Mashreq NEO to become UAE’s first digital bank to use facial recognition for account opening
Mashreq NEO, the full-service digital bank of UAE lender Mashreq Bank, announced on October 12 that it will allow residents to easily open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE Ministry of Interior, builds on the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate the legitimate holder of the official document in time. real against government databases in order to guard against fraud.
This process, in turn, allows customers to securely open their new accounts.
From early November 2021, new Mashreq NEO customers will be able to access banking services by scanning their Emirates ID and using their face as the primary authentication method; eliminating the need to visit a bank branch, a statement said. However, to open a Mashreq Neo account, customers can scan their Emirates ID by typing it on their smartphone, confirm details and take a selfie.
Fernando Morillo, Senior Executive Vice President, Group Head of Retail Banking, Mashreq Bank, said: “By capitalizing on the latest facial recognition technology, our clients’ identities will be instantly verified using artificial intelligence. , thus providing our customers with a convenient and transparent experience. without compromising the security of their data.
“The service builds on the UAE’s leading digital agenda, and in the Mashreq we see biometric technologies like this playing a bigger role in the future as customers look for secure ways but practices to conduct their financial transactions and enjoy a superior customer experience. “
Mashreq Bank and Oracle Financial Services also collaborated to modernize the financial institution’s banking capabilities. Mashreq would implement Oracle’s Transaction Banking platform to provide solutions for digital banking, payments, trade finance, liquidity management and virtual accounts.
Read: UAE Mashreq To Use Oracle’s Transaction Banking Platform
Last year, the Dubai International Financial Center (DIFC) and Mashreq launched a blockchain data sharing platform to speed up the ease of opening digital bank accounts.
Read more: Dubai DIFC and Mashreq Bank launch bank account opening with KYC blockchain platform