FACIAL RECOGNITION FOR SMART BANKING, SMART OFFICE AND SMART RETAIL

Covid era offices will undergo drastic changes, touchless entry, face based biometric attendance system, social distancing etc. Artificial Intelligence based video analytic systems along with face recognitions systems are the answer to all such needs

- Bikas Jha

In this era of convergence wherein many utilities have converged into our smartphones. We can say that smartphone is the intelligent tool we have which is solving many of our days to day needs. Banking segments have also adopted the mobile ecosystem to serve people better. The new smart banking apps fulfilling most of the banking needs in few clicks. The convenience of mobile banking has associated security risks and the threat of misuse. Facial Recognition based authentication systems has been making inroads in some of the advanced countries to reduce such threats. Recently, challenger bank Knab has tapped face verification firm iProov to roll out its biometric authentication technology to the bank’s 500,000 customers. Knab aims to use iProov’s technology to meet Strong Customer Authentication (SCA) requirements. In China also, face-based authentication is used for payments in big way.