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Japan's Seven Bank taps facial recognition tech for ATM-based account opening

Japan's Seven Bank is planning to add facial recognition technology to its ATMs, enabling users to open accounts through the machines, according to local press reports.

  13 3 comments

Japan's Seven Bank taps facial recognition tech for ATM-based account opening

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The bank, a subsidiary of retailer Seven & I Holdings, does not have a branch network but does operate more than 24,000 ATMs, mainly at convenience stores, notably Seven-Elevens.

According to the Japan Times, several thousand of these machines, mainly in large cities will get upgraded over the next 18 months, gaining a high-precision camera for taking photos of users.

Customers will be able to take a picture and scan a photo ID to open an account. Currently, new customers need to send a copy of their ID to the bank.

The new feature is being introduced thanks to a recent change in law, which allows machines to carry out identity verification duties.

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Comments: (3)

A Finextra member 

This looks like technology looking for a problem to solve. 

ATM's are rapid transaction devices. Get Cash, Check a Balance, Make a Deposit. That's why manufacturers introduced features like Quick Withdrawl. The last thing you want to do is create a queue at an ATM whilst someone is trying to open an account.  

Now if the ATM sent a link to my cell phone so I could walk away and complete the task using the camera on my phone, that would be a far simpler task and avoid having to upgrade thousands of ATMs.

Ketharaman Swaminathan

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

@Derek Corcoran + 1.

I said so myself at http://lnr.li/. That said, there could be a case for supporting such functionality on mega-ATMs aka Kiosks. 

A Finextra member 

to Derek, surely it depends on how long the on-boarding takes. If it is done in 3 minutes is it such a big deal?

If the ATM also captures your contact details directly from taking a picture of your ID, it might be over in a flash. It all depends on the local regulation. 

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