Facial verification technology is one of the most complex yet easily accessible security systems of today. With advancements in the field of biometric security technologies face verification services, too, are becoming increasingly efficient with every passing day. Within the industrial sector, there are a number of facial recognition software companies offering face verification services.
In 2020, the facial verification industry market worth was about 3.8 billion USD. Predicted CAGR at the time was 17.2%, and today the industry worth is about USD 5.7 billion.
Such increasing numbers hint towards the increasing demand for face id check by the industry at large. Overall, there are all kinds of industries that can and are utilizing such biometric verification services.
Let’s go over some of the industries that can access the most benefits from face verification services.
Face verification system for the retail industry
The retail industry is one of the biggest markets for face verification services. This is because of the large number of people that the industry interacts with. Every day millions of customers enter retail stores. Unfortunately, however, with an increasing number of customers, there is also an increase in those who are there to shoplift. Face verification services ensure that each shoplifter is verified.
Within the retail industry, another big problem is employee management and checking their login and logout times. Through facial verification as a biometric attendance system, we can easily address this issue.
Face verification services can also be used for targeted marketing in stores, and Walgreens has conducted such experiments in the past.
Using face scanning systems to service your clients as a hoteling business
The hoteling industry is another very large industry that involves dealing with many people on a regular basis. Some of the primary customers of hotels are tourists. When such tourists visit places whose language they are unfamiliar with, it can create issues for local businesses. The hotel industry can avoid such issues by using face verification services. Customers can sign up or register online using face verification and then simply access their rooms or other information through their facial data. While digital management can be done by those who speak English, this can help reduce language barriers with locals managing the on ground systems.
Additionally, access to rooms based on face verification services offers much greater security. This, thus, helps a hotel offer more security and better customer service to its clients.
For hotels, this also provides a massive competitive edge over competitors as security is usually a big factor for those staying in private hotels.
Face recognition services for the banking industry
Banks and other financial institutions are highly sensitive and must uphold security systems for the customers. Banks can offer improved security to customers through facial verification services in a number of different ways. One of the primary ways that the technology can be used by a bank is at ATMs. People can often forget ATM pins and passcodes, or lose their cards. Introducing face verification systems at ATMs can help ensure easy access to accounts by all users. The same goes for online banking apps where during the two or three-step authentications, facial scanning can help improve security.
KYC face verification is a legal requirement for all banks and other financial institutions. Therefore, even besides better security and customer service, the utilization of face verification services is an absolute necessity for all financial institutions.
Face verification services for the gambling and gaming industries
Money laundering, minor exploitation, and identity theft are some of the most common crimes within the gambling and gaming domains. The risks of all such cases can be mitigated greatly by using face verification services. In most jurisdictions, gambling businesses must conduct effective KYC processes in order to work. However, even where KYC is not a legal requirement, it is important for gaming and gambling businesses to ensure the authentication of their customers. This is because of the massive risks of financial crime that come with unauthenticated users on such sites.
Within the gaming and gambling industry, face verification services can help protect minors by ensuring that those below a certain age cannot access age-restricted sites and games. Additionally, it can also help restrict adults on games designed only for younger children.
Conclusion
Face verification services are increasingly being adopted by businesses all over the world. With the world becoming a global village, this need for creating security systems without language barriers or requiring physical presence or complex passwords is increasing. The need to offer such effective and secure methods for verification increased during the COVID-19 pandemic era. However, even with routines gradually shifting back to normal, these digital and advanced security methods aren’t going anywhere.
Face verification services offer great promises. Some other industries that can benefit from the technology also include healthcare, automotives, tourism, and travel. The technology is rapidly improving, and soon, we might be able to develop even more secure systems. Businesses that adopt the technology today will become the trendsetters of tomorrow.
