Six banks to use facial recognition tech for savings accounts in pilot project
Six commercial banks will pilot the use of biometric technology via the National Digital Identification (NDID) platform to electronically verify the identity of customers who open saving accounts, Siritida Panomwan, Bank of Thailand’s assistant governor for payment systems policy and financial technology group, said on Thursday (February 6).
“In the early phase, six banks -- Bangkok Bank, Bank of Ayudhya (Krungsri), Kasikorn Bank, CIMB Thai Bank, TMB Bank and Siam Commercial Bank -- will join the project,” she said. “They will use facial recognition technology to verify customers’ identity when opening savings accounts at selected branches and channels. Other banks and non-bank financial institutions will later join the campaign provided they have the necessary infrastructure and readiness.”
Prassanee Ouiyamaphan, executive VP at Bangkok Bank Plc, said that the bank had started using the NDID system for customers who open e-Savings digital accounts. “This account will not need a passbook, has no minimum deposit requirement and zero transaction fee,” she said. “Customers can conveniently log on to their account using facial recognition technology known as e-kyc [electronic know your customer] to verify their identity.”
“We are confident that this service will help boost the growth of the mobile banking market, which is expected to hit 10 million users this year and increase to 13 million by 2021,” she added.
Thakorn Piyapan, head of Bank of Ayudhya’s Consumer Group, Digital Banking and Innovation department, said that facial recognition will reduce the time needed to open a savings account by 83 per cent. “This technology is available for the bank’s ‘Mee Tae Dai’ online savings account, which requires no minimum deposit and offers up to 1.3 per cent interest annually, paid monthly.”
Krung Thai Bank executive director Payong Srivanich said that the bank’s online savings account featuring digital identification technology will be operational next Friday (February 14). “Dubbed ‘KTB Next’, this service will increase convenience and security for online banking. It offers free transaction fee, 24/7 service and complete protection against document fraud,” he added.