ARTICLES — April 12, 2019

Facial Recognition: A New Face in the Banking Industry

Facial recognition is a growing form of biometrics used for identification and authentication in various industry sectors. With its widespread utilization in immigration systems, facial recognition is now expanding into more commercial industry sectors like banking.

By implementing the facial recognition system on ATM machines or inside the buildings, customers can now be identified effortlessly and accurately, even allows them to open up a new bank account on the spot. Moreover, this biometrics also eases up many banking activities.

Reliable Safety and Security Level
Facial recognition covers every business aspect. Using this system, companies can easily identify employees or customers, matching captured faces with the companies’ database. This prevents fraudulent activities like identity theft.

Everything is Automated
Instead of executing manual identification steps through security guards, facial recognition technology automates the whole process. Therefore, companies no longer need to allocate their manpower to keep watch over surveillance cameras 24/7.

Quick and Accurate Process
Using facial recognition, it’s easier to protect your business as you can quickly track anyone that comes into your business premises, thus reduces the possibility of someone accessing sensitive information.

Payment Process Verification
Integrating facial recognition biometrics with companies’ payment service system surely gives both buyers and sellers equal advantages. With this integration, customers are now able to pay without using any sensitive payment methods like debit or credit cards.

The growth of facial recognition biometrics in business sectors keeps on going, and its application in the banking industry provides better services and security levels. Nevertheless, banking companies need to learn and decide how facial recognition feature can fit in their business strategy, and achieve both maximum advantage and profit.

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