Trends And Benefits Of Face Recognition Technology For The Corporate World
Face recognition technology has become popular recently. It is a biometric verification measure that helps multiple industries across the globe in various ways. Most of the companies now use it as an attendance marking system while in some countries it is used to make digital banking convenient. However, there is that one benefit that is being enjoyed globally and that is facial verification.
Face Verification Trends Across Various Industries
Recently, the corona pandemic brought many challenges for all businesses. A number of sectors have reservations about what the post-COVID situation would bring for their businesses. But one thing is certain, illicit activities will spike in the years to come. However, deploying AI-powered solutions like face recognition technology will be ideal for firms to minimize fraudulent activities. Let’s dive deeper into the trends that this technology provides for various sectors:
Fuss-Free Customer Onboarding At The Hotels
The hotel management staff will be deploying face recognition technology to interact with the guests. This will assist them in identifying minors who use forged documents for their purposes. Additionally, facial recognition will enable the hotel staff members to recognize criminals and report to the concerned departments on time. Along with a lot of other sectors, face recognition technology will assist the hotel industry in making the customer onboarding process secure.
Minimum Chargebacks in the E-Commerce Platforms
Considering the non-stop increase in the fraud rates reports state that a lot of people agree that face recognition technology must be deployed by the companies to catch shoplifters. The retail sector also experiences various issues, chargebacks especially, and there are no competent ways to solve them. However, with the help of face recognition during transactions, enterprises can predict fraudulent activities. With big names like Amazon, which is already using this technology, it is safe to say that it will bring a significant reduction in the chargeback and multiple other financial crimes.
Face Verification at the Airports
Brazil announces recently that an enhanced face recognition technology will be employed at the airports that could identify passengers with face masks. 18 airports in the US are currently using facial verification according to Reservations. Face verification has become a must at airports because fraudsters use fake identities to dodge the system. This trend will gain more fame in the coming years as it not only prevents fraud but it also ensures that all passengers have real documents. Face recognition kiosks will also be the new trend that allows airports to verify passengers before giving them boarding passes.
Advantages of Using Face Recognition Technology
The growing face verification market has a lot of benefits for various industries including eCommerce, insurance, retail, finance, healthcare, and the travel sector. Let’s have a look at some of the most widely used advantages of this technology:
Swift and Secure Customer Onboarding
The main goal, of all businesses, is to make their platform credible, and providing a safe onboarding process, is the easiest way to achieve this goal. This facial recognition makes sure that the whole onboarding process becomes secure and consequently customers will feel secure too.
Fraud Detection and Prevention
If the customer tries to play any forgery, the system declines the application process and alerts the business before the company faces any damage. Consequently, firms can practice necessary measures to avoid fraud in the future.
KYC and Aml Compliance
The financial action task force has imposed new regulations on every sector to perform KYC and AML checks during customer onboarding. The main goal is to prevent imposters from entering into the business processes and causing trouble. By employing face recognition technology, the firms can identify deep fakes in seconds, thus, making the KYC robust and secure at the same time. By using the appropriate identity measures, it gets easy for businesses to comply with the set regulations.
Face recognition technology is booming and the coming years are expecting rapid growth too. Multiple reports have anticipated that the net market growth of this technology will increase upto new heights. Because of the convenience in using deep learning facial recognition and the sense of security this technology provides, businesses are rapidly shifting towards facial recognition to fulfill the identity verification of customers. With the assistance of AI, the technology has become efficient in fighting fraud and complying with the regulations.