Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.
Bank of Ayudhya, known locally as Krungsri, has become the first bank in Thailand to use facial recognition technology to verify customer identities in account opening.
In a statement, the bank said facial recognition technology will be used for deposit account opening in its initial roll-out, where it will be used to verify whether the cardholder’s face matches the photo on their citizen ID card presented at the branch.
“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,” said Bank of Ayudhya head of retail banking and distribution group Phonganant Thanattrai.
By the end of the second quarter this year, Bank of Ayudhya plans to also use the technology for passbook account opening via a mobile app.
The use of facial recognition for e-KYC was approved by Thailand’s cabinet last year to promote financial inclusivity. In February, the BOT (Bank of Thailand) said it expected 10 firms testing facial recognition in its regulatory sandbox were nearly ready to exit, the Bangkok Post reported.
The report had said one company was also testing iris recognition for authentication, for use internally.