Show Your Face
In the near future, Shinhan Bank customers will be able to withdraw money from the bank’s automated teller machines (ATMs) with their faces even if they don’t have a bank card or bank book for ID. The lender will launch ATM services through facial recognition beginning in September.
First, 900 ATMs, about 20 percent of the bank’s total, will provide facial recognition-based financial transaction services. By showing your face to the camera of a Shinhan Bank ATM for authentication, you can use financial transaction services such as account inquiries, withdrawals, and transfers without a passbook or bank card.
Prior to the application of the technology to ATMs, Shinhan Bank will utilize facial recognition for foreign currency withdrawals starting from July. Customers who apply for currency exchanges through the bank’s financial smartphone app, SOL, and select the option to take withdraw the money at a Shinhan Bank branch will be able to draw foreign currencies using their faces not only at all Shinhan Bank branches but some ATMs at Incheon Airport and Samseong Station in Seoul.
With the launch of the facial recognition-based ATM service as momentum, Shinhan Bank has expanded its facial recognition-based authentication service to all channels, both online and offline. Previously, Shinhan Bank began offering services such as withdrawing money without an ID at branches, as well as changing and canceling transfer limits. In addition, the facial recognition-based authentication service is also being applied to the mobile app SOL and Digital Desk.
To use the facial recognition-based authentication service, users must first register their facial information on the SOL app or at a branch counter. Shinhan Bank stores and manages authentication information jointly with the Financial Services Commission in order to not only enhance the facial recognition rate and accuracy but also to eliminate security concerns.