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Taking a very revolutionary and convenient step for crores of citizens of the country, Unique Identification Authority of India i.e. UIDAI has started the process of directly integrating Aadhaar face authentication or facial recognition technology with banking, financial services and insurance applications. After the implementation of this new system, there will be no need for the common citizens of the country to completely depend on any kind of biometric fingerprint scanner or one time password i.e. OTP to verify their identity or to complete the e-KYC i.e. electronic Know Your Customer process. This technological upgrade is going to prove to be a big and relief news especially for those millions of countrymen who often had to face technical difficulties in availing the most important and necessary services like government schemes, operation of bank accounts, loan approval or claiming insurance policy due to their fingerprints not matching. Through this modern technology brought by UIDAI, now any person can easily complete the strong verification of their identity within a few seconds by using the front camera of their smartphone and can avail the financial services of their choice immediately without any paperwork or running around.
How will this new face verification system work and what are its technical features?
This state-of-the-art face authentication technology developed by UIDAI is completely based on advanced algorithms of Artificial Intelligence i.e. AI and Machine Learning, which captures the micro data of the user’s face in a very secure manner. When any bank customer or insurance policy holder opens the official application of the concerned financial institution in his mobile phone, the camera of the phone gets activated when he selects the option of Aadhaar face verification. After this, the user has to place his face in front of the camera for a few seconds, where the system detects live whether the user is really present in front of the camera or an attempt is being made to use an old photo or video. Once this process of live detection is completed, this technology accurately matches the facial biometric features of the user with the Aadhaar database stored securely on the central server of NIC. Once the matching is successful, the app of the concerned bank or insurance company gets the green signal immediately and the user’s e-KYC process is completed in the blink of an eye. The security standards have been followed extremely closely in this entire technical process, so that the possibility of any kind of data theft or identity fraud can be completely reduced to zero and the citizens can move forward in the world of their financial transactions with complete peace of mind.
Major changes coming in banking and insurance sector and benefits to customers
With this state-of-the-art facial recognition system directly integrated into the banking and insurance apps, an unprecedented and historic change is going to be seen in the financial sector of the country. Till now, even in remote rural areas, towns and metropolitan cities of the country, bank customers often had to stand in queues for hours due to problems like technical failure of biometric machines or server down, but now with the advent of this new digital facility, people can do all the important tasks like opening bank accounts, taking loans, investing in mutual funds and paying premiums or making maturity claims of their insurance policies through their smartphones while sitting at home, while working in the office or while travelling. Will be able to complete it in a jiffy. This technology is proving to be no less than a boon for the insurance companies, because through it, the verification of customers will be done in a jiffy while issuing the policy, which will curb fake claims and the level of transparency in the insurance sector will increase manifold. Moreover, this facility will prove to be particularly useful for senior citizens and persons with disabilities, as those whose fingerprints often get worn out or do not match due to advancing age or physical weakness, will now be able to avail banking services completely independently through their facial recognition and will not have to face any kind of inconvenience.
Data security, user privacy and strict security standards of UIDAI
Whenever it comes to any digital biometric technology, the first question and concern that arises in the mind of the general public is about data security and privacy. Keeping this fully in mind, UIDAI has clarified that all facial data captured during Aadhaar face verification is kept safe in a completely encrypted form and is not shared with the public or any third party at any level. Live face data is used once and only for matching with the central Aadhaar database, and that temporary data is completely and securely deleted from the server immediately after the matching process is completed. Apart from this, anti-spoofing technology has also been specially incorporated in this system, which means that any person will completely fail to cheat this system through the photo, mask or video of another person. This type of high level security system has further strengthened the trust in digital mediums in the minds of the citizens of the country, due to which India’s Digital India campaign is moving in a new and powerful direction and India’s digital identity technology is being appreciated at the global level.
Role of Aadhaar Face Authentication in the future digital economy and development of India
Today, India has become the fastest growing digital economy country in the world, where UPI to Aadhaar based payment and verification systems have made the life of the common man very simple and easy. This latest step taken by UIDAI is going to prove to be a huge and milestone in taking the country towards a completely paperless and cashless economy. In the coming time, not only banks and insurance companies, but other financial institutions, non-banking financial companies i.e. NBFCs and fintech startups will also rapidly adopt this technology on their platforms, which will make access to financial services more easy and transparent for every citizen of the country. Such indigenous and modern technologies are playing a very important role in realizing Prime Minister Narendra Modi’s dream of Digital India, which is providing the benefits of modern technology to the people sitting at the far end of the country without any hindrance. Thus, this new journey of Aadhaar Face Verification is providing a new shine and strength to the digital future of India, making the living standards of crores of citizens of the country more accessible, secure and self-reliant.