AI/ML-based Face Authentication will help in the prevention of fraudulent activities, states MD & CEO Anubrata Biswas
To counteract security threats and meet the updated know-your-customer (KYC) and anti-money laundering (AML) standards, the banking, financial service, and insurance (BFSI) industry is leveraging AI and facial recognition technologies. These technologies can aid to prevent payment fraud, deter financial crime, and enhance customer identification and authentication processes.
Airtel Payments Bank today, launched Face Authentication-based savings bank account opening for the customers. The facility will ease the account opening process making it seamless and convenient for customers.
Airtel Payments Bank claims to be the first Payments Bank in the country to offer this facility. The facility will be available at 500,000 Banking Points of Airtel Payments Bank across India. “This KYC facility uses AI/ML based Face Authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual’s photo with the image captured in Aadhaar and allows secure customer onboarding,” said Anubrata Biswas, MD & CEO of Airtel Payments Bank, in a media release.
The new facility will help Business Correspondents (BCs) of the bank to open an account, just by undertaking face authentication e-KYC. The authentication is processed using a newly developed mobile application by the Unique Identification Authority of India (UIDAI). The business correspondent will now only need a smartphone to open an account.
Kotak Mahindra Bank Limited was the first bank to enable client onboarding via face authentication-based Aadhaar e-KYC in September.