Facial Recognition – The Future of Banking?
Banks and financial institutions continue to leverage technology in order to enhance security, both for themselves and their customers. Now it is possible to verify somebody’s identity using the physical characteristics that make every individual unique, such as fingerprints, voice, and their facial features. They all fall within the generic category of biometric data and are playing an increasingly important role in digital banking.
Whilst fingerprints may be the best-known and traditional biometric method, the focus is increasingly turning to facial recognition instead.
This works on the same principle as somebody’s eyes when they identify another person using the features of their face. Use the camera included as standard on mobile devices such as smartphones, tablets or laptops, an image is captured, and then a mathematical pattern I created to associate it with an identity already stored online, taking into account criteria such as size of the forehead, distance between the eyes and position of the nose.
This can be used to open a bank account via a smartphone as a practical example. The camera will be used to take a selfie and then a photo of their ID card or passport. The two images can be compared and the data verified.
In a wider context, banking is increasingly becoming a digital industry, as cash becomes outmoded and old-fashioned. Bank branches everywhere are closing and the money that would have been spent on bricks and mortar premises is now being devoted to online operations.
Parallels can be drawn with the betting industry, where the traditional high street and on course bookies have been replaced by high sophisticated online operators. Bet365 alternative links are one of the market leaders in this respect.
There are several advantages to the use of biometric data for the digital banking industry. Convenience and simplicity of use is one of them, and, for the average person, none of them involves any great difficulty, and does not require the memorisation of passwords or codes.
And because no two faces are exactly alike, the security of such methods is significantly enhanced. It also significantly reduces the risk of crimes such as phishing, whereby cyber criminals gain access to personal data by sending emails that contain malware.
One drawback that may be overlooked is that this method may not be suitable for older customers, some of whom either may not own a smartphone or will not be familiar with all its features if they do possess one. There is a generation that prefer the personal interaction of direct banking and are less comfortable with doing everything online, and there is a risk that such people may be left behind.
Nevertheless, the move to the use of facial recognition is an example of the way that the digital banking industry is prepared to embrace innovation as the technology advances. And it may not stop there.
Already there are trials using behavioural biometrics which takes into account a number of factors to verify the identity of banking customers. These include the way they type on the keyboard, their purchasing habits, and the locations from which they frequently perform operations.
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