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Customer biometric identification for retail banking.

RCG Corporation : 01 August, 2007  (New Product)
Face recognition, surveillance and RFID technology combined to provide enhanced customer satisfaction with improved security in the retail banking industry.
Today's financial services industry is fast-changing, competitive and unpredictable. Financial service providers have to become more adaptive to change.

Over the past decade, tumultuous changes have swept across the retail banking industry, particularly the adoption of Internet and mobile technologies. For individual and corporate customers, these technologies have lessened the hassles of queuing up at bank branches and ATMs to conduct everyday banking transactions. For banks, lesser operational costs to maintain a large number of front-office staff.

However, there are transactions that still require customers to visit bank branches. Transactions such as depositing or withdrawing large amount of money, exchanging foreign currency into cash, accessing safe deposit box, and loan application cannot be conducted via the Internet. Customers still have to bear with the following scenario: After waiting in line, a bank teller nicely greets a customer using standardized greeting. The customer needs to explain the service required, for example, withdrawal of large amount of cash. The bank teller then needs to check her bank's balance, verify her identity through her signature and photo ID, and in some cases require a supervisor's authorization. After more waiting by the customer, she gets the cash from the bank. Indeed, security checking is crucial and can result in longer waiting time for the customer.

To create and sustain competitive advantage in the industry, banks have to become more customer-centric. Delivering a satisfying service experience is one of the key differentiators in the battle for market share with correlation on bottom-line performance. It's no longer about customer relationship management. Today, it's all about customer experience management. It's about gaining insights about customers that enable effective responses to their specific needs.

Currently, however there is a trade-off between customer's satisfaction and operational cost. Customers demand more service, more personalised interactions and more convenience whereas banks need to reduce operating costs to survive in today's global economy. The banks can improve the service level by increasing the number of teller windows, in order to shorten the customers' waiting time and improve their satisfaction, but faced soaring operation cost. The alternative is to keep operation cost low, but face the ominous possibility of losing customers to competing banks.

RCG provides an integrated solution to enhance banking security and create compelling customer experience in the retail banking industry. The solution cohesively combines advanced biometrics, surveillance, and RFID technologies to create compelling value propositions for banks. Not only improving customers' satisfaction but it also enables banks to manage its operational cost. The easiest way to understand RCG Solutions for Retail Banking is to describe a series of scenario of how it can be used - customer identification upon arrival at bank, personalized services via priority banking kiosk and secure access to restricted areas. The followings briefly describe each of the scenario:

An integrated security solution consists of surveillance cameras and facial recognition technology, which is deployed at the bank entrance, performs automated customer identification. The system is able to identify each bank customer by his or her types of accounts e.g. premium or standard. The application can alert bank personnel about a customer's profiles and thus, enabling the staff to provide personalized greetings and gain a better understanding of the customer's needs.

E-VIP Card is an RFID card that stores different kinds of biometric data of a cardholder. Typically, face and fingerprint templates are stored in the card, which can also support other templates such as voice and handwritten signature. Customers can enroll their fingerprints and facial images using a multi-factor verification kiosk. After enrollment, the cardholder ID can be verified at the kiosk available in the bank. The cardholder can present two or more biometrics with the presence of the e-VIP card for easy verification. Services such as account status and bill payment can also be provided at the kiosk to the customers with the verification of their fingerprints and facial images. Customers can specify his needs through the kiosk system, and later approach the teller, for example, to sign relevant banking documents or to collect foreign currency.

Besides ID verification, the e-VIP Card can also perform a virtual access checking at the bank vault. Based on Dual Biometrics Verification technology which includes fingerprint and facial images, safe box owners can have access to the vault under a secure environment. Access to a particular safe box requires double verification of fingerprints. In addition to a customer's fingerprint, an authorized bank staff's fingerprint is also required to ensure greater access security for the safe box.

To compete effectively and meet the soaring customer expectations, banks have no choice but to strategically and tactically leverage on today's advanced technologies. In order to deliver new level of service experience, banks implement the Internet technologies to provide various self-service banking transactions to banking customers, anytime, anywhere. Both the virtual and physical environments of a bank need to be enhanced to create a seamless, compelling service experience.

The RCG Solutions for Retail Industry is a comprehensive retail banking solution for banks' physical environment. It is specifically developed to enable today's banks to compete on differentiated service experience and eventually, nurture lasting customer loyalty. The system delivers bottom-line benefits for both banks and customers. The banks can save on operational cost without sacrificing level of customer service. Customers can save time with shorter waiting time, more secure banking transactions with advanced two factors authentication system and most importantly, experience a new level of banking convenience.
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