Santander’s facial biometric authentication will be available to around 10 million customers who use their cell phone in everyday banking transactions. The implementation will be gradual and optional, from the suggestion of registration to individual and corporate account holders.
The idea is to allow operations that require a physical presence at the bank to be carried out by the application. This includes raising transaction limits and enabling the Santander ID on new cell phones — by performing face validation and ensuring the device is legitimate, the system prevents fraudsters from registering cell phones.
Facial recognition is one of the safest forms of identification. “Today, the customer buys a car or a property and, for safety, needs to enable the transfer of the value at an agency. With the use of facial biometrics, this can be done remotely and autonomously by the account holder”, explains Marcela Ulian, executive superintendent of digital business at Santander.
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The executive emphasizes that, in addition to being optional, adherence to the resource can be disabled at any time. “We are implementing in practice the concept of bench in hand”, adds Marcela. She adds that, as customers join the function, Santander will create its own database to replace the database of third parties.
Currently, around 92% of transactions carried out by Santander’s individual customers take place digitally. Among corporate clients, the volume is over 95%. With facial biometrics, the bank estimates that mobile transactions should increase 2.5 percentage points for individuals and 5 percentage points for companies.
Physical agencies, then, must become spaces increasingly focused on consultative service. The specialists will be dedicated to providing expert guidance to clients, generating business and solving highly complex problems.
According to Santander, facial biometrics will increase the security level of transactions made in the application. Thus, even if the account holder has his cell phone stolen, the offender will not be able to carry out operations without the registered image.
According to Lee Waisler, Santander’s executive superintendent of fraud prevention, facial biometrics allow for the containment of new fraud and scam techniques, as well as facilitate the instant confirmation of suspicious transactions, which could not be authorized.
Waisler says Santander is a bantech. “We bring together the attributes of traditional and fintech banks. We are capable of making high investments in cybersecurity while maintaining the agility and convenience that our account holders expect from us”, he concludes.