Biometric facial recognition technology is an industry with scope for great technological advancements. It is a rapidly developing field within the field of computer sciences and is receiving massive funding from top-level corporations.
The applications of biometric facial recognition are extremely widespread. These cover many industries including security and law enforcement, identity verification for the finance sector, and improved customer service. Biometrics, today, are an integral part of the digital space, and multiple SaaS platforms are commercializing the technology.
Biometric facial recognition system for the SaaS industry
Facial recognition technology is an authentication technology based on advanced computer neural networks. The technology uses facial data as its raw information to process and analyze it.
Human brains have complex facial pattern recognition abilities which allow us to identify one another. Facial recognition aims to give computer systems the same ability.
Biometric facial recognition is being used in the tech SaaS market for late now. The applications are widespread and cover almost all industries. In healthcare, online face recognition helps to verify patients and smoothen diagnostic processes, surgeries, health insurance coverage processes, and medicine prescriptions and procurement. In the banking and finance industry, biometric facial recognition is a major player in helping institutions verify the identities of customers and clients before onboarding, as well as during regular verifications. These processes include facial verification to match with state-issued IDs, watch list screening, PEP screenings, etc. Similar applications and processes are involved when biometric facial recognition is used for security purposes. Overall, the industry has a lot to offer.
Additionally and unquestionably, all these applications are only going to improve over time.
Biometric facial recognition for targeted marketing
Targeted marketing has existed ever since ads were first created. Targeted marketing allows businesses to find who consumes their product the most and then to tap into this deal buyer’s mindset by targeting ads towards them. Emails and other direct communication channels including targeted social media ads gave a new meaning to targeted marketing.
Acquiring customer data for targeted marketing
Biometric facial recognition offers a solution to hugely simplify the process of acquiring customer data for targeted marketing. For example, business stores or product companies can install biometric facial recognition cameras at set points. For products, these are focused right in front of the shelf. Through this, the camera can collect data about who picks the product, looks at it, or walks right past it. Data analysis on this data can provide insights towards creating the ideal customer.
Personalized marketing in real life
Additionally, biometric facial recognition can also be used for facial recognition in walk-in stores adverts. This is an example of personalized-marketing in real life.
For instance, you walk into a store and see an advertisement board. This advertisement board changes ads based on timed slideshows or random shuffles. However, the board can also be processing a face match online. Through this, the board collects your demographic characteristics such as age, gender, etc., and then shows you ads. Such targeted ads are made for customers just like you (or the person walking in front of the camera).
In 2019, Walgreens, a famous pharmacy-store chain, used biometric facial recognition technology for this purpose. Online facial recognition systems were installed on smart coolers to collect information about the people interested in them. Biometric facial recognition software on the coolers identified the ages and genders of the people. Walgreens later faced backlash and lawsuits under the Illinois Biometric Information Privacy Act (BIPA).
Biometric facial recognition for the eCommerce industry
The eCommerce industry is greatly susceptible to financial fraud and scams. The primary credit here goes to the massive amount of transactions that take place here. The current worth of the eCommerce industry is US$6,362.00m.
The benefits of facial recognition for the eCommerce industry are immeasurable. Let’s tap into a few.
Security and building trust
The use of biometric facial recognition is increasing within the eCommerce space. Here, biometric technology offers security and builds trust.
There are plenty of fake online stores on the internet today. These are notorious for financial fraud and victimizing customers. Owing to this, customers today prefer to spend cash only on reputable and trustable sites.
Additionally, research shows biometric facial recognition is a major contributor to customer trust. Customers trust proactive sites that engage in authentic security measures. This customer trust is an integral factor towards improved business profitability.
A rite to ease the customer
Building ease for the consumer is essential for every business on the Internet. There are hundreds of similar websites and products on the internet. So, if a customer does not like you for any reason whatsoever they will leave. Even having to wait for longer than 3 seconds is difficult and 50% just leave the site if it takes more than 6 seconds to load.
Similarly, extensive signup and payment processes are exhausting and unnecessary. Biometric facial recognition creates simple pathways for these purposes. For instance, to sign up the user will only take a quick selfie and upload it. The system, on the backend, then processes the selfie using facial recognition online software and thus, the user is onboarded within seconds.
The final word,
Public and enterprise interest in biometric facial verification technology is increasing. While many are incorporating facial verification systems within their own businesses, there is also an increase in new identity verification SaaS services. These services help all kinds of industries. However, two are growing rapidly and have the potential to improve even more in the future.
Utilizing biometric facial recognition for the eCommerce and marketing industry both primarily focus on marketing and security aspects. As computer technology improves, the applications of facial verification will also see increased attention.