Equitas Bank has become the first small finance bank (SFB) to launch the facial recognition-based authentication in its mobile banking app.
Equitas is the first SFB, and one of the few lenders in the country to introduce facial recognition facility for customers to log in to their mobile banking app. This eliminates the need to remember complicated passwords or Mobile PIN.
Equitas SFB is also the first private sector bank from Tamil Nadu post-Independence. It began its operations in on September 5, 2016, after getting the nod from the Reserve Bank of India (RBI).
“With EquitasSelfeLogin, customers are now able to bank and pay from the mobile banking app with ease. They can safely login to the app within seconds by just using their mobile camera. Innovation to deliver a simple and secure banking experience for our customers is the key driver for this initiative. There’s a whole generation of customers becoming more comfortable with biometric authentication technology, and we are confident that they will find this feature convenient and relevant,” said Vanamali Ranganathan Sridharan, Chief Technology Officer at Equitas Small Finance Bank.
“From the beginning, the Bank has been working on technology as a key driver of growth and has a roadmap to progress towards this. The bank has invested over Rs 150 crore in digitization, information security, cyber security, and customer-facing apps to make it easy for customers to bank from where they are. Today about 92 percent of the transactions are carried out by customers outside the branches out of which about 50 percent are done online. Additionally, we are implementing Robotic Process Automation solutions to help drive operating efficiency as it scales up the banking operations,” said P N Vasudevan, MD & CEO, Equitas Small Finance Bank.