SingPass, a Facial Recognition Answer for ID Verification, Might be Utilized by Singapore’s DBS Financial institution for Digital Onboarding

Singapore based mostly DBS Financial institution Ltd, (SGX: D05), a multinational banking and monetary providers company with over $330 billion in belongings, has teamed up with the Authorities Expertise Company of Singapore (GovTech) to check out the SingPass face verification expertise system.

DBS Financial institution goals to draw new digital banking clients by simplifying the onboarding course of through the use of SingPass.

The pilot program goals to focus on over 1 million DBS purchasers who’re at present SingPass holders, however might not be utilizing the newest digital banking providers. Round 60% of those potential purchasers are senior residents (aged 62 or older). DBS claims that it at present has about 3.four million digital banking clients.

DBS clients may even be given the chance to make use of SingPass face-verification tech to register to make use of varied different services and products by the top of this 12 months.

DBS purchasers have been required to make use of their ATM, credit score/debit card and PIN to join digital banking providers. Clients that didn’t have a card or PIN needed to await round 5 enterprise days earlier than they may obtain directions through common mail, which allowed them to join digital banking accounts.

When utilizing SingPass, companies or firms are capable of match the shopper’s facial picture with the federal government’s biometric database. Nonetheless, the software program reportedly doesn’t accumulate and retailer any person information with a purpose to guarantee safety and privateness.

DBS had carried out a beta trial of the SingPass face-verification tech with greater than 100 senior residents in Singapore. College students from ITE School West additionally reportedly took half within the testing.

The adoption of SingPass and different related platforms has come at a time when the world is struggling to deal with the COVID-19 outbreak, which many consider has accelerated the shift in the direction of digital platforms and providers.

The variety of senior residents in Singapore who had been actively utilizing digital banking platforms in April and Could 2020 elevated by 3x when in comparison with the identical time interval in 2019.

DBS’ administration revealed that the variety of purchasers who had been caring for their banking wants utterly on-line greater than doubled from 2017 to 2019. The financial institution claims it has round 1 million clients who conduct all their banking exercise on-line, and haven’t visited a bodily location in over a 12 months.

Jeremy Soo, head of shopper banking group (Singapore) at DBS Financial institution, remarked:

“Amid one of many biggest disruptions ever witnessed in our time, we’re extra cognizant than ever in regards to the significance of leveraging digital expertise to shortly serve up options that profit the broader public.”

OCBC Financial institution (Oversea-Chinese language Banking Corp., Ltd) (SGX: O39), a multinational banking and monetary providers company headquartered in OCBC Centre, Singapore, not too long ago revealed that its clients in Singapore will now have the ability to use their SingPass to entry its digital banking platform.