The technology taps on Singapore’s National Digital Identity (NDI) platform and biometric database to enable verification.
OCBC wants to eliminate the need for customers to carry around an ATM card by introducing facial biometrics at its teller machines.
The bank is launching facial recognition at eight of its ATMs tomorrow, which will allow customers to check their account balances. This service will then progressively roll out to OCBC’s entire ATM network of 550 machines for cash withdrawals from June 2021, it said in an announcement on Thursday.
Digital Adopters
«Singapore consumers are keen digital adopters – even the elderly. While cash is still a key mode of payment in Singapore, the digital overlay to get cash is very welcomed by consumers,» Sunny Quek, OCBC Bank’s head of consumer financial services, said.
According to the bank, ATM usage remains high with more than 2 million cash withdrawals monthly. At the same time, digital adoption among its customers has grown year-on-year in 2020 with more than 40 percent more customers signed up on PayNow, and PayNow transactions doubling, compared to 2019. QR code cash withdrawals at ATMs grew 88 percent year-on-year in 2020.
