IBOS member Royal Bank of Canada (RBC) is the first Canadian bank to introduce digital government identity verification solutions.
As RBC continues to develop its industry-leading digital capabilities for its clients, the Bank’s latest offering enables clients to digitally verify their identities when opening an account in branch.
The RBC Mobile App now uses artificial intelligence to verify a client’s government-issued identification against the security features and characteristics of driver’s licenses and passports. The App also uses Near-Field Communications (NFC), thus clients can tap the electronic chip on newer versions of Passports, also known as ePassports.
A major priority for RBC is ensuring clients have the best possible experience when doing so. In the last year alone, the new account open experience at RBC reduced the time to open by more than 70%. These features will speed up that process even more as advisers will spend less time on data entry and document verification, and more time having richer conversations with clients.
The new identity verification solutions also reduce the need for clients to share more information about themselves than is necessary when opening an account. RBC only captures and retains the necessary information required for opening and operating a personal deposit account. Now, clients will be more in control of their personal information, and be assured that their identity and accounts are secure from the moment they join RBC.
These features are currently available in 100 RBC branches in Ontario and Quebec for clients opening accounts. In the coming months, they will be scaled across other branches, channels and products. All of these processes are designed in accordance with Canada’s Know Your Client (KYC), Anti-Money Laundering (AML) and privacy regulations. The ID scan and ePassport tap features are supported on both iOS and Android devices.
Read the full press release via RBC here.