A South Korean online financing platform that lets customers apply for loans and receive money from anywhere, using only a smartphone. Facial recognition for digital identification using selfie has been recently introduced to verify the identities of users. This makes it easier and more accessible for users who are looking for quick loans.
Facial recognition for digital identification
PeopleFund, the leading non-bank financing platform in South Korea, has launched a new form of digital identification with biometric technology. Thanks to this, its new customers can register more quickly and securely when applying for a loan. The digital identification solution has been implemented through Facial recognition. This new technology allows Korean entrepreneurs, start-ups, and investors to open an account and apply for a loan with their mobile devices anytime and anywhere without having to make a video call to a bank agent.
The new system uses a unique and non-transferable biometric pattern obtained from users’ faces through a selfie. This allows PeopleFund to identify and register customers in a totally secure way, which significantly improves the user experience for both parties. In this way, PeopleFund minimizes dreaded phishing scams, the main threat to the financial sector, to a minimum. Another benefit of using biometric facial recognition is that PeopleFund complies with the security requirements of the P2P Financing Act passed by the Korean government. This is the world’s first law regulating non-bank lending for business and financial users and recognizes Facial recognition onboarding as a valid identification method. This law requires that all non-bank lending platforms have secure identification processes to protect customers from financial fraud.
The use of facial recognition is on the rise
Facial recognition provides secure, fast, and easy-to-use technology. It is an expert in users’ digital identity verification; it specializes in digital onboarding and biometric authentication solutions. It was established with the aim of creating more secure, accessible, and fraud-free digital processes; to achieve this, Facial recognition is committed to innovation with artificial intelligence and machine learning. M2SYS is providing an AI-based facial recognition system using its cloud biometric system, that is CloudABIS.
PeopleFund is taking a major step forward in providing a secure and convenient service for its customers. The implementation of Facial recognition’s biometric technology not only improves the customer experience but also meets the P2P Financing Act’s stringent security requirements, making it a win-win situation for both the platform and its customers.
M2SYS is fueling fintech digitalization needs
M2SYS is a provider of biometric identification solutions that can help fintech companies to manage their customers better using biometric technology like CloudABIS and biometrics turnkey solutions. The company’s biometric technology can be used to verify the identity of customers in a secure and efficient manner, reducing the risk of fraud, and improving the overall customer experience. The biometric solutions by M2SYS can be integrated into various fintech applications such as account opening, loan applications, and transactions, to provide an additional layer of security and convenience.
Biometrics technology for banks continues to help fintech companies to manage their customers better. Biometric technology offered by M2SYS can be used to verify the identity of customers in a secure and efficient manner, thus, reducing the risk of fraud as well as improving the overall customer experience. By integrating biometric technology into various fintech applications, fintech companies can offer their customers a fast, secure, and convenient service that can improve customer loyalty and retention. If you want to take your fintech security to the next level using biometric technology please get in touch with us.