Digital signature and biometrics: New technologies in the opening of bank accounts

Electronic signatures make many procedures easier for companies in general and banks in particular. Using electronic signatures avoids travel, time-consuming procedures and delays in banking operations. However, banks need security in their transactions, so they need to have a robust authentication process. Here we tell you how new technologies such as biometrics and electronic signatures are used to open online bank accounts and other banking operations.

Today’s bank customers now have needs that are different from those they had a few years ago. Most of these customers expect to have the possibility to open an online bank account using an electronic signature or the like, without the need to travel to a bank branch and on any device. If these formalities are cumbersome, there is a high chance of losing potential customers.

Use of electronic signature to open a bank account

Long ago, when opening a bank account, it was necessary to visit a bank branch and identify yourself with your ID card so that an agent at the bank branch could verify the document’s validity and print a copy of it. The bank account contract was then printed out and signed.

Due to new technologies, such as electronic signatures, the whole process is digitised to make it faster and more secure. Although each bank has its particular nuances, the steps to follow to open an online bank account are the following:

  • Access the bank’s website. After choosing the bank where the user wants to open an online bank account, they must access its website and follow the instructions. Many banks will also offer the option of opening an account through their app.
  • Fill in your data in the form. As a general rule, users will be asked to enter all their details (full name, ID number, telephone number, email address, type of account they wish to sign up for, account holders), and they will be asked to provide a scanned copy of their ID.
  • Verifying your identity. Without hesitation, one of the most sensitive steps is to ensure that the user is who they claim to be. Identity verification is conducted using various methods, for example, the following:
    • Through a real-time video where a photo of the user and their ID will be taken and compared using artificial intelligence to verify it is the same person. This method is completely reliable and secure, and all you need is a device with a camera (mobile phone, computer or tablet) and a strong internet connection. This method is very similar to the system used by for photo identification.
    • Fingerprints, iris, or voice then identify the person.
  • Download and signature of the contract. After verifying the user’s identity, the bank account contract is sent to the email address provided by the user. The electronic signature process involves entering a one-time password (OTP ) sent by the bank to the user via SMS or email.

How can banks benefit from electronic signatures?

The benefits of electronic signatures for banks are as follows

  • Financial products are sold more quickly. The time taken to contract financial products is reduced, as no travel or lengthy and complicated procedures are necessary. As a result, customer satisfaction increases as customers receive their product in the shortest possible time, while the bank reduces the time required for the sales process.
  • Boost employee productivity. Branch employees could perform all financial transactions faster, such as opening a bank account or applying for a loan. In addition, the bank will add value by avoiding clerical tasks because they will be automated using e-signatures.
  • Signature process tracking. At any time, it will be possible to know whether the customer has signed the document and provided the necessary documentation, and notifications can be sent to the customer if this is not the case.
  • Boosting the bank’s corporate social responsibility. There are savings in travel costs as users no longer travel to the bank branch and savings in energy and paper as no documents need to be printed. Therefore, the bank’s CSR will be boosted, and it will be able to stand out from its competitors.
  • Using electronic signatures to open an online bank account provides security to the transaction since an electronic evidence document is generated with all the data of the signature process. The bank can access and download this document, and the electronic signature provider will keep it for five years.

Therefore, at, we are confident that the electronic signature is an essential tool for streamlining bank transactions and providing security and promptness to customers, and a tool that is here to stay


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