CaixaBank first to show withdrawal symptoms for ATM cash
CaixaBank says it has become the world’s first financial institution to offer its customers the ability to use facial recognition to withdraw cash from ATMs, without having to enter their PIN.
The Spanish bank explains that this “streamlines the customer identification process, and makes it possible to withdraw cash without memorising multiple passwords”.
CaixaBank now has this verification system in place in four store branches in Barcelona, with a total of 20 terminals. The company plans to progressively expand facial recognition across its “store offices” from the second half of 2019.
Gonzalo Gortázar, CaixaBank CEO, comments: “Technological leadership helps us to provide a better service to our customers, in a closer, more specialised way.”
The bank developed this project with the collaboration of its tech partners, Fujitsu and FacePhi.
Th ATM can recognise users by the image captured by the terminal’s camera. The ATM has the hardware and software needed to validate up to 16,000 points on the image of the user’s face.
Just in case, and customers are a bit choosy, CaixaBank ATMs will have both options: facial recognition or PIN.
The bank states that this latest project forms part of neX, its new organisational structure recently created in CaixaBank to focus on digital transformation.
In a survey it did, it reveals that 70% of respondents would be ready to use this biometric alternative instead of entering their PIN.
Among the benefits mentioned by users, respondents highlighted the sense of security that comes with facial recognition (66% of participants mentioned this), convenience (important for 19% of respondents) and speed (highlighted by 15% of customers).
According to the bank, it has a 29.3% share among retail customers in Spain. It has more than six million digital customers, 5.2 million mobile banking customers, and a penetration rate of 32%.