Every day, millions of people willingly open their mobile phones using facial recognition technology. Integrating facial recognition into smartphones has helped pave the way for the wider, and more eager, adoption of facial recognition. In fact, by 2024, facial recognition will be present in 1.3 billion devices globally. Clearly, the future is bright for facial recognition – but how will this future look?
Consumers Lead the Charge
Consumers have been clear: they want contactless solutions, now. In fact, payment “by facial recognition” accounts for 40% of the total number of payment transactions done where VisionLabs software is available, over the last two years. Whilst this increase is partly driven by Covid-19 concerns, the modern consumer expects a more efficient and rapid payment solution to fit their busy lives.
Vendors Ready For Digital Transformation
Companies began their digital transformation some time ago as customers demand and expect secure and effective digital experiences that improve their customer experience. To remain competitive, businesses must offer the latest and greatest technology solutions. Introducing a truly contactless payment solution, such as facial recognition technology, provides this seamless digital experience. The LUNA POS Terminal, a world-first in payment technology combines traditional card payment, tap-and-go contactless and facial recognition – providing customers with the freedom of choice which enhances their customer journey.
Lag or slow processing speeds also impact the customer experience but also impact the business as fewer customers can be served in a given amount of time. Facing such frustration, customers may actively avoid this merchant in the future. VisionLabs has invested greatly in creating the most effective and accurate facial recognition technology, so businesses can serve more customers, and not lose customers through poor waiting times.
Companies Primed For Digital Integration
Large companies are also primed for new technologies. Many are actively looking for a replacement for old sign-in methods (ID cards and keypads). Businesses are ready for more secure methods for their office access. Facial recognition and access terminals prevent fraudulent activity or misidentification of personnel, which is imperative. Moreover, the high level of accuracy of VisionLabs technology means faces can be scanned whilst wearing a mask. Employees need no longer worry about carrying ID cards, remembering passcodes, or having to manoeuvre their masks to access various areas.
Fraud-Me-Not
Payment fraud is expected to continue increasing and is projected to cost $40.62 billion by 2027 – 25% higher than in 2020. Fraudsters are able to steal bank cards, however, they cannot steal your face. If merchants and banks implemented facial recognition, card fraud would be greatly reduced. Previous iterations of facial recognition technology may have been spoofed, but today’s technology is vastly superior. The use of deep neural networks for face recognition and introducing world-leading liveness checks means that your face can be detected in a busy crowd and verified within seconds with 99.9% accuracy.
The Many Faces of Facial Recognition
Facial recognition technology has many more uses, all of which demonstrate the increasing need for this technological solution. Security is drastically improved with the implementation of facial recognition. Airports, metro systems and other forms of public transportation have introduced biometric technology into their security systems. The positives of this are threefold:
1. Passengers are safer and any fraudsters are immediately spotted;
2. The business is better protected against scammers;
3. The customer experience is quick and seamless.
There is a clear need for facial recognition technology, however, it is critical that the technology and the industry that creates it, employ best practices and global standards that have the interests and well-being of the consumer in mind, from a health and security standpoint but also to suit the fast-paced lifestyles many of us have. From retail and payments to airport security and everything in between there is a need for facial recognition as it provides a flawless experience, security and peace of mind for customers, whilst protecting businesses and countries from theft, fraud and security issues.
