The online tool uses encrypted technology such as optical character recognition (OCR) data capture and biometric face-matching, the company said in a statement. It is currently available for Manulife Bank’s Advantage Account and All-In Banking applicants in Canada.
By using the platform, applicants can verify their identity by uploading a picture of either their driver’s licence, passport, or provincial photo identification card, along with a selfie. Once verified, they will receive an email within a few minutes to finalize the process. The online tool can be accessed using any mobile device that is enabled to take pictures.
Manulife said that while its banking arm already has a system in place to virtually authenticate a customer’s identity, Yoti’s platform helps accelerate the application process, especially when a client is asked to provide additional ID validation.
“At Manulife, we’re constantly working to make customers’ decisions easier and their lives better and our partnership with Yoti is a great example of that,” said Hugh Cumming, chief information officer at Manulife Canada. “Our customers have come to expect more self-serve and digital options, and we're pleased to continue to bring innovative solutions to meet their everyday needs.”
In the past, the company said that verifying a customer’s identity typically happens during face-to-face meetings with private bankers or with an advisor, but due to the COVID-19 pandemic, many Canadians were forced to manage those transactions virtually. Manulife’s new ID verification system is designed to address that.
Manulife has been stepping up efforts to enhance digital identity services in Canada. In June 2019, the insurance giant joined the Digital Identification and Authentication Council of Canada (DIACC), making it the first insurer to join other leaders in technology, government, and business in the development of a digital identification and authentication framework to enable the country’s full and secure participation in the global digital economy.
