Daegu Bank to Implement Facial Recognition for Real-Name Verification in First Half of Next Year

Designation of Real-Name Verification Using Facial Recognition Technology as an 'Innovative Financial Service'

[Asia Economy Reporter Park Sun-mi]DGB Daegu Bank announced on the 23rd that its face recognition technology-based in-person identity verification service has been designated as an innovative financial service under the financial regulatory sandbox and is scheduled to be applied in the first half of next year.

This service replaces the original identity verification documents, such as resident registration cards, which were previously mandatory for in-person financial transactions, with face recognition technology to verify the real name.

Customers log in to the IM Bank application (app) by scanning a QR code and proceed with the process by taking a facial photo for face recognition to replace real-name verification. Then, the bank's computer system compares and verifies the customer's face recognition photo against the existing ID and also confirms the authenticity of the original ID.

A Daegu Bank official emphasized, “The consulting staff visually double-checks the customer once more,” adding, “This service can eliminate the inconvenience of having to revisit the bank when the physical ID is not available for real-name financial transactions. Additionally, it offers advantages such as applying face recognition technology as a ‘visiting financial service’ to assist customers who find it difficult to visit the bank in person, such as those hospitalized, thereby enhancing financial convenience.”