Metro Bank has launched an instant online current account opening process, allowing customers to create a current account online which can be accessed immediately. The new service also gives the option to have a MasterCard debit card printed straight away.
Identification documents, along with a selfie, are uploaded directly to the Metro Bank app. With verification and authentication taking place in real-time, accounts can be opened in less than 10 minutes, including setting-up internet banking.
“Today is an exciting milestone in our quest to provide customers with an unparalleled banking experience,” Craig Donaldson, CEO of Metro Bank told PaymentEye.
“The launch of instant online opening for current accounts is bringing the revolution nationwide and enabling more people across the UK to vote with their feet and join a growing, customer-focussed bank.”
With a recent survey showing that nearly half of millennials prefer mobile payments and banking apps to handling cash, the progression places Metro Bank in a more millennial-friendly position.
“Millennials are just so used to doing absolutely everything on their phone. If you can buy a flight or order a cab then opening a bank account online is a no-brainer”, Husayn Kassai, CEO & co-founder of Onfido, recently told bobsguide.
“After all, they would ask why there’s so much friction to access what is essentially their money. Millennials are the first generation to trust technology and that’s why they’ve pushed through the success of the Monzo-type ventures of the world.”
With PSD2 now in effect, consumer choice is the hot topic in fintech. Allowing customers ease of access to financial products in this way could allow banks and fintechs alike to reap the rewards of open banking.
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