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BANKING TECHNOLOGY, RETAIL BANKING | Staff Reporter, Thailand
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Krungsri Bank unveils facial recognition technology for deposit account opening

It plans to expand the tech to customers opening passbooks via mobile app by Q2 2019.

Krungsri Bank is turning to facial recognition technology to verify the identities of customers seeking to open deposit accounts at its branches.

In its initial state, the facial recognition technology will be used to verify whether the cardholder’s face matches the photo on their citizen ID card presented at the branch. After which, Krungsri’s staff will use the comparison result to consider for opening the passbook account.

The tech will be progressively deployed for customer passbook opening via mobile app by the end of Q2 2019.

“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, whilst maintaining a convenient and speedy process for account opening,” Phonganant Thanattrai, Krungsri head of retail banking and distribution group, said in a statement.

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