Facial recognition is one of the numerous ways banks can decrease friction in their customers’ experience and increase efficiency and accessibility.
The biometric facial recognition software helps minimize fraud where hackers use passwords and other data to steal from banking institutions. The software verifies a person’s identity before processing any transaction.
Facial Recognition software has a liveness detection which prevents hackers from using a picture of a customer for impersonation purposes. It also applies to other biometric modalities such as fingerprints where the liveness detection does exactly that.
Today we are going to look at how facial recognition benefits banking institution;
- Convenience & Security
A customer can access his/her account from a computer or phone whenever they’re are logging in to their account.
They can use their facial biometrics as an additional security factor to login into their accounts and request transactions.
- Reduces the number of touchpoints
Facial recognition software doesn’t require physical contact or direct human interaction. Instead, it uses AI to make it an automatic and seamless process.
It also limits touchpoints when unlocking doors and smartphones, getting cash from the ATM, or performing any other task that generally requires a PIN, password, or key.
- High Accuracy
With today’s technology, face recognition technology is becoming more and more reliable. The success rate is currently at a high due to the developments of 3D facial recognition technologies and infrared cameras.
The combination of these technologies makes it very hard to trick the system. With such accuracy, you can have confidence that your banking institution is more secure and safe.
In conclusion, facial recognition has many applications and as it evolves, its uses will likely increase.
By Carolyne Rabut
Content Marketing – CompuLynx
