Sensors

Open bank accounts by face-authentication in Japan

23rd September 2019
Alex Lynn

Seven Bank and NEC Corporation have announced the development of a next-generation ATM, which has a facial recognition engine with what claims to be world leading certification accuracy. The ATM is to be installed and to replace old machines from this September.

In recent years, technological innovations such as FinTech have led to the creation of new financial services and the improvement of operational efficiency as financial institutions, etc. are required to respond to digitalisation.

Taking into account the advances in biometrics, AI, IoT, and other technologies, this next-generation ATM is capable of face recognition for identity verification and settlement with QR codes.

In addition, it also utilises AI and IoT to predict cash demand more precisely and detect prior warning of component failures, which helps to streamline ATM operations. Through the ATMs, Seven Bank and NEC will continue to provide safe and secure lifestyle infrastructure and provide new value in response to changes in society.

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