Mashreq NEO, the full-service digital bank from UAE lender Mashreq Bank, announced on October 12 that it will enable residents to conveniently open a bank account using facial recognition technology.
The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate the rightful holder of official document in real time against government databases to safeguard against fraud.
This process, in turn, enables customers to open their new accounts securely.
Starting from early November 2021, new customers of Mashreq NEO will be able to access banking services by scanning their Emirates ID and using their face as the primary authentication method; eliminating the need to visit a bank branch, a statement said. However, to open a Mashreq Neo account, customers can scan their Emirates ID by tapping it to their smartphones, confirm details and take a selfie.
Fernando Morillo, senior executive vice president, group head of retail banking, Mashreq Bank, said: “Capitalizing on the latest facial recognition technology, our customers’ identities will be verified instantly through artificial intelligence, thus providing our customers with a convenient and seamless experience without compromising on their data security.
“The service builds on the UAE’s leading digital agenda, and at Mashreq, we see biometric technologies such as this playing a larger role going forward, as customers look for safe but convenient ways to conduct their financial transactions and benefit from a superior customer experience. ”
Mashreq bank and Oracle financial services also collaborated to modernize the financial institution’s transaction banking capabilities. Mashreq would implement Oracle’s Transaction Banking platform to provide solutions for digital banking, payments, trade finance, liquidity management and virtual accounts.
Read: UAE’s Mashreq to use Oracle’s Transaction Banking platform
Last year, Dubai International Financial Center (DIFC) and Mashreq launched a blockchain data-sharing platform to expedite the digital bank accounts opening facility.
Read more: Dubai’s DIFC, Mashreq Bank launch bank account opening with KYC blockchain platform