at TSB happen via a mobile device as increasing numbers of customers bank digitally .
Most secure and seamless journey to date
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 .
How did the rising demand for digital services result in the launch of a cutting-edge , streamlined onboarding journey for new customers ?
The way in which TSB onboards new customers is critical to our customer experience . 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 . 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 . 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 .
How do you ensure security , speed and convenience remain at the heart of what you do and how important is this ?
Onfido ’ s award-winning technology first checks that the ID is genuine and then matches it to the user ’ s face using biometric technology . 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 .
Customers can then start their digital journey anywhere , anytime and gain access to all the benefits of the Spend & Save account . The account is underpinned by TSB ’ s award-winning Fraud Refund Guarantee offering customers market-leading fraud protections .
Finding 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 . 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 .
Can you outline some of the cybersecurity implications of digital banking and how you manage this effectively with the help of Onfido ?
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 .
Accessibility
TSB worked with the Royal National Institute for the Blind to ensure greater accessibility features were at the heart of the design . As such , the new digital journey meets AA standards .
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 .
The digital banking revolution in the UK has been phenomenal with a marked and rapid shift to digital banking in recent years . We ’ ve seen UK consumers take up digital services with their banks at a rapid rate and TSB has been no different . For many of our customers , interacting with us via online channels is how they exclusively perform their 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 the way they choose to interact with us is through our mobile banking app or through our online banking . 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
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