Detailing the Issue of Face Recognition and Its 5 Benefits for e-KYC
Detailing the Issue of Face Recognition and Its 5 Benefits for e-KYC
Thanks to the advancements in technology, the ease of obtaining security in various aspects has also increased. Not only the financial sector, but the digital sector also utilizes the latest technology as a form of enhancing security. In recent years, the process of account or device verification has started to incorporate biometric information. One of the features that utilizes biometric information is face recognition. Let's delve deeper into face recognition and why this feature is highly needed in e-KYC.
How Face Recognition Works
Face Recognition (FR) is a technology that allows you to use your face as a verification step before accessing an account or device. This technology identifies the user's face directly through digital images or videos. The incorporation of Artificial Intelligence (AI) in this technology enables the recognition of the user's face. Then, FR will "see" if the user is in the database.
In its operation, first, the technology captures the user's face photo, either in 2D or 3D. Typically, the photo capture requires the user's face to be facing the camera. Second, the image is analyzed by reading facial geometry and then matched with the database. This facial analysis process generates data in the form of a unique code known as a faceprint, similar to the unique code in a fingerprint. This faceprint data is compared with all available data. The system recognizes your face for verification and identification. All these processes take only a few seconds, providing numerous conveniences. These range from unlocking smartphones, conducting financial transactions, online attendance at offices, and more. One sector that requires FR is e-KYC. Let's explore the details below.
Reasons Face Recognition is Needed in e-KYC
Before diving into the discussion, it's essential to understand e-KYC. E-KYC, or electronic Know Your Customer, utilizes technology to facilitate quick verification without the need for additional documents. The users of this technology are typically banks or financial institutions that require in-depth verification and identification. With e-KYC, the verification process becomes shorter without the need for filling out numerous forms.
Utilizing FR in e-KYC is highly beneficial. This is because the process for customers to access something becomes shorter and safer. The more detailed benefits of e-KYC requiring FR are as follows:
1. Accelerating the Verification Process:
With the vast amount of data to be checked quickly, financial institutions will greatly benefit from the presence of face recognition technology. FR technology can detect and verify customers' faces swiftly for transactions such as cash withdrawals, pension withdrawals, bill payments according to the account owner, and more. Every company utilizing e-KYC will tend to seek solutions capable of verifying quickly and securely. In the long run, this technology can enhance work efficiency and effectiveness, thus increasing company productivity.
2. Preventing Fraud:
Fraud, theft, or other financial crimes have various causes. However, the lack of customer identification and verification functions also contributes to these crimes. Bank employees burdened with heavy workloads tend to lower the quality of data verification. Consequently, irresponsible individuals exploit this situation to carry out their actions. With face recognition technology, the verification process becomes stricter, minimizing fraud and theft.
3. Enhancing Security:
This point is still related to the previous one. In the financial sector, customer or account data security is the primary customer service key. The better the security standards applied to all customers, the higher the assurance that the money is in a safe place. Through face recognition technology, only the account owner and a select few authorized individuals from the bank can access financial information.
4. Ease of Integration:
Since FR technology has a robust database storage system, other surrounding systems must be able to follow suit. With the existing devices, integrating several systems becomes easier. Customer information integration is significant for a company. Moreover, many of these applications do not require additional costs to run.
For instance, a company may have several departments requiring FR, such as security and customer management. Both can simultaneously use the FR system without the need to exchange data beforehand.
5. Increasing Effectiveness and Efficiency:
All the above benefits culminate in this significant advantage. As intended, face recognition technology is created to expedite complex tasks while reducing operational costs. Although some parties may feel FR technology is far from perfect, its benefits are undeniable. Especially for companies implementing e-KYC processes in their services.
These are the significant benefits of Face Recognition in e-KYC implementation. The increasingly advanced technology makes complex tasks and functions easier and faster. Not only FR, but Application Programming Interface (API) technology is also becoming widely used in business and financial service management. Even in its implementation, FR will require a combination of API features. Brick is one of the API technology providers for many companies. All Brick features will streamline the verification process of your customer or account data.
