In a first-of-its kind move among small finance banks, Equitas SFB the first private sector bank from Tamil Nadu post-Independence, has introduced facial recognition-based authentication in its mobile banking app.
Equitas is the first SFB, and one of the few banks in the country to introduce facial recognition for customers to login to their mobile banking app. This eliminates the need to remember complicated passwords or MPIN.
Vanamali Ranganathan Sridharan, Chief Technology Officer at Equitas Small Finance Bank, said, “With Equitas SelfeLogin, customers are now able to bank and pay from the mobile banking app with ease. They can safely login to the app within seconds by just using their mobile camera. Innovation to deliver a simple and secure banking experience for our customers is the key driver for this initiative. There’s a whole generation of customers becoming more comfortable with biometric authentication technology, and we are confident that they will find this feature convenient and relevant.”
Commenting on this strategy, PN Vasudevan, MD & CEO, Equitas Small Finance Bank, said, “From the beginning, the Bank has been working on technology as a key driver of growth and has a roadmap to progress towards this. The bank has invested over Rs. 150 Cr in digitization, information security, cyber security and customer facing apps to make it easy for customers to bank from where they are. Today about 92% of the transactions are carried out by customers outside the branches out of which about 50% are done on-line. Additionally, we are implementing Robotic Process Automation solutions to help drive operating efficiency as it scales up the banking operations.”
