8 Additional Innovative Financial Services Including 'Identity Verification via Facial Recognition'

Financial Regulation Sandbox Expands to a Total of 153 Cases

[Asia Economy Reporter Jin-ho Kim] A service that allows identity verification using 'facial recognition technology' without presenting the original real-name verification ID such as a resident registration card at bank counters will be launched in April next year. Additionally, a telemarketing (TM) insurance product subscription service using mobile devices is expected to be launched within this year.

The Financial Services Commission held a regular meeting on the 21st and announced on the 22nd that it had additionally designated a total of eight innovative financial services, including these services. As a result, the total number of innovative financial services has increased to 153.

The 'Real-name Verification Service Using Facial Recognition Technology' by Daegu Bank, designated as an innovative financial service on this day, is a service that allows financial transactions without presenting a resident registration card or other ID during face-to-face transactions.

Customers log in to the bank app by scanning a QR code, and the service compares the photo of the existing real-name verification ID with the customer's face photo taken using facial recognition technology. It is expected to resolve consumer inconvenience and loss concerns related to carrying physical ID cards and simplify the real-name verification process, thereby enhancing convenience in financial transactions.

Busan Bank will also launch a 'Non-face-to-face Real-name Verification Service Using Facial Recognition Technology' in October. This service compares the photo of the real-name verification ID with the customer's photo. It is expected to improve convenience for customers unfamiliar with video calls and enable account opening even during non-business hours when video calls are not possible at financial companies.

Toss Insurance, DB Insurance, and NH Nonghyup Life Insurance plan to introduce telemarketing (TM) subscription services using mobile devices. These services are expected to increase customer understanding of insurance products and ease of subscription, meeting the demand for diversification of insurance solicitation methods due to the spread of non-face-to-face culture and digital technology.

In addition, Siru Information and Paycock will launch services that allow credit card payments without separate hardware terminals. Customers scan a QR code to access the payment server and make payments through their mobile device payment methods. The Korea Technology Finance Corporation plans to launch a factoring service for accounts receivable without recourse in June next year.

This content was produced with the assistance of AI translation services.