Bank of Ayudhya (Krungsri) is the first bank in Thailand to introduce facial recognition for identity verification when opening deposit accounts.
This electronic Know Your Customer (e-KYC) technology enables an upgrade of the bank's verification process and accuracy in line with international standards.
Now available for customers at Krungsri branches, facial recognition for e-KYC will also be deployed for customer passbook opening via the mobile app by the end of the second quarter.
"Krungsri has continuously undergone transformation under the 'Think Digital First' strategy by deploying the facial recognition for e-KYC to verify customer identity when opening deposit accounts at Krungsri's branches," said Phonganant Thanattrai, Krungsri's head of the retail banking and distribution group. "The breakthrough technology reflects our commitment as a leader in digital banking and innovation development for ultimate customer satisfaction."
When opening an account, the technology will be used to verify whether the cardholder's face matches the photo on his/her citizen ID card presented at the branch, while Krungsri staff will use the comparison result to consider opening the passbook account.
"Krungsri is committed to enhancing the accuracy of verification technology and strengthening cybersecurity to be in parity with international standards," Mr Phonganant said. "Meanwhile, Krungsri also plans to extensively use the facial recognition technology for opening an account via mobile application within the second quarter of 2019."