Facial Recognition in Banking – Current Applications Emerj - Artificial Intelligence Research and Insight

Facial recognition software is making its way into the mainstream, with consumer applications such as the ability to unlock one's smartphone with their face. The banking sector has been at the forefront of enterprise adoption of AI since machine learning became the hot topic of the business world in the early years of the decade; as such, it makes sense that facial recognition technology would start to make its way into banking. There are a handful of companies offering facial recognition software to banks that at face value seem to have the requisite talent in their C-suite that we look for when vetting a company on their claims to leveraging AI. These companies offer software with applications ranging from physical security to the ability for customers to make withdrawals with their faces. That said, what we've found is that the application is relatively nascent in banking.