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Neobanks are a new generation of banks run entirely online, and Volt Bank (the first neobank in the New Zealand market) is ready to open your account.
You just need to verify your identity with a selfie.
At least, this is what they plan to roll out in the coming months after they won a full banking license last week.
Volt Bank to take on the Big Four after being awarded a full banking licence https://t.co/JrErVNFbRi— Franklin Ockey (@franklinoap) January 22, 2019
Neobanks are already blowing up in other countries, particularly the US which has fewer banking regulations, but Volt Bank may be the first bank in the world to verify your identity with a selfie.
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Volt Bank will be able to verify your identity via a selfie within 60 seconds and can then pull all of your banking records from every physical bank.
As an example, if you have multiple loans, credit cards and savings accounts, you could plausibly access them all from the Volt Bank app.
The selfie verification process seems to me to be a ploy for the millennial and gen z audiences, or the people who would already be comfortable doing all of their banking off their phones.
Would you be comfortable using a neobank? Are you planning to when they come to your country?
Via the New Zealand Herald