November 26, 2015
At LTP, we have been following the global FinTech industry to cover the most interesting companies and news in the space. We are delighted to share insights on a very interesting subject: your smartphone camera and how it is transforming banking and financial technology. When Nokia brought good cameras to phones, little did they know that someday, we would open our money account using the same cameras. Of course, Apple improved the phone camera’s performance by several notches and today – from eKYC to remote check deposit – it's a darling of FinTech and banking. Let me give you some examples of the ways smartphone cameras and solutions built around them are leveraged to take banking to the next level.
Card/Account Activation in a Flash
Recently, Australian bank Westpac launched card activation via mobile, becoming the first Australian bank to enable customers to activate a new debit or credit card using a smartphone camera. The feature uses OCR technology and enables customers to switch on their new credit or debit card in a flash via Westpac’s mobile banking app on their iPhone or Android smartphone. The innovative feature activates the card in three simple steps by prompting customers to scan their card, confirm that the card details ...