HSBC Launches Facial-Recognition Banking for Corporate Customersby Company Announcement May 18, 2018
HSBC Holdings has become one of the first banks in the world to let corporate customers access mobile banking using facial-recognition technology, speeding up the log-in process and increasing account security.
Clients can now use Face ID in 24 countries to log into the bank’s award-winning HSBCnet mobile app, which already offers Touch ID log-in. The new functionality speeds up log-in times to less than a second.
HSBC is already one of the world’s biggest users of biometric technology for financial services. Customers can use ‘Touch ID’ fingerprint-recognition, voice recognition and ‘Selfie ID’, to log-in with a photo.
HSBC’s Global Head of Liquidity and Cash Management, Diane S. Reyes, says the introduction of Face ID means business customers can now enjoy even faster and more secure access to mobile banking.
“Customers are benefitting from both the convenience of HSBCnet Mobile and the highest level of security with the introduction of Face ID,”
“HSBCnet Mobile use has grown by 60 percent in the last year alone, with an equivalent growth in value. With single amounts of up to USD1 billion authorised on the app, we know our customers will appreciate the additional security and ease Face ID allows.”
Face ID technology works by recognising facial features, analysing over 30,000 reference points to create a ‘depth map’ of the face. HSBC’s Face ID log-on connects the bank’s mobile application programming interface (API) securely to the phone’s software to authenticate the user – with less than a one-in-a-million chance of mistaken identity.
HSBC incorporated Face ID as part of its ‘Digital Transformation for Corporates’ (DTC) programme, which is designed to build and develop a customer-centric digital banking experience.
“We are pioneering this technology within the financial services sector for businesses and corporates,”
says Niall Cameron, HSBC’s Global Head of Corporate and Institutional Digital.
“Our unparalleled global digital footprint allows us to deploy new technology like this quickly and at scale to make a real difference to our customers.”
The first smartphone model to support Face ID is Apple’s iPhone X. Almost a fifth of current HSBCnet Mobile customers on Apple phones are already using it. The bank’s Touch ID option will remain available on smartphones that can scan fingerprints.
Featured image via hsbc.com