Face recognition technology enables banking consumers to access their accounts and complete transactions quickly and conveniently. It also prevents identity fraud and satisfies consumer expectations about smart banking.
The facial verification software compares a picture or live footage of the customer with a database of labeled images and videos that are uploaded by a bank. The algorithm finds matches mathematically with high accuracy.
Accuracy
With digital banking on the rise, banks need to be sure that their customers are who they say they are. Biometric verification can help with this, and it’s easy for people to use as there is no need to remember PINs or passwords. Instead, a person can simply place their finger on a reader or use facial recognition to verify their identity.
The technology also has a high level of accuracy and can be used to authenticate customers instantly, even when compared against documents. This reduces time to process new accounts and enables the banking industry to meet customer expectations for convenience and speed.
FaceMe eKYC & Fintech is a facial recognition solution that is adaptable to a variety of bank use cases. It has a high accuracy rate, is fast and convenient to use, and can be integrated with existing systems with a number of SDKs for eKYC and other financial purposes. The technology is also anti-spoofing and provides a high level of security.
Convenience
Face recognition is a very convenient way to verify the identity of customers, eliminating the need for a password or a physical bank card. Face identification systems are also very fast, with the process happening instantly and without any action required by the customer.
Moreover, face recognition is extremely flexible and can be applied in various ways. For example, it can be used as a second authentication factor during login on a mobile application; it can be applied at an ATM, enabling speedy and secure access and reducing security risks; or it can be implemented at a VIP lounge to identify important clients and provide them with personalized services.
Additionally, a number of neobanks are using face recognition technology to help them meet the demands and expectations of modern consumers. By eliminating the need for a password, a physical bank card or even fingerprint verification, it makes banking faster and simpler, which helps improve customer satisfaction.
Security
With fraudsters always looking to gain access to our bank accounts and highly-sensitive personal data, security is paramount. Biometrics provides the highest level of security for authentication, and face recognition technology offers a solution that’s both simple and unobtrusive.
A facial recognition system works by comparing an incoming image or video with a database of labeled images and videos of known customers and staff members. Using machine learning algorithms, the software is able to discern patterns of 1’s and 0’s that, to a human eye, form a specific person’s facial features.
The technology can also be deployed on a cloud-based basis, making it easy for banks to implement and scale up their use of the technology without having to install a software application. This approach, called BaaS (biometrics-as-a-service), allows banks to deploy the technology quickly and easily and save on capital investments by paying monthly subscription fees instead of up-front license payments. This is a great option for banks to consider.
Ease of Implementation
Face recognition has become a popular solution for bank security, helping to prevent fraud and maintain customer satisfaction. It can be integrated into existing banking services to provide additional security for online accounts and transactions. It also can be used as a secure payment token, eliminating the need for customers to carry credit cards or remember passwords.
In addition to its use for security, facial recognition can be used to verify a person’s identity at a bank branch or ATM. This allows financial institutions to streamline the onboarding process and reduce the risk of compliance penalties.
NEC’s FIDO Alliance-certified NC7000-3A-FS facial recognition technology offers advanced biometric authentication and identification verification solutions for the financial sector. Our solutions deliver a simple, secure and effortless user experience. They also support regulatory compliance with KYC and AML regulations. This helps to protect financial institutions from expensive fines and reputational damage. Our facial recognition technology is reliable and accurate, making it a good choice for banks.