Despite an increase in the use of EMV cards (Europay, MasterCard, Visa etc.) coupled with password creation policies, there has been a surge in banking fraud cases. As a result of the billions that are lost by major banking institutions, there has been a call to switch to biometric facial recognition to curb this issue. It means that banking software will rely on face scans which it then compares with similar ones that were uploaded by the bank’s personnel into their system so as to verify the customer’s identity. The aim is to authenticate the identity and only allow a transaction to go through if the account owner’s identity is positively identified. This customer ID authentication process is known as KYC.
Physical Security has been an important aspect in the banking industry, preventing unauthorized personnel from gaining entry to certain areas of a bank and catching suspicious behavior on camera.
Customer wait time is one of the most reliable leading indicators of customer satisfaction in retail banking because, simply, customers don’t like to wait.And if they do have to wait, they express the opposite of satisfaction. As banks reduce their branch staff levels, customer wait times are likely to increase, which is a negative influence on customer satisfaction unless the problem is addressed. The problem for bankers is that overstaffing their branches increases operational expense.Then how do you get the balance right? Our Visual Recognition technology can track the waiting time for customers and time needed for transactions. Banks can then streamline the process accordingly and identify focus areas.