Artificial intelligence has been a word of mouth since its release, and it is gaining popularity in different fields with more promising technological advancements. AI does not only write essays for kids but also benefits the KYC verifications in various fields. The use of artificial intelligence in banking systems is advantageous as the verifications are being accomplished digitally.
Machine Learning Facial Recognition is a biometric verification developed using artificial intelligence and deep learning algorithms. The use of AI in KYC compliance elevates the efficiency of KYC verification. The AI face recognition prevents fraudulent activities and identifies identity forgery.
This article will discuss the efficient use of artificial intelligence, and it used to enhance the KYC bank.
Facial Recognition Scanner and its Working
A facial recognition scanner is a biometric device generally developed through AI that scans facial features. By mapping the facial structure and features from an image, video, or live scanning, the facial recognition scanner compares the image in the existing dataset to compare and identify the outcomes by finding a match. Facial recognition scanners can help verify a person’s identity and raise privacy issues as it saves the searches in the database. Here is how it functions practically:
- Data Incorporation: The data, either an image or a video, is incorporated into the machine learning facial recognition system that shows an individual’s face clearly.
- Data Scanning: Artificial intelligence scans the provided videos or images and then creates a map of an individual’s facial features. This includes the shape of their eyes, scars, eyebrows, lips, forehead distance, and other facial differences.
- Data Comparison: Then, facial recognition systems compare the individual’s facial features to the existing database.
- Data Identification and Verification: The facial recognition system determines whether the given facial features match with anything available in its database.
The Use of AI Face Recognition in Bank KYC
More than 1.4 million reports have been sent to the Federal Trade Commission(FTC) solely for identity theft cases in bank frauds. AI face recognition is a great way to prevent identity theft threats and tackle this issue with robust KYC compliance. On the other hand, it allows banks to expand their services and let users open accounts remotely.
This is an efficient and clever move to let customers open accounts quickly and deposit their funds. Machine learning facial recognition elevates the KYC procedure in banking systems to make customer services more efficient and reduce the rate of identity theft and fraud. From document verification to face recognition, artificial intelligence has taken over the technical aspects of KYC.
Advantages of Biometric Face Recognition
Nowadays, banks use biometric facial recognition more frequently than before to verify customers’ identities and protect their accounts. Biometric facial recognition can be used as following:
Customer Onboarding: Banks can use facial recognition technology to onboard new customers. This will verify their identities according to the KYC regulations and provide them with technically advanced banking experience.
In-store Shopping: It is witnessed in China that people no longer keep their atm cards and currency notes. They pay everywhere with their face, the checkout point of the stores has a facial recognition scanner that scans their faces and deducts money from their accounts.
ATM: In developed countries, automated teller machines also use biometric facial recognition to withdraw money and make transactions.
Face Recognition Solution to Prevent Identity Theft
Mobile Banking: Facial recognition technology is remarkable when it comes to using banking apps. The mobile phone camera works as a scanner and verifies the identity for further use of the app.
Machine Learning Facial Recognition is an eminent way of disputing identity theft. As with the quick and more accurate results face recognition solutions serve as a tool to fight against identity theft. It recognizes the user, verifies their identities, and in some cases finds the criminal faces and alerts for the threat beforehand to mitigate the fraud risk.
Optimized Face Recognition Services for Bank KYC
Bank KYC opts for optimized face recognition services to reduce the rate of identity theft and restrain the rate of fraud. These services allow banks to advance their functionality and reduce the rate of financial loss. Thus, financial institutions rely on facial recognition solutions for optimal business benefits and to secure the interests of the customers.
Final Statement
Artificial intelligence, a rapidly growing advanced technology, has taken over the KYC world with robust solutions. The bank verification and identification process has become more effortless and less painful. However, Machine Learning Facial Recognition can be used with mobile banking apps and ATMs instead of using PINs, signatures, or passwords. This allows the users to use their faces to get verified instantly with high security of their data and funds.
