Facial recognition technology has made great strides forward, moving from the sci-fi sphere to everyday technology. Indeed, when the iPhone X replaced its finger-scan security feature for their innovative face ID security, the first step to wide adoption was taken.
To maintain momentum, CaixaBank – together with renowned IT services provider Fujitsu and face recognition developer FacePhi – now allows its bank customers to skip the PIN-entering process altogether by simple applying facial recognition technology to its ATMs. Through the terminal’s camera, which can identify up to 16,000 points on a user’s face, the Money in physical form such as banknotes and coins. More machine recognises the customer and validates the transaction. Of course, customers still have the option to enter their PIN instead.
A batch of 20 ATM terminals have been installed across Barcelona. The bank is looking to expand its facial recognition feature even further for the second half of 2019. The bank is aware of the implications for its customers and has therefore carried out a survey to understand potential challenges. The results were positive, revealing that 70% of respondents are ready to use this biometric alternative, 66% hail the sense of security that comes with facial recognition, while 19% and 15% respectively appreciate the convenience and speed that comes with this technology.
This project was carried out in line with the bank’s 2019-2021 Strategic Plan to step up the digital transformation of its businesses and place customer experience at the heart of its operations. The Spanish bank has found a way to innovate cash, believing that “technological leadership helps us to provide a better service to our customers, in a closer, more specialised way”, says Gonzalo Gortázar, CaixaBank CEO. Meanwhile, Benjamí Puigdevall explained that “in the current financial context of digital transformation, security and agility are key in transactions, and the incorporation of biometric technology at ATMs offers multiple benefits in these two areas”.
Other banks such as Japan, Macau and India are also looking into implementing this feature as a way to innovate the services they offer to customers while improving security of the payments ecosystem.