With the evolution in technology, businesses have stepped into the world of digitization. They can access whatever they want with a single click. But there’s another side to this advancement. Fraudsters have also revised their strategies to bypass verification systems to exploit the company’s resources. This is where facial verification comes to the rescue.
Face verification has a long history and is making its way into the corporate world quietly and steadily. From the beginning, this technology has been a subject of many debates around privacy and ethics; even so, its benefits are just unquestionable. Face recognition technology has the power to optimize businesses and shape their future. Let’s jump into the reasons that made face verification an absolute necessity in the online sector.
1- Enhanced Security Features
As the world has gone digitized, cyber-attacks have increased significantly. Using complex and strong passwords to secure accounts and other resources is no more a good option as even the strongest passwords are easily get hacked by cybercriminals. This has made businesses opt for a strategy that could better protect their sensitive data.
Thus, facial recognition is a great bet in this regard. Besides the fact that it is user-friendly, it does not ask for long and boring passwords that not only annoy the user but can be hacked so easily. Biometric verification only provides access to those users whose information is ready authenticated and present in its database. We can say that face verification is the best choice for all sectors that either deal with personal information or handle large volumes of sensitive data.
2- Enhance Customer Experience
Although digital sectors have emerged in the past few years, this does not mean that offline shopping has become obsolete. What customers do is they just research a product online and make a final purchase by visiting the store. This practice is still common because they are afraid that they might become exploited by fraudsters. This is exactly where biometric verification proves to be an excellent investment. When the buyer knows that the platform is compliant with KYC regulations, their trust in the company develops and they prefer buying services and goods with a single click besides visiting the store in person.
Not only that, but the face verification solution also provides customers with a customized experience. Machine learning and AI-powered verification system remembers the past history of a client and show them products according to their taste the next time. Thus, online face verification is a great choice to enhance customer experience and build a reputation in the market.
3- Monitoring Employee Productivity
Face authentication systems have such great features that are even replacing other biometric systems such as iris scanning, voice recognition fingerprint scanning, etc. The most intriguing feature that this verification technology has come with is that it monitors the employee’s entry and exit time with great ease and efficiency. Employees do not have to enter passwords, they just are required to scan their iris, face, or fingerprint and are good to go.
Another benefit that facial recognition has is that it is error-prone. For instance, in fingerprint scanning, employees usually leave in a group and do not enter their fingerprint separately but this does not work with verification. Anyone who has to enter or leave premises is required to verify their face. Thus, it helps businesses manage their overall productivity by tracking the working hours of the employees.
4- Faster Payment Options
There is no doubt that facial verification use in the payment process is still in the early stage but it has the ability to shape the payment methods, especially in the e-commerce industry. Even some companies are using advanced face recognition for improved customer experience and shorter checkouts.
Payment gates use face verification to validate an individual for a quick transaction experience instead of waiting in the long queues and then entering the boring and complex passwords to prove identity. This also helps businesses to protect the personal details of any users which include their passwords, PINs, or credit card information. With face verification, the payment process only completes when the approved user initiates it, thus the probability of fraudulent and criminal activity is reduced dramatically.
The face authentication industry is flourishing, and it is expected to see even huge growth in the coming years. According to several projections, the market will reach 7 billion dollars by the end of the year 2025, with a CAGR of 17.6%. The biometric identification market is expected to transition rapidly towards face recognition in 2021. Artificial intelligence has made technology more effective in combating fraud. It can undoubtedly assist businesses in dealing with regulatory KYC/AML requirements.