Create an Account by Taking a Face Photo with Your Mobile Phone

Hanwha Investment & Securities Launches Non-Face-to-Face Account Opening Service Using 'Facial Recognition Technology'

[Asia Economy Reporter Kum Boryeong] It is now possible to open an account using facial recognition.

Hanwha Investment & Securities announced on the 19th that it will launch a non-face-to-face account opening service utilizing facial recognition technology.

Accounts are opened after an identity verification process that compares and verifies an ID photo with a selfie taken directly with a mobile phone. This service was also designated as an innovative financial service by the Financial Services Commission in February.

Previously, non-face-to-face account opening involved verifying identity through account authentication or video calls with a consultant. The account authentication method had difficulties with internet banking, and the video call method caused discomfort due to talking with strangers via video.

To enhance security, the facial recognition technology applies a "real-time detection test" to determine whether the person is actually taking the photo.

Yoo Changmin, Executive Director of the Global Digital Product Office at Hanwha Investment & Securities, explained, "The non-face-to-face account opening service using facial recognition technology lowers the barrier to financial services for customers and provides a safer and more convenient experience."

The facial recognition non-face-to-face account opening service is available on Hanwha Investment & Securities' mobile applications 'STEPS' and 'SmartM'.