Fingerprint biometrics and facial recognition systems set to become standard for customer authentication in the banking sector

Fingerprint biometrics and facial recognition solutions are likely to become standard for customer authentication in the banking sector and Thailand’s leading the way in this particular sector, as their central bank has announced that biometrics can be used by the country’s financial institutions to verify account openings in compliance with electronic Know Your Customer (eKYC) regulations.

According to a news report on this matter, the Bank of Thailand will allow fingerprint and facial recognition to be used after the service exits testing in a regulatory sandbox, according to the Assistant Governor for the Bank’s Payment Systems Policy and Financial Group, Siritida Panomwan Na Ayudhya. Testing is being carried out by a dozen banks and non-bank financial firms, according to the report.

The bank had hoped that mobile account opening with facial recognition would become available earlier this year. The Bank of Ayudha (Krungsri) has already announced its service, so the optimism of the latest announcement seems to be shared, though the central bank also noted that a time frame for further digital services has not been established, and that it will depend on the readiness of financial institutions.

“On average, tens of thousands of new deposit accounts per month are opened at a local large bank,” Siritida told the Post. “With e-KYC technology, new account openings are expected to increase.”

Tensor – At the Forefront of Technological Development in the Biometrics Sector

Tensor are experts at developing and integrating the latest biometric technologies in order to improve the level of security across the banking sector. As you might recall, our Indonesian partners, TSI, have recently introduced and demonstrated several biometric technologies including our facial recognition system to show how financial fraud could be combated.

Using links to the Indonesian national database, the eKTP, including the capability to directly read an Indonesian national identity card, TSI can reliably and irrefutably prove the identity of an Indonesian citizen to provide assurances to the Indonesian financial institutions regarding the identity of an individual undertaking a financial transaction.

We also offer a range of biometric fingerprint readers designed specifically for those who want peace-of-mind, certainty and the assurance that only the right people can gain access to your sensitive or dangerous areas.

These biometric time and attendance systems come packed in a very elegant and stylish case, while in the same time being extremely easy to use. Plus, they’re very easy to interconnect with our proximity card access scanners, allowing users to mix fingerprint reading and non-fingerprint reading scanners on the same security network.

If you’d like to find out more about the biometric time and attendance systems supplied by Tensor, just contact our dedicated product team or Book a Demo, our representatives will be more than happy to answer any questions or queries you might have.