UAE’s Mashreq NEO launches facial recognition
UAE-based digital bank Mashreq NEO allows residents to open bank accounts with facial recognition technology, the Khaleej Times reported.
The initiative is being carried out in partnership with the Ministry of the Interior of the United Arab Emirates. It will use the ministry’s facial recognition verification system, which uses technology to validate and authenticate the holder of an official document to mitigate fraud, according to the report.
The process will then allow customers to securely open new accounts, the report says.
Facial recognition technology will begin to be used in November, according to the report. Customers will be able to obtain banking services by scanning their Emirates ID card and using their face to identify themselves. Thus, they will not need to go to a bank branch. And that will make the process safer.
Fernando Morillo, Senior Executive Vice President and Group Head of Retail Banking at Mashreq Bank, said in the report: “By capitalizing on the latest facial recognition technology, our customers’ identities will be verified instantly through the artificial intelligence, thus providing our customers with a convenient and seamless experience without compromising the security of their data.
“The service builds on the UAE’s leading digital agenda, and in 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, ”he said in the report.
In August, Mashreq partnered with Visa for a rapid seller onboarding program. The objective of this partnership is to facilitate digital acquisition and the integration of small and medium-sized enterprises (SMEs).
Read more: Visa and the Mashreq team on SME integration in the United Arab Emirates
The program aims to reduce issues faced by merchants and acquirers, including lack of digital touchpoints, long onboarding times, and inadequate feedback mechanisms, which result in high costs.