SEOUL, Dec.3 (Korea Bizwire) – A new type of identity authentication that does not require face-to-face interaction and will make it possible for clients to open new bank accounts without actually visiting a bank was demonstrated on December 2. ‘Bio authentication methods’, such as confirming one’s identity by putting their palm near a device, will soon be adopted in banking circles.
At Shinhan Bank’s launch of a new mobile platform called ‘Sunny Bank’ on December 2, company officials demonstrated the application’s functionality.
Chairman of Finance Lim Jong-ryul participated in the demonstration of the non-face-to-face identity authentication service. He opened the nation’s first account using non-face-to-face identity authentication procedures.
Procedures requiring personal information were executed beforehand to maintain privacy.
Chairman Lim demonstrated how to open the Sunny Bank application, with his actions being shared with guests at the ceremony through a large screen.
The first step was SMS authentication. After confirming his identity, the application asked to take a picture of Lim’s ID card. A picture of Lim’s ID card (with his personal information masked beforehand) was sent through the Sunny Bank app.
As soon as the ID card was sent, the application made a call to the call center. The number of people waiting and the estimated waiting time appeared on the screen.
Through the virtual video call, Lim’s identity was checked. After a few additional procedures such as checking Lim’s subscription status and choosing security codes were completed, the process was finalized and the account was opened.
Next, Lim shared his experience with Shinhan’s ‘Digital Kiosk’, which is an unmanned teller that allows people to conduct banking business without having to meet a teller in person.
Basic banking transactions such as issuing a new card or bank book, or opening accounts can be completed through the Digital Kiosk by entering one’s ID card and confirming identity through bio-authentication and either an OTP (one time password device) or phone (IVR system).
After Lim confirmed his identity through a video call, a message popped up on screen asking for bio-authentication.
After agreeing with the terms on usage of information, Lim placed his palm on the device where it was marked with a picture of a hand. Through the procedure, the device checked Lim’s identity by scanning his veins. Finally, Lim received a new card from the device.
After the very first authentication, video calls are not required, and most banking transactions can be completed using vein authentication.
Officials at Shinhan Bank commented that the new digital kiosk can execute 90 percent of the banking transactions that previously required in-person interaction with a bank teller, differentiating it from ATM machines. Now, banking transactions can be completed even when the bank is closed.
By M.H.Lee (firstname.lastname@example.org)