National Australia Bank (NAB) and Microsoft have partnered for a proof-of-concept ATM that identifies customers using facial recognition.
The project is part of an ongoing multi-cloud partnership between National Australia Bank and Microsoft, which aims to increase the percentage of National Australia Bank’s apps on a public cloud from a third to 80% by the end of 2022.
National Australia Bank is working on a proof of concept that allows individuals to use an ATM without a debit card. The solution doesn’t render PIN codes obsolete, as users still need to use one in order to complete their transactions.
According to Microsoft, the cloud-based proof-of-concept is powered by artificial intelligence, and it was developed using Microsoft Azure cognitive services. The project aims to take a step towards a cardless future. By removing the need for physical cards, it can also minimise the risk of card fraud and skimming.
The National Australia Bank is also working on diversifying its systems, especially its cloud computing accounts, in an effort to minimise its dependence on a single cloud vendor. Earlier in 2022, NAB invited its customers to pre-register for the launch of its BNPL offering named NAB Now Pay Later.
In July 2022, Microsoft partnered with Italy-based paytech Nexi in order to expand digital payments in Europe.
According to a report published by Santander, biometric data is becoming increasingly important when it comes to security in digital banking. Standard biometrics in the digital banking sector include fingerprint recognition, voice recognition and facial recognition technologies, all of which can operate individually.
However, a new authentication method based on behavioural biometrics uses a combination of factors to identify the legitimacy of banking customers’ operations. These include the locations from which they perform operations, their purchasing habits, and how they type on their keyboards.
According to the same report, the overall security level offered by biometric authentication is greater when compared to conventional passwords or codes. Since fingerprints, voices, and faces are unique to everyone, they can’t end up in the wrong hands through phishing or other fraudulent practices.
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