United Trust Bank launches facial recognition ID verification
United Trust Bank (UTB) has formed a partnership with fintech firm Nivo Solutions to launch electronic facial recognition ID verification and secure messaging for mortgage customers.
UTB has launched an electronic facial recognition ID verification service through a bespoke smartphone app aimed at saving its mortgage introducers and customers time and money.
The new system, which is now live and integrated with UTB’s application system, takes only 90 seconds to complete and is available for all UTB first charge customers, and selected second charge customers.
This removes the previous requirement for certified ID, usually provided by a solicitor, thereby saving customers time and inconvenience.
ID is verified by using facial recognition AI to compare an applicant to their nominated document such as a passport, driving license or national ID Card. As well as being quick and free to use for all applicants, the system eliminates human error associated with hard-copy documents and mitigates potential fraud.
Buster Tolfree, commercial director of mortgages, comments: ““We enjoy working with leading technology providers such as Nivo as we seek to make applying for a UTB mortgage as simple and straightforward as possible for brokers and borrowers.”
Matthew Elliott, chief development officer at Nivo, says: “UTB have shown a real drive to innovate. We’re proud to be helping them to deliver a leading mobile experience that reduces fraud, effort and boosts customer satisfaction.”
This is the first of a number of planned enhancements to UTB’s mortgage application journey over the coming months, as the Bank seeks to digitise its processes to support its aims for growth.
