The main service areas in the financial services industry cover mainly financial transactions and financial management. It requires strict security for the transactions conducted by both service providers and their clients. Hence, there is an evident demand for stricter identification verification.
Facial recognition is a system for identifying an individual by comparing his live captured digital image data with his record stored in the database and commonly used for security purposes. A research based report titled “The Application of Facial Recognition Technology in t…Services Industry” has recently been added into the repository of “Market Research Hub” (MRH) that contains comprehensive details about past trends and future growth of facial recognition technology specifically in the industry of finance services.
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The key services in the financial services industry are about financial management and financial transactions. The transactions conducted by service providers and clients require strict security so there is a high demand for strong security checks for establishing identity.
Over the years, many financial service providers have started adapting to authentication via biometric technology into their financial services which includes facial recognition, iris recognition, fingerprint recognition and vein recognition. As per the report, a growing trend can be seen in the number of applications being used for facial recognition.
The report based on the application of facial recognition technology in the financial services industry is a complete insight to the usage of facial recognition system into the financial services sector sharing its future growth and prospects.
The report begins with the introduction to facial recognition technology, discusses some of the updates of facial recognition technology application in the sector of financial services. As per the report, key players in the market of facial recognition system have started to promote their products however also focus strongly on avoiding the misuse of their technology.
It further says that MasterCard emphases on growing consumption of its products like debit card and credit card however it also works on preventing unauthorized use of its products. Similarly, Bank of Jiangsu Take in China aims at offering convenient withdrawal services to its clients and also prevents unauthorized use of its services by adapting to the face recognition technology application.
The report also discusses the case of Daiwa Securities Group in Japan which focuses on to improving work efficiency of its staff without compromising on its personal Information database. The report highlights another case of Ping An of China based at China which focuses on shortening the time taken for its credit investigation and at the same time lowering the risk for loans.
According to the report, US HSBC works on accelerating its process of financial services and Mizuho Bank in Japan focuses on marketing and offers customer services working on its security systems in parallel.
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The report shares how application for facial recognition technology is primarily used for identity authentication and it is commonly used for staff management in the Japanese financial services industry. Further, the report throws light on the future predictions of facial recognition technology application in the industry of financial services.
It says facial recognition technology nowadays is also embedded into mobile devices and turns out to be a key security feature.
According to the report, vein authentication system is primarily used in ATM Machines and along with that iris and facial authentication have also joined the game in recent years. It says that smartphones are now key resources in the development of financial services and vein authentication and facial authentication have immense potential.
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