Technological advancement has increased the efficiency and working of individuals, but it also has a dark side, as it has paved the way for illegal computer activities. Two types of cyber crimes became common due to this digital system. One is cybercrime, in which the hardware and software of the user’s system are attacked. Another form is cyber-enabled crime; financial institutions are affected by it, and data leakage and phishing are significant issues. Legal authorities are driving ways and means to safeguard the interests of companies and individuals. Facial recognition technology is the quick fix against all these obstacles.
What is Facial Recognition Technology?
Digital systems using advanced AI tools and machine learning to verify the identity of the clients is known as facial recognition technology. The scanner extracts the features of the individuals and compares them with the previously stored information in the database. The facial recognition technology market will reach US $4.95 billion in 2023, which is expected to increase yearly.
Importance of Face Recognition Technology
All types of industries use these solutions to increase the productivity of their daily activities. These solutions are not only confined to our phones, but it has become an essential feature of businesses. Face scanning technology allows only verified individuals to bypass the clients’ accounts and continuously monitor them to ensure that, later on, they do not get involved in any kind of illegal activities. Customer onboarding and inspection are done through it; AI facial recognition has simplified every task. These solutions are very reliable and accurate as the technology performs the whole scheme; no manuals are required for this type of verification.
Traditional ways of authentication were time-consuming and lengthy, as the operator had to collect, gather, analyze and verify the customers. Those verifications were error-prone because humans get tired and distracted by their environment. Even employees can knowingly expose the client’s information for the sake of money. Therefore, the facial recognition technology market is continuously increasing, and people are now more inclined towards it due to its remarkable benefits.
Use Cases of Online Face Recognition
- Security System
Companies have to spend on security cameras to control the company’s activities; for this purpose, they have to install different scanners for different purposes. Face recognition technology is an all-in-one solution; it can onboard and monitor the employees simultaneously. Managers can measure the work activity of their employees through these scanners and reward them accordingly.
- Retail Industry
Face recognition technology enhances the in-person and online customer experience; clients’ purchasing process is simplified. Online shopping is made more convenient through these solutions, as the only problem with E-commerce is that clients need help to try on the products. These scanners are so advanced that they even help the customer select the product by making the template of the product and how it will look on the user. In the coming years payment for the shopping can be made by just facing the camera, clients do not have to wait in long queues for their turn.
- Healthcare
Face recognition solutions can detect the client’s disease, and they are expected to be affected soon. In the health sector, any delay can risk the patient’s life; therefore, these swift solutions show remarkable benefits in hospitals. Patients just have to face the camera and complete their verification in seconds. It is also cooperative for doctors, who can get the patient’s complete medical history with a single click. They can adequately prescribe the medicine to the patient when their prior data is known.
- Finance
The financial sector includes banks, insurance companies and investment agencies; as these companies deal with money, hackers are more attracted to it. AML (Anti Money Laundering) and KYC (Know Your Customer) compliance is crucial for these companies. Face identification online helps businesses follow these guidelines and can avoid heavy penalties.
- Offices
These solutions have abridged the offices’ activities, from marking attendance to measuring the employees’ work so they can perform every task. Their check-in and check-out can be counted so the company can pay them accordingly.
Conclusion
Facial recognition technology is a comprehensive range of technology, as it is giving its services in almost every industry. These solutions have untangled many campaigns of businesses by their swift speed. Every piece of work can be performed with just a single click; clients just have to face the camera, and their verification is done. Even an uneducated person can undergo this verification; there is no need to read complex and lengthy user manuals. Face recognition technology promises a smooth and friendly user experience; the client retention rate is increased through it. Companies can retain their clients for an extended period, and loyal customers also recommend the company to their family and friends.
