Banks are embracing technology in new and innovative ways, or at least, some of them are.

One of the biggest headaches and hassles of dealing with a bank comes when you want to open a new account. There are forms to sign, paperwork to fill out and a variety of hoops to jump through. That has now changed at HSBC, which has become the first bank in history that allows business customers to open a bank account with a selfie.

Using facial recognition software, the bank can now use your selfie to verify your identity, no forms, ID, or extraneous paperwork necessary. To make it work, you simply download the HSBC app from their website, and take a selfie using your phone’s camera.

The image is uploaded to HSBC’s database where it is compared to an image of your photo ID that you upload to the system (driver’s license, passport, etc.), and that’s it. That’s all there is to it.

The strategy appears to be working out quite well for the bank. In 2013, only one new account in ten was opened online. Since implementing this new strategy, nearly half of their new accounts have been opened on the web.

This is an excellent example of a company finding innovative ways to leverage existing, well-established technology to simplify and streamline its processes for its customers. There are probably opportunities like this one you can apply to your business to create a strategic advantage for yourself.

If you’re struggling to come up with innovations such as the one referenced above, give us a call today. One of our knowledgeable team members will be happy to talk with you about how we can help you apply technology you may already have deployed. By using it in unusual and unexpected ways, you can increase your firm’s market share and profits.