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TMB, KBank ready with facial recognition for e-KYC platforms

TMB, KBank ready with facial recognition for e-KYC platforms
 

Digital banking platform Me by TMB and KBank in Thailand are each releasing new biometric services for opening savings accounts using electronic Know Your Customer (e-KYC), writes Bangkok Post.

Customers can now open new accounts in Me Save using the digital platform, they no longer have to be physically present in a branch, according to Benjarong Suwankiri, head of Me by TMB.

Deposit accounts with TMB can be opened using a smartphone that has Android NFC. Customers will need both an ID card and passport for facial authentication.

The e-KYC process has two stages. The first through facial recognition works only for current customers interested in opening a new deposit account, while in the second stage users can open bank accounts by using cross-bank identity verification through the National Digital ID (NDID) platform.

According to the Bank of Thailand, KBank, Siam Commercial Bank, Bangkok Bank, Bank of Ayudhya, TMB Bank and CIMB Thai Bank are conducting trials for cross-border identity verification in the regulatory sandbox.

KBank’s first phase of e-KYC has exited the regulatory sandbox, confirmed Supreecha Limpikanjanakowit, first senior vice-president. The bank has been collecting and updating customers’ facial information since last year, to prepare for biometric facial recognition deployment.

Me has also tested cross-bank identity authentication, as it is expected to improve transaction convenience.

Customers opening new digital deposit accounts on the NDID platform have to present their IDs through a smartphone.

“We expect our second phase will exit the regulatory sandbox in the second half. We will then set a clearer plan about expanding digital deposit account opening,” said Mr Benjarong.

KBank has meanwhile increased the number of dip-chip points where users can insert ID cards into a reader for authentication. Future plans include installing 100,000 dip-chip points nationwide in 2020. There is no target set for K-eSaving accounts yet, given market uncertainty.

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