Twenty-first century is considered a fast-age. There are overwhelming advancements every now and then. With businesses growing and getting digital, the companies are counting on KYC to provide ultimate convenience to the customers. In 2020, the global biometric identification and verification market was valued at over 3.5 billion US dollars. By 2026, it is predicted to surpass 8.8 billion US dollars making it a gigantic industry. By 2026, health care institutes are going to invest a staggering 531.8 million US dollars in facial and biometric authentication. Almost twice the amount compared to 2020.
What is Biometric Authentication?
Biometric authentication is an advanced and modernized form of security system. It is designed to facilitate both business and customer. It helps to streamline the process and provides a uniform experience. The person’s unique biological traits are the benchmark for the identification. It may include facial, voice, fingerprint and iris recognition.
Face authentication uses facial features to identify and verify the person’s identity. The shape of eyes, their color, distance between the eyes, the shape of the face, nose shape, contours of face and other unique traits such as birth marks are copied on the digital template. Each face is given a unique numerical representation to individual facial characters. Hence this makes a comprehensive KYC identity verification.
How Facial Bio Recognition Works?
When a person wants to be identified or granted access to a certain data or place, they get themselves scanned through a facial recognition system. The system captures their real time image and extracts the salient features. The captured image is tallied with the stored/saved templates of the faces and are matched. The system then detects the similarities and then makes a positive decision when the similarities are above a certain threshold. The process is deemed successful and access is guaranteed.
Benefits of Face Bio Authentication
Face bio authentication is a vital step in KYC. There are several advantages of biometric authentication.
KYC helps the health care organizations, hospitals apps and businesses to avoid any sort of underlying risk.
Time Saving Customer Experience
It saves the time of both the business and consumer, allowing the process to be smooth and pacy. It also helps the swift enrollment in case of any medical emergency rather than filling forms. So in one way it helps to attain potential leads
In healthcare facilities, facial recognition can control access to certain restricted areas. Hence only relevant personnel are allowed to visit the facility. This ensures the security of the facility.
Confidential Health Records
The health care professionals can use their facial features in order to access the patient information and other confidential information, alongwith the patient history and other sensitive records.
Managing Medicinal Records
The medicinal records of the patients are kept in check before administrating medicine. This helps to ensure that the patient receives the right prescription.
Prevention from Fraudulent Entries
It makes sure that the entries are verified by the additional layers in the form of biometric facial identification. It helps to avoid any fraud cases. In many countries there are certain health benefits to citizens so these types of procedures suppress any fraud practices and ensure the financial safety of citizens.
Verification for Health Apps
For apps facial recognition ensures safety to personalized data and allows only authorized users to access.
Why Should One Go For It?
In the 21st century, everything is pacey and customers look for convenience and they tend to avoid unnecessary procedures like filling documents in order to utilize a service. Like they would like digitally to book their appointments and test results rather than visiting the facility for the hard copy. So one must be the first one to adopt the latest procedures in order to make the business processes smooth.While facial verification offers ease of use there are also concerns about privacy and data security. One must make sure that ethical considerations and public privacy are kept in check.
Also Read: Client Face Verification.