OCBC Bank has introduced the use of facial recognition in its ATM services, eliminating the need to carry an ATM card with you.
The bank claims to be the first in Southeast Asia to use facial recognition at ATMs to query account balances. It will be first deployed at eight ATMs around Singapore.
OCBC will then phase out cash withdrawal facial recognition to all OCBC ATMs in Singapore.
This latest move will take place after banks begin cash withdrawals of QR codes in July 2019.
According to OCBC, inquiring account balances and withdrawing cash are the most used ATM services, accounting for nearly eight-tenths of all ATM transactions performed by customers.
Therefore, OCBC Bank leverages Singapore’s National Digital Identity Infrastructure, SingPassFace Verification, to securely verify customers for bank transactions at ATMs without the need for an ATM card.
Customers’ scanned faces are matched and validated against Singapore’s national biometric database, which includes images and identities of 4 million Singapore residents.
Face verification incorporates security features to prevent fraud, such as activity detection technology that detects and blocks the use of photos, videos, or masks during the verification process.
OCBC Bank also introduced an alternative digital login in July 2020, leveraging the National Digital Identity infrastructure to access digital banking services using customers’ SingPass.
Sunny Quek, Head of Consumer Financial Services Singapore at OCBC Bank, said:
“Singapore consumers, even the elderly, are enthusiastic digital adopters. Cash is still the primary payment method in Singapore, but digital overlays for getting cash are very welcomed by consumers. Overall, digital adoption within OCBC increased year-over-year in 2020, with more than 40% of customers signing up for PayNow compared to 2019, doubling PayNow transactions.
QR code cash withdrawals at ATMs increased 88% year-on-year in 2020. Facial recognition enhances the convenience of customers accessing bank touchpoints, as many customers have already adopted QR cash withdrawals without using ATM cards. .. “
OCBC Bank rolls out facial recognition for ATM banking transactions
Source link OCBC Bank rolls out facial recognition for ATM banking transactions