Artificial Intelligence
Nodeflux: Building Indonesia’s Banking Innovation with Face Recognition Technology
Nodeflux, the first and the largest Vision AI company in Indonesia, introduces Face Recognition technology to obtain the most advanced banking automation in Indonesia. It has just been introduced on Nodeflux Road to Accelerate “The Trend of Appropriating Face Recognition in the Financial Industry”, Thursday, October 10th, 2019 at Nodeflux HQ, Kemang, South Jakarta.
The two speakers involved are Nodeflux own Chief Commercial Officer and Group Product Manager, Ivan Tigana and Richard Dhamardi respectively. They discussed the idea and how their Vision AI technology evolve continuously to optimize the security and transaction of digital banking in Indonesia.
“With VisionAlre, we present a new solution combining vision AI, input, and AI analytics, that has been applied in multiple researches and technological implementation conducted by Nodeflux for years. Alongside the development of our newest platform technology, VisionAIre Know-Your-Customer (KYC) improve the banking automatic verification in Indonesia” Richard Dharmadi conveyed.
According to research by Ernst & Young, automatic verification process or Electronic Know-Your-Customer (e-KYC) has become the solution to solve banking primary problems which are data accuracy and time efficiency. Different from the conventional method, with e-KYC, customers only need to upload their identification documents and photos to automatically verify their authenticity. AI technology in e-KYC has allowed the verification process to dwindle from the initial 18 minutes process to just 1 minute.
Therefore, through VisionAIre Know-Your-Customer (KYC) platform, Nodeflux presents Vision AI with the ability of analyzing face biometric or face recognition analytic and AI analytic to verify e-KYC data and customer authentication systems accurately.
Face recognition method is carried out with the concept of comparison between the input image and reference image which are identified as two types, namely one to one (1:1); comparison of one image input with one image reference; and one to many (1:N); comparison of one image input with a variety of images from different sides. Considering e-KYC’s needs, 1:1 method is used. The use of VisionAIre KYC is based on face recognition analytics consists of scanning all documents, yet still able to shorten data verification process that usually takes days. For the data management and verification, the process is integrated with a third-party institutions’ database, which ensures data confidentiality.
Face recognition is an internationally renowned technology of Nodeflux, the first Vision AI corporation in Indonesia. Competing with over 90 leading AI technology companies, including China and Russia, Nodeflux recently ranked 25th for Face Recognition Vendor Test (FRVT) from the National Institute of Standards and Technology (NIST).
Face Recognition in EKYC, Ensuring Transaction Security Amid the Widespread of Digital Banking Products
In the panel discussion session of Nodeflux Road to Accelerate, Ivan Tigana explained how the digital banking ecosystem in Indonesia is progressively strengthened by the expansion of AI-based banking and e-KYC business in Indonesia. The AI model developed by Nodeflux, is able to minimize human intervention by training Face Recognition analytics technology through facial biometrics to provide precise accuracy between photos on identity cards and customer self-photographs, thus improve security and reduce fraud.
This statement is supported by data from McKinsey & Company that states Indonesia is currently the fastest country to exercise digital adoption. The research added that the purchasing power of Indonesians towards digital banking products also doubled.
One of the Nodeflux’s strategies is to perform continuous proactive efforts with government and AI development research institutions. This collaboration is expected to bring positive impact for ongoing trials of Nodeflux, in efforts to innovate the latest technology for a successful Industry 4.0 era in Indonesia.