In a first-of-its kind move among small finance banks, Equitas SFB the first private sector bank from Tamil Nadu post-Independence, has introduced facial recognition-based authentication in its mobile banking app.
Equitas is the first SFB, and one of the few banks in the country to introduce facial recognition for customers to login to their mobile banking app. This eliminates the need to remember complicated passwords or MPIN.
Mr. Vanamali Ranganathan Sridharan, Chief Technology Officer at Equitas Small Finance Bank, said, “With Equitas SelfeLogin, customers are now able to bank and pay from the mobile banking app with ease. They can safely login to the app within seconds by just using their mobile camera. Innovation to deliver a simple and secure banking experience for our customers is the key driver for this initiative. There’s a whole generation of customers becoming more comfortable with biometric authentication technology, and we are confident that they will find this feature convenient and relevant.”
Commenting on this strategy, Mr. P N Vasudevan, MD & CEO, Equitas Small Finance Bank, said, “From the beginning, the Bank has been working on technology as a key driver of growth and has a roadmap to progress towards this. The bank has invested over Rs. 150 Cr in digitization, information security, cyber security and customer facing apps to make it easy for customers to bank from where they are. Today about 92% of the transactions are carried out by customers outside the branches out of which about 50% are done on-line. Additionally, we are implementing Robotic Process Automation solutions to help drive operating efficiency as it scales up the banking operations.”
About Equitas Small Finance Bank Limited [ESFBL]
Equitas Small Finance Bank Limited is a Small Finance Bank (SFB), licensed by Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small Finance Bank. The Bank commenced the business of SFB on September 5, 2016. It is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
ESFBL, with pan India operations, is focussed on providing financing solutions for individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels while providing a comprehensive banking and digital platform for all.
True to its tagline – “Fun Banking”, the bank offers customized savings products with a focus towards giving children, youth, families, and entrepreneurs across India, a new and a fun way to bank.