CaixaBank is a Spanish financial multinational company that is also a pioneer in implementing face recognition technology in its banking process. It is the first bank that has introduced facial recognition technology in ATMs for their customers. This innovative idea was put to practice in Barcelona last year. CiaxaBank implemented this technology with Fujitsu, who provided camera expertise.
This technology of introducing facial recognition in ATMs allows users to withdraw money from their accounts without having to enter any PIN codes. A simple glance at the high-tech camera will allow the users access to their money. This not only helps save time on the user’s end but also increases the security of the financial system.
This verification system using face recognition is successfully operating in four different Store branches in Barcelona with connections to around 20 ATM terminals. The service can be availed by all customers with a CaixaBank account after they register for biometric verification from one of the CaixaBank stores.
Why is CaixaBank using facial recognition for ATM withdrawals?
If you’re wondering why the organization took such a hefty step just to ensure customer satisfaction, here’s a multitude of reasons why the facial recognition technology introduced by CaixaBank is a great step towards a more personalized and streamlined method of carrying out financial transactions.
- Accuracy with 16000 security points:
This innovative technique allows users to withdraw money just by registering their faces on a monitor. However, to ensure the accuracy and complete security of the users’ funds, CaixaBank facial recognition technology uses 16000 different security points on the image of the face to ensure 100% accurate identification.
With such a large number of identification points in work, it is hard for the technology to go amiss or cause any losses to the users. It also points to a more secure process of transaction than before.
- Better customer service:
Like all responsible organizations, CaixaBank deeply cares about its customers and wishes to provide them with an experience of utmost mobility and ease. This is why when it came to making the process of withdrawing money from ATMs easier and safer, CaixaBank did not hold back.
They dived straight into the mission of making their customer service and customer experience as smooth as possible to develop a close bond and understanding between the customers and the company.
- Customer interest in facial recognition:
Another thing to note regarding this innovation was the method used to bring it into place. Using the agile methodology, the experts at CaixaBank included their customers and their wishes in each part of the process to ensure that the final product was what the customers needed.
This meant that they carried out an extensive survey on their active customers to find out whether they would be interested in opting for facial recognition instead of using PIN codes for identification at an ATM. They also took note of why their customers preferred facial recognition if they did. All the data collected in these surveys allowed the company to gauge what the customers wanted, and so they were able to deliver just that.
- Easy Availability:
When new technologies are tried and tested at any company, only a limited portion of the customer base is allowed to use them at first. However, at CaixaBank, things happen differently. The facial recognition technology is available for all CaixaBank users no matter which branch they are registered with.
All they need to do is get themselves registered for facial recognition identification, and then all ATM terminals with facial recognition technology will be usable for them. This makes the entire process very flexible and easily accessible for the users.
The registration for facial recognition can be completed in a matter of a few minutes using tablets used by the bank’s employees. So, getting registered is just as easy as withdrawing your money without a PIN.
- Extending the relationship with biometrics:
This isn’t the first time CaixaBank is making headlines for getting involved in biometrics and face recognition technology. Back in 2017, 2 years before introducing facial recognition for ATMs, CaixaBank had already introduced the Face ID option for iPhone users. This allowed them to access their banking applications or mobile banking apps easily using facial recognition on their phones instead of remembering and inputting a username and password.
Having tasted hassle-free facial recognition technology results, CaixaBank aims to make more advancements in its operations using biometrics.
CaixaBank: Innovative Leader in Digital Banking
CaixaBank already holds about 30$ shares of all retail banking in Spain. This makes them the biggest company in the area, with more customers than any other financial setup. However, this large customer base also entails several responsibilities on CaixaBank that they have been fulfilling very well.
Digitalization of the transaction process will help support the company’s business model and make their customer service exceptional, pulling in more customers in the future. This will also lead to a trend in using biometrics and digital technology in banking, creating a more satisfactory and secure system for all citizens of Spain.
CaixaBank has been the first of many processes and technologies in banking in Europe, and it continues to do so. This is why in 2018, the company was also named ‘Best Digital Bank in Western Europe’ by Euromoney and Global Finance.