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Video Onboarding is fully operative in the Banking Sector in Spain

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On January 4th 2018, the Spanish newspaper El Mundo published in its “Innovadores” section an interesting article about the recent adoption of the customers Video Onboarding system in the banking sector in Spain.

The non-presential videoconference identification system was authorized by the SEPBLAC (Executive Service of the Commission for the Prevention of Money Laundering and Monetary Infractions) last May 2017.

This fact marked a turning point in the banking sector in Spain, since previously the operation had to be confirmed with a telephone call or with the signature of different documentation, which caused that approximately 40% of the clients would not finish the registration process.

Spain has been slow in adopting a remote identification system that has already been working for some time in other European countries (such as Italy or France) and which technology is already fully developed.

Mostly, financial entities have made the effort to manage the approval of a regulation that would permit them adopt the video-identification, since it is a highly regulated sector that does not allow the adoption of new procedures without previous approval.

The future of the banking sector with video Onboarding

Certainly, the approval of SEPBLAC Regulation has meant a real revolution in the Spanish banking sector.

From now on, financial institutions will live an adaptation period to the new technology,which will mainly benefit customers in the financial institutions. These will no longer have to complete their bank accounts opening via telephone or sending by post the required documents to the bank.

The technology used in the remote identification process is divided in two procedures. On the one hand, banks have a facial recognition platform to compare our face with the ID in front of the camera. They must also have an OCR tool that reads all the data of the same ID.