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Bank of Tokyo-Mitsubishi UFJ

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12/09/2014 Banking Innovation

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Account opening with NFC

Innovation presentation

The Bank of Tokyo-Mitsubishi UFJ is in the process of developing a mobile app that enables customers to use near field communications (NFC) technology to open an account via their smartphones.

Applicants will simply place their driving licence near to their smartphone and the solution will use NFC and the integrated chip (IC) in the driving licence to evaluate the authenticity of the identification form and capture personal data, such as name, address and date of birth. This data will then be automatically submitted to the bank, without the customer needing to enter a physical branch, or send a copy of identification to the bank.

Initially, the service will be limited to Android smartphones, which are already equipped with NFC technology. In the near future it will be expanded to the iPhone as Apple increases its adoption of NFC technology.

As the Bank of Tokyo-Mitsubishi UFJ is the first major bank to offer people the ability to apply for an account via a smartphone, it is in a good position to expand its customer base among mobile users.

Uniqueness of the project

In 2012, the Bank of Tokyo-Mitsubishi UFJ’s subsidiary Jibun Bank introduced an account opening application that captured the digital image on driving licences. However, the Bank of Tokyo-Mitsubishi UFJ is expected to be the first bank in Japan to adopt NFC technology to capture personal information contained in the chip in driving licences. As the number of smartphones with NFC capabilities increases, the bank believes that now is the ideal time to harness this technology.

In addition, the Bank of Tokyo-Mitsubishi UFJ is the only bank in the world that has implemented this technology for opening accounts.

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