Welcome to the Future of Banking: Secure, Customer-First Experiences With Facial Recognition
Organizations of every type are turning to facial recognition to solve their most pressing dilemmas, from eliminating retail shrink to improving hospital care. Perhaps no industry is better positioned to reap the rewards of facial recognition than banking.
Digital banking, or the use of technology to manage and view bank accounts from somewhere other than the bank branch, is now the norm. It’s estimated that over 200 million users in the US alone will log onto digital banking applications — that’s over 75.4% of the country’s total population!
Thanks to this digital transformation, banking customers are demanding even more secure and convenient services. And banks are seeking ways to balance ease with security to establish themselves as leaders in the field.
Delivering a Better, More Secure Banking Experience for Customers
Password and PIN use is problematic.
The average person uses over 100 passwords. Of course, they don’t actually have 100 unique passwords; they reuse the same few time and time again. This reuse of passwords is a massive source of fraud, since bad actors only need to compromise one site to access all the others.
Facial recognition grants instant access to the correct user with a glance. The entire process is seamless, from an easy enrollment to ongoing account access and management. Whether using an ATM or a bank’s mobile app, customers can rest assured that their accounts are safe and fraud-free.
Another benefit lies in customer loyalty and retainment. Facial recognition allows for a more personalized banking experience. Customers are recognized when they enter a branch, allowing them to be greeted by name and receive prompt service that’s been customized to their needs.
Watch the video to explore how facial recognition empowers a secure, customer-first banking environment.
Helping Employees Do Their Jobs Faster and Better
Facial recognition isn’t just convenient for customers — it also solves many internal issues.
For example, the average person may require 100 passwords, but the average bank employee uses many, many more. Some banks ask employees to log into multiple systems with unique and ever-changing passwords. This becomes so cumbersome that employees often resort to writing passwords down, hiding password lists in drawers and under keyboards.
Facial recognition, on the other hand, eliminates password problems and more by:
- Simplifying sign-on with just a scan of the face, no complicated passwords to remember
- Securely granting employees accessibility depending on their authorization level
- Reducing IT help desk costs linked to lost or stolen passwords
- Providing proof-of-presence with an audit log of all bank employees’ transactions
- Offering insights, analytics and reporting to easily and quickly resolve risky situations while meeting data compliance requirements
Facial recognition delivers a multitude of benefits for banking and financial institutions. It’s the future of banking, and that future is now. Learn more about how HID Global’s facial recognition technology is leading the way to banking digital transformation >>