Facial recognition is key to enhancing various in-person and online use cases for eKYC. When a customer first entrusts a financial institution with their money or information, they expect the highest level of security to keep it safe.
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Facial recognition is key to enhancing various in-person and online use cases for eKYC. When a customer first entrusts a financial institution with their money or information, they expect the highest level of security to keep it safe. Banks can establish this trust immediately by implementing eKYC during the customer enrollment process. This is likely the broadest use case that cuts across the entire BFSI industry. It is relevant for opening a bank account or applying for a loan, or credit card.
This solution can speed up the process in which a customer’s identity gets cross-checked with several other pieces of information from other financial, public, and employment records.
In opening a bank account, facial recognition would factor into this process as follows.
- Customer requests to open an account or apply for credit.
- The clerk takes the client’s photo as part of the account registration and eKYC process and scans a government-issued ID.
- Biometric verification is performed using facial recognition technology.
- Digital authentication is complete, allowing bank’s systems to instantly check the client’s good legal and financial standing. The client has passed the eKYC check, obtaining an account, and gaining access to the bank’s services.
- Now, any banking transaction, loan, or account application can be verified using the biometric markers.
This process applies to banking but opening brokerage or insurance accounts can also be enhanced with a similar eKYC solution.
- As part of the registration progress, the customer fills out the required information into a tablet provided by the fir.
- Agent captures customer’s photo and scans their government-issued ID to compare with data stored on the server.
- Once biometric verification is complete, using facial recognition, and eKYC check has passed, the agent quickly matches the customer’s identity with other critical information required to prevent fraud and meet anti-money laundering regulations, seamlessly completing the customer’s on-boarding.
- Agent completes the application process and opens the customer account.
Financial services customers were already going remote with mobile platforms. It’s been reported that 80% of Americans say they can now manage their money entirely without a bank branch, expressing a preference for contactless digital solutions. But with decentralized access to servers comes increased risks. Biometric verification diminishes concerns about mobile portals being a more vulnerable access point. With less of a chance of sensitive information being intercepted, institutions can expand the scope of their mobile financial solutions. With edge-based facial recognition deployed on mobile devices, the information is embedded in the local device. This increases precision and eliminates delays from cloud processing or large file transmission. Only a small encrypted template is sent for validation with the database’s encrypted templates hosted on the financial institution’s server. This makes the operation more secure and can be completed within milliseconds.
Customers will log into their bank app with their ID and password, scan their ID, and take a selfie for anti-spoofing. Once their ID is combined with a physical biometric (like a facial template) for identification, the remote verification is complete.
Mobile eKYC solutions allow existing customers to move beyond regular banking transactions. Customers can remotely and securely apply for additional products like credit cards, loans, or securities accounts. They can also use tablets and other mobile devices within physical branches, which would be more secure with biometric verification.