5th November 2015
Technology start-up Briqs has launched the “first ever” banking ID verification mobile solution, which allows consumers to use their smartphone to apply for a financial product and complete their application within minutes from anywhere in the world.
Briqs, which offers ‘ready-to-go’ products aimed at banks and other regulated financial services firms, uses the camera on a mobile phone and advanced image processing technology to capture a consumer’s ID documents and verify them against a large number of databases.
The service entitled, Briqs On-Board, lets consumers complete an application in one session, on one device, without having to set foot in a branch.
Briqs has already signed up several big players, including a major UK retail bank, a UK challenger bank and one of the world’s leading credit card providers.
Lee Travers, CEO of Briqs believes there is a need for banks and switching to be more appealing and the ease of the process to improve and fit in with the fast paced lives of consumers.
Reports show that already two million bank customers have now used the seven-day switching service to change two banks in the first two years of the scheme, a number far short of the initially expected five million per year when first launched in 2012.
Travers said: “Traditional retail banking services are constantly challenged to be innovative. They struggle to keep up with consumer demand and developments within financial technology. Our mission at Briqs is to innovate in a fast and efficient way by offering ‘ready-to-go’ products.
“This tackles both problems of the lengthy innovation and implementation process for financial services brands, whilst also providing a customer-centric experience.”