BOT has issued new tips on using biometric expertise in monetary providers, and granted approval to 5 banks to make use of facial recognition in account opening.
The BOT (Bank of Thailand) has issued new tips for using biometric expertise in monetary providers, and graduated 5 banks out of a regulatory sandbox programme to check using facial recognition.
The rules, accessible right here (Thai), cowl rules monetary service suppliers ought to observe within the adoption of biometrics expertise, in six areas:
establishing insurance policies and oversight for using biometric expertise
guaranteeing the gathering of high quality biometric knowledge for shoppers
guaranteeing correct outcomes from shopper assessments utilizing biometric knowledge
assembly worldwide requirements for shielding shopper knowledge
defending customers and educating them the expertise
establishing operational danger administration controls and guaranteeing steady service
Biometrics should be examined below the BOT’s regulatory sandbox earlier than really being utilized by monetary establishments.
In February, BOT launched a pilot programme to permit using facial recognition expertise for digital account opening at six industrial banks, utilizing buyer data saved on the NDID (Nationwide Digital ID) platform, a blockchain database launched final 12 months.
In keeping with The Nation, as many as 5 million accounts have thus far been opened utilizing the facial recognition expertise, amid BOT instructions for monetary providers suppliers to keep away from bodily contact with prospects to stem the unfold of the coronavirus.
On Friday (24 July), the BOT introduced that 5 of the banks concerned within the pilot programme efficiently handed the testing section and have been granted approval to make use of biometric expertise for identification verification.
The approval permits the 5 banks – Kasikornbank, Bangkok Bank, Krungsri, TMB and CIMB Thailand – to make use of facial recognition of their cellular apps and ATM machines for account opening.
9 different banks and NBFIs are understood to nonetheless be ready for approval to make use of biometric expertise in account opening.
Within the preliminary section, banks will apply the expertise to their very own prospects, whereas the second section will permit for cross-verification of customers’ identification throughout completely different monetary service suppliers.
Account Opening, Bangkok Bank, biometric, BoT, CIMB Thailand, Buyer Knowledge, Knowledge Safety, Facial recognition, identification verification, Kasikornbank, Krungsri, KYC, NDID, Operational Danger, Sandbox, TMB
