Customers can soon apply online for banking products

Customers who are looking to open a bank account, savings account or applying for a credit card will soon be able to do so online.

Lloyds Banking Group announced that it would be accepting online applications from next week, which will let customers open banking products online, making it more convenient and easier.

Currently, 1 in 3 customers who apply online for products find they have to go to a branch to show their official documents to fully pass background checks.

Lloyds said the new service will give customers the option to upload their documents online, such as their passport or driving licence.

The banking group, which includes Halifax, Lloyds Bank and the Royal Bank of Scotland, said the service will be rolled out from next week.

Over the next few weeks, customers will be able to open current accounts using the electronic ID checks.

Applicants for credit cards and savings accounts will be able to submit their information online by the summer.

The move to introduce online ID checks comes as part of the new switching rules to make it easier for customers to move banks.

Launched by the Payments Council, customers can switch their banking provider within seven days instead of the previous 30-day rule.

Outgoing and incoming payments are also switched over to the new current account.

If you’re looking to change services, compare current accounts for the latest offers and providers.

Source: Darlington and Stockton Times

Naomi Havergal
Thursday 12th February 2015

Category: Banking

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