Does HSBC’s ‘selfie pay’ deserve any selfie stick?

Security often requires adding an action to a person’s life.

Does HSBC’s ‘selfie pay’ deserve any selfie stick?

Whether that means remembering a new PIN number or holding onto an additional card reader device, it’s never seen as natural. However, what if security involved something that certain consumers already did every day?

HSBC has just announced security verification via a selfie for certain customers. A self-portrait shot can be taken and then verified using facial recognition software.

Richard Davies, HSBC’s head of global propositions for global banking, said: “Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker.

“We also expect the convenience and speed of a selfie to become the verification method of choice for our customers, who no longer need to visit a branch to complete the process.”

While HSBC isn’t the first financial player to suggest this method, USAA Bank, MasterCard and Alibaba have previously announced plans; it is the most recent big British bank to make a serious stride forward. Lloyds Banking Group had announced a similar platform in 2015.

However, is this a modern way to secure your finances or is it a gimmick?