KBank-KBTG-Boonterm unveil facial recognition technology for e-KYC via Boonterm kiosk – improving retail customers’ access to financial services

Mr. Supreecha Limpikanjanakowit, KBank First Senior Vice President, said that in response to changing customer behavior in the digital era, it is important to extend service channels to customers to ensure that they have easier access to services anywhere, anytime. KBank and its partners have been working together to enhance services to meet client needs. Boonterm, one of KBank’s major partners, has acted as a banking agent. In 2019, financial transactions conducted by KBank customers via Boonterm kiosk topped 8 million, with a value of more than 5 billion Baht. Financial transactions via this channel have been rising steadily, as Boonterm kiosks can alleviate the customer pain point of branch availability, improving their access to financial services.

This cooperative effort of KBank, KBTG and Boonterm in launching facial recognition technology for e-KYC via Boonterm kiosk marks a breakthrough for easier financial services available 24 hours a day. Customers can verify their identity via Boonterm kiosk for deposit account opening, loan request, insurance product purchase and application for e-wallet as well as request a creditworthiness check or other financial history examination via the NDID network. This synergy will not only broaden business opportunities for Boonterm but also give retail customers better access to financial services.

Mr. Ruangroj Poonpol, KBTG Chairman, said that the facial recognition technology for e-KYC via Boonterm kiosk, developed by both KBank and KBTG, is important for trade partners or service providers who wish to use this channel to help their customers gain access to various services requiring facial recognition. This technology compares the service user’s face from the picture taken by the kiosk to the picture on their national ID card, based on the highest standards of security and accuracy. It can detect 512 points on the human face. As each point on the human face represents one password, it would be extremely difficult to forge all 512 points. The technology is also user-friendly and requires only a few steps to use. Customers can apply for financial and other services via any Boonterm kiosk in real time without the need to sign a document or provide a copy of their national ID card.  

Mr. Pongchai Amatanont, Forth Smart Service PCL President, said that today’s cooperation aims to respond to the NDID project, which is being promoted by the government as one of the country’s important future infrastructures. The provision of e-KYC with facial recognition technology via Boonterm kiosk will offer the kiosks’ customers the opportunity to gain access to financial services from KBank and other service providers, especially for those customers residing in remote areas or finding it inconvenient to visit a KBank branch. The number of financial transactions via Boonterm kiosk is expected to reach approximately 2-3 million/year. There are presently 1,300 Boonterm kiosks with facial recognition technology for e-KYC located in front of convenience stores and in communities nationwide, and that figure will increase to 3,000 by the end of 2020.  

E-KYC is thus considered another major step forward in the technological development of the company, which maintains the objective of expanding the range of financial service choices to give customers a comprehensive self-service experience, from the opening of a bank account, e-wallet account and other types of financial service accounts, to identity verification for loan requests, insurance purchases, creditworthiness checks with the National Credit Bureau and requests for other financial records through the NDID network by both customers and financial institutions. Boonterm kiosks continue to show evidence of increased financial activity, based on the patterns in online purchases of products and services, including content (game streaming) and e-commerce. Likewise, the demand for life and health insurance during the COVID-19 outbreak has increased and has been met through Boonterm kiosks of all types, topping 130,000 that are stationed in communities throughout the country. To ensure that this service is available to the maximum number of people, the company will be installing more service points to meet the expected rising demand.

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