Top 4 Benefits of Facial Recognition You Have to Know About

Facial recognition technology, a market that is forecast to be worth as much as USD 8.5 billion by 2025, has progressed significantly over time. Today, its application is no longer of a limit to law enforcement agencies but has expanded to numerous other sectors as well. In this article, we will be taking a look at the top four benefits of using facial recognition online. But before we get to that, let’s get a better understanding of what this technology is.

The Emergence of Facial Recognition Technology

Facial recognition technology is a renowned kind of identity verification system that uses the facial characteristics of an individual to detect their identity. This usually involves an in-depth but rapid analysis of their features such as the width of their forehead, the shape of the nose, the length of the nose, the distance between the eyes, and so on. Biometric-base identity verification solutions are common of employe by military facilities, the corporate and government sector, R&D areas, and other spaces that require rapid, seamless, and convenient identity verification. That being said, let’s dive into the top advantages.

1.Enhanced Public Security

A key area that reaps the benefits of facial recognition is law enforcement. Based on an NBC report, this technology is being increasingly used by law enforcement agencies in U.S.-base cities, such as LA, Chicago, New York, as well as numerous local agencies.

Additionally, the U.S. CBP (Customs and Border Protection) (CBP)has also announced plans to utilize face recognition by 2023 for verifying 97% of international passengers. Those that support the use of this technology point out the following key benefits of facial recognition with regard to public security:

  • Facial recognition systems have the ability to identify and track down robbers, thieves, and trespassers. By analyzing video footage capture by CCTV cameras, criminal activity can be kept under control.
  • The capability of face identification systems is not confine to tracking down fraudsters. For example, it also allows the police to find lost seniors and missing children.
  • Facial recognition can also make airport security checkpoints less invasive for passengers and kyb checks.

2.Rapid and Non-invasive IDV

A major plus-point of facial recognition technology is that processing is complete in mere seconds, and it eliminates the need to physically connect with other individuals. With traditional identity verification, users have to remember their passwords or have their ID card in possession. However, with facial recognition, companies can easily eliminate the inconvenience of long queues and can control access to facilities without long lines.

On top of this, its application does not have a limit to just physical security, companies can easily use this technology for enhancing cybersecurity and use it as a fraud-free security mechanism for kyb verification solutions.

3.Streamlines Banking

Despite financial institutions employing numerous security measures, financial scams are a recurring problem. Facial recognition online can effectively solve this dilemma.

Apart from using passwords and 2-factor authentication, there is still room for improvement. Instead of using traditional passcodes, financial institutions such as banks can utilize facial recognition technology for authorizing transfers and account access. This way, by simply looking at your smartphone screen, you can use the banking app. Without passwords, it leaves less room for fraudsters to hack an account. The best part is, even if a criminal steals your photo database, the “liveness detection” feature of facial recognition can prevent fraudsters from impersonating you online.

4.Benefits in the Retail Sector

Facial recognition has undoubtedly made the online retail sector much safer. However, its perks extend to physical retail outlets as well. One advantage is that it makes the shopping experience convenient and considerably rapid. Other benefits include:

  • Shorter queues: With face pay technology, customers can forget the hassle of long queues and slow billing.
  • Better security: Shoplifting is a common problem face by brick- and mortar stores. With facial recognition technology, store owners can monitor customers ‘ interest and their suspicious activities to minimize loss.
  • Increase of customer loyalty: Facial recognition systems can also be utilize in the form of kiosks in retail stores that offer product suggestions to customers, direct them to shops of interest, or simply recognize their identity. By providing personalized experiences, there is a higher chance of repeat purchases.

Key Takeaways

  • Facial recognition has streamlined identity verification
  • It enhances public security, streamlines banking procedures, and provides numerous benefits to the retail sector
  • Because of its countless advantages, the technology is forecast to proliferate in the upcoming years

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