Krungsri is the first bank in Thailand to deploy facial recognition
The technology will be used for deposit account opening, reinforcing its digital banking leadership
Krungsri (Bank of Ayudhya PCL.) introduce facial recognition for electronic Know Your Customer (e-KYC) technology for identity verification when opening deposit accounts for customers. Under the Bank of Thailand’s regulatory sandbox, the technology enables an upgrade of the Bank’s verification process and accuracy toward international standards. Now available for customers at Krungsri branches, the facial recognition for e-KYC will also be deployed for customers’ passbook opening via mobile application by the end of the second quarter.
Mr. Phonganant Thanattrai, Krungsri Head of Retail Banking and Distribution Group, said “Krungsri has continuously undergone transformation under the ‘Think Digital First’ strategy by deploying the facial recognition for e-KYC to verify customer identity when opening deposit accounts at Krungsri’s branches. The breakthrough technology reflects our commitment as a leader in digital banking and innovation development for ultimate customer satisfaction. The identity proofing process using facial comparison will enhance the security of identity verification, reduce risk or mistake in the proofing process, and prevent identity theft and fraudulent transactions, while maintaining a convenient and speedy process for account opening. The technology will enable us to expand into providing other types of transactions to ‘Make Life Simple’ for customers.”
At the initial state, the facial recognition technology will be adopted for deposit account opening for customers. When opening an account, the technology will be used to verify whether the cardholder’s face matches the photo on their citizen ID card presented at the branch, while Krungsri’s staff will use the comparison result to consider for opening the passbook account.
“Krungsri is committed to enhancing the accuracy of verification technology and strengthening cyber security to be in parity with international standards. Meanwhile, Krungsri also plans to extensively use the facial recognition technology for opening an account via mobile application within the second quarter of 2019,” Mr. Phonganant said.
Source: Krungsri
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