Technological innovation has facilitated the growth of the corporate sector, but it has enabled fraudsters to exploit industries for personal gains. In this light, business experts want to implement innovative digital solutions to discourage fraud attempts and enhance protection. The application of face recognition solutions can help the sector in achieving its milestones. Moreover, using cutting-edge technology can support compliance with the latest KYC and AML solutions. According to the Markets and Markets report, the global face verification market size was 3.8 billion in 2020, and it will reach around 8.5 billion by 2025. The following sections highlight the notable applications of AI face recognition technology in various industries.
1. Improving Access Control
The application of face recognition technology only approves entry for authorized entities and denies entry for unaccredited parties. For this purpose, experts install the software in door entry systems, smart locks, and elevators.
Using biometrics makes the traveling experience enjoyable for passengers by automating terminals for immigration control. For example, Ljubljana Airport in Slovenia successfully tested AI face recognition technology for passengers’ ID verification at the boarding gates, reducing onboarding time by as much as 75%.
The application of AI face recognition technology facilitates the healthcare industry to protect medical supplies by giving access to authorized entities.
Moreover, at Toyota Motor Corporation, experts have adopted Vehicle Inspection Information System (VIIS) that is integrated with AI face recognition. This approach restricts unauthorized inspectors from evaluating vehicles.
2. Enhancing Security & Surveillance
Executing Real-time surveilling with the help of AI face recognition solutions empowers authorities to eliminate human error during the identity verification process. This approach facilitates the provision of a secure environment.
Protecting storehouses is essential for national and international supply chains because they have consumer goods for shipping. Utilizing monitoring systems integrated with AI face recognition allows only authorized workers to access the location. This ensures the safety of items and minimizes the risk of delivery mishaps.
3. Facilitating Criminal Investigations
Citizens, jurisdictions, and legislators benefit from face recognition to perform investigations, search for terrorists and criminals, and fight domestic violence. In this way, technology can stop crimes timely by identifying suspects.
The application of AI face recognition technology by the legal system facilitates not only criminal investigations but also identifies disoriented individuals suffering from amnesia or Alzheimer’s. Moreover, police officers can look for suspects and disoriented entities easily in the federal ID database for a match.
According to Pew Research Centre, various jurisdictions perceive AI face recognition technology as a powerful tool for identifying vulnerable children and adults. Facial recognition technology integrated surveillance cameras play an important role here.
4. Streamlining Fintech Operations
The application of AI faces recognition technology can modernize financial operations, especially payments through mobile devices and e-wallets. This approach reduces the risk of fraud in online transactions.
For example, financial companies use face recognition to modernize their onboarding process and deter bad actors from exploiting the system. In case a hacker uses fake credentials to bypass the system, cutting-edge technology will detect it quickly to mitigate identity theft.
To open an account at a bank, the registration process involves eKYC/AML processes for ID verification and cross-checking of data. This approach is also important to discourage bad actors from exploiting the system. After the completion of the process, the client gains access to a bank account and services.
The arrival of cardless ATMs has made it more convenient to withdraw money from a bank account. In this case, an ATM camera screens a face, and the AI face recognition software finds a match in the database. Next, the individual must enter a PIN code. Consequently, a client can perform transactions after ID confirmation for active fraud prevention.
5. Using Self-Service Kiosks
Face Recognition Technology (FRT) has become crucial for the retail sector. In this way, all SMEs and big enterprises can benefit from using AI face recognition solutions to deliver top-notch services.
Utilizing AI face recognition software, businesses can turn shopping into a fully automated journey by integrating current self-service instruments. Thereupon, consumers can fill their cart with desired products and interact with a self-service kiosk to pay for their items without a hassle.
Utilizing AI face recognition technology has the power to help modern-day industries by securing access control, boosting customer experience, and providing real-time ID authentication. Moreover, entrepreneurs can promote their goods and services easily. The application of face recognition technology can help corporations ensure compliance with the latest AML/KYC regulations. Thereupon, firms can discourage crime and strengthen their relationship with customers.