The Biometric Future of Banking: Facial Recognition Technology
Facial recognition technology provides a wide range of benefits to companies across all sectors—and the banking industry in particular, especially as it relates to security, fraud prevention, and authentication. At the same time, this technology also presents a unique set of risks/challenges, particularly in the areas of data security and accuracy/bias. To further complicate matters, lawmakers have recently ramped up their efforts to stringently regulate the technology, even going so far as to ban it outright in certain contexts.
Combined, financial institutions that leverage facial recognition technology to enhance their operations must also effectively address the risks posed by this technology, while at the same time ensuring compliance with the growing web of complex laws governing its use in the commercial context. Fortunately, there are several actionable steps financial institutions can take to harness the power of facial recognition technology in a way that both minimizes its risks and builds consumer trust and loyalty in the process.
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“The Biometric Future of Banking: Facial Recognition Technology,” by David J. Oberly was published in the May‒July 2020 issue of CeFPro Magazine.