Several stakeholders have used facial recognition technology to enhance security and streamline the onboarding process. However, the risk of fraud is always there because fraudsters want to exploit defense mechanisms to achieve instant rewards. Collaborating with a facial verification company can help modern-day enterprises to discourage fraud and follow KYC & AML regulations. This not only wins customers’ trust but also boosts yearly profit rates.
Facial verification Technology: A Brief Overview
Face verification is a foolproof software that can validate a customer’s identity by analyzing users’ facial contour points. Cutting-edge technology enhances security and gives a competitive edge to clients. The state-of-the-art system has various applications in the modern corporate world.
According to Markets & Markets research, the global facial recognition market size will reach a financial growth of around 8.5 billion dollars by 2025, showing a CAGR of 17.2% from 2020 to 2025. As per the report, a major growth factor behind the industry is the growing number of government agencies’ investments in facial recognition systems. Leading countries behind the adoption of technology are the USA & China.
Best 5 Perks of Working with a Facial verification Company
Facial verification technology is less invasive and can easily integrate with pre-existing applications, ensuring customer convenience.
Recent advancements in AI & ML technologies have enabled corporations to offer facial verification services. For instance, Microsoft and Amazon are the leading enterprises. This way, start-ups can introduce new market applications by collaborating with other facial verification companies. The following sections discuss five notable use cases of innovative technology in modern-day industries:
- Improving Public Security
An interesting benefit of facial validation technology is enhancing public security to support law enforcement agencies. As per the NBC report, there is widespread use of FRT in the USA cities such as LA, NY & Chicago. Moreover, Customs and Border Protection (CBP) has vowed to check most incoming passengers in 2023 and beyond by collaborating with a facial verification company. This way, CBP will validate the departure of non-immigrant visa holders. Facial recognition technology can identify and monitor perpetrators by analyzing CCTV camera footage. Furthermore, authorities can use it to find missing children and the elderly. Airports can use innovative systems at checkpoints to ensure a positive experience for clients.
- Streamlining Identity Verification Solutions
The processing speed behind face recognition systems is fast. Cutting-edge technology offers contactless service to users. Previously, customers had to remember passwords and PINs which was highly inconvenient.
In modern times, the applications of facial recognition technology are not limited to physical security but ensure cybersecurity as well. For example, the latest iPhones offer unlocking features with facial recognition services. Consequently, the significance of working with a facial verification company cannot be denied.
- Facilitating Banking Service Providers
Banking firms face several fraud cases and the application of facial recognition technology can help authorities enhance security. This way, banks can move on from Time Passwords (OTP) and authorize access by using FRT. Biometric online banking is a significant benefit of face recognition systems. The presence of a liveness detection feature also discourages impersonation. This way, banking service providers can ensure high data security around users’ identity credentials. The combination of facial recognition technology and ATMs can also help service providers and customers to forgo debit cards and signatures in the coming ten years.
- Supporting the Retail Industry
Technological innovation has revolutionized several areas of human life and the same applies to shopping preferences. An increasing number of clients like to buy products online and benefit from discounts and special offers. Moreover, foot traffic has declined over the past 5 years but the worth of every online visit has tripled. This change is because clients plan purchases on websites but complete the process through onsite visits to the store. Meanwhile, online searches for “near me” have increased over the past three years.
- Modernising Work Attendance Systems
Time theft is a major problem in modern-day industries which points to work ethic violations. This is because several staff members function on buddy favors and security personnel staff to skip work. Time theft is fatal for corporations but it is also unfair to honest employees. The application of facial recognition technology can help corporations fight time fraud. This way, all employees have to pass through face-scanning devices to check in for work. Paid time begins from reporting time till check out. The entire procedure is fast and convenient and requires no plastic cards. In other words, teaming up with a deep learning facial recognition company can help the corporate sector deal with time fraud effectively.
The Bottom Line
Collaborating with a facial recognition company can help modern-day industries improve security and payment transfer procedures. This way, corporations can discourage bad actors from exploiting mainstream systems. It secures a competitive advantage in a tough market atmosphere and strengthens customer relationships.
Teaming up with a third-party vendor can help corporations implement a GDPR-compliant solution. In the future, more research will facilitate innovation in the concerned domain and transform the corporate world. Hence, the significance of working with a facial recognition company has become inevitable.
Reference: Soul City Lahore