The facial recognition market is expected to reach $8.5billion in 2025. Moreover, the number of users securing payments via software-based facial recognition is set to exceed 1.4 billion globally by 2025 compared to just 671 million in 2020, facial recognition is clearly the future and one that customers are happy to use.
Anton Nazarkin joined VisionLabs – a computer vision and machine learning company as the Global Business Development Director in 2017. During his time with VisionLabs, Nazarkin has developed new products, solutions and has managed sales globally. Most recently, Nazarkin has driven the creation and release of the LUNA POS Terminal. He strongly believes in developing innovative technologies that help people in their everyday lives.
Speaking to The Fintech Times, Nazarkin explains how facial recognition technology has developed over the last few years, and how it is in more demand now than it ever has been before:
Facial recognition technology is on its way to drastically improve financial security, access control, speed up transport check-ins, retail transactions and overhaul national security processes. In fact, by 2024, facial recognition will be present in 1.3 billion devices globally.
With the increase in demand for both speed and security in technology, the need for facial recognition technology has never been greater, from both the viewpoint of the consumer and businesses. Consumers are expecting the most seamless customer experience in retail and banking – amongst others – choosing contactless and biometric methods over manual payment methods that require cash and cards. Meanwhile, businesses are looking for effective ways to meet their customers’ needs.
Consumers Lead the Charge
The message is clear: consumers want contactless solutions, now. In 2020, contactless transactions hit its highest rate since 2015. In fact, payment “by facial recognition” accounts for 40 per cent of the total number of payment transactions done where VisionLabs software is available, over the last two years. Moreover, users of facial recognition software as a means of payment are expected to increase by 120 per cent by 2025, according to Juniper Research. 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.
Ready For Digital Transformation
Companies have been gearing up to embrace digital transformation for some time. Offering cutting edge technology solutions are critical for all businesses, as customers are after secure and effective digital experiences. Looking at the evolution of payment methods, introducing a truly contactless payment solution in the form of facial recognition provides that digital experience. One challenge businesses currently face is lag. Slow processing speeds mean fewer customers can be served in a given amount of time, and some customers facing this frustration choose another merchant. 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.
Large companies are also primed for this digital transformation. One aspect of this transformation is the replacement of old sign in methods by ID cards and tap-and-go access terminals, however, businesses are ready for even more secure methods for their office access. Using facial recognition for these access terminals prevents any fraudulent activity or misidentification of personnel, which is imperative to businesses. In the current remote working climate where businesses are attempting to bring employees back to the office, facial recognition may also help provide them with accurate data on how many employees, and who is returning – allowing them to create new initiatives to help bring more people back in.
Fraud-Me-Not
Clickbait articles will have you believe that facial recognition payments are susceptible to fraud and duping. This could not be further from the truth. Payment fraud is expected to continue increasing and is projected to cost $40.62billion by 2027 – 25 per cent higher than in 2020. This includes payments by card, telephone and online banking with the majority of these requiring no facial verification.
A fraudster may be able to steal your credit or debit card, however, they cannot steal your face. Therefore if transactions required adequate facial recognition technology, vast swathes of card fraud would be eliminated. This is one practical way in which facial recognition enhances the security of personal financial transactions, and reinforces the need for this technology to be widely implemented.
Whilst the facial recognition technology of yesterday may have been spoofed, today’s technology is vastly superior. 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 per cent accuracy.
The Many Faces of Facial Recognition
There are many more uses that demonstrate the need for facial recognition technology. Security can be drastically improved with the implementation of facial recognition. Airports, metro systems and other forms of public transport around the globe have introduced biometric technology into their security systems. The positives of this are threefold:
- All passengers are safer and any fraudsters are immediately spotted;
- The business is protected against scammers;
- The 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 employ best practices that have the interests and well-being of the consumer in mind, from a health standpoint but also to suit the fast-paced lifestyle 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.
About Visionlabs:
VisionLabs is a team of Computer Vision and Machine Learning experts, specialising in developing products and solutions in the areas of face recognition, object recognition, augmented reality and virtual reality.
Its products are based on state-of-the-art algorithms and technologies developed solely by VisionLabs. The quality of its products is proven by numerous implementations and by the independent third-party face recognition engines tests. Together with its respected Partners, the company delivers solutions globally to the security, retail, banking, transportation and other industries.
Anton Nazarkin, International Development Director: https://www.linkedin.com/in/anton-nazarkin-70701017/?originalSubdomain=ru
