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March 18, 2021

OCBC rolls out face verification for ATMs in Asia Pac first

By Douglas Blakey

OCBC customers can check account balances at selected ATMs using face verification from 19 March. The service will be rolled out progressively to all 550 OCBC ATMs in Singapore for cash withdrawals and other services.

The face verification ATM launch represents an Asia Pac first for OCBC. And the launch of facial biometrics for ATM services by OCBC takes Singapore closer to eliminating the need to carry around an ATM card. OCBC is tapping Singapore’s National Digital Identity infrastructure, SingPass Face Verification, to verify customers securely for banking transactions at ATMs.

Face verification is embedded with security features to prevent fraud. This includes liveness-detection technology that detects and blocks the use of photographs, videos, or masks during the verification process.

The first transaction which can be performed using face verification on OCBC ATMs is account balance enquiries. This will be first rolled out on eight ATMs around Singapore. OCBC will extend face verification for cash withdrawals to all OCBC ATMs in Singapore progressively.

OCBC: first to roll out QR code cash withdrawals

This innovation comes after the nation’s first and only rollout of QR code cash withdrawals in July 2019. In 2020, the number of QR-code cash withdrawals grew 70% from the same period the previous year.

Balance enquiries and cash withdrawals are the most used ATM services. Together, they account for close to 8 in 10 of all ATM transactions performed by OCBC customers.

Sunny Quek, OCBC Bank’s Head of Consumer Financial Services Singapore, says: “Singapore consumers are keen digital adopters – even the elderly. While cash is still a key mode of payment, the digital overlay to get cash is very welcomed by consumers.

“In 2020, more than 40% more customers signed up on PayNow, and PayNow transactions doubling, compared to 2019. QR code cash withdrawals at ATMs grew 88% year-on-year in 2020. With many customers already embracing QR cash withdrawals without having to use an ATM card, face verification will add a layer of convenience to more customers as they access our banking touchpoints.”

Specifically, more than 200,000 digital OCBC ‘debutantes’ made their first digital banking transactions in 2020. Today, more than seven million OCBC Mobile Banking app logins are performed monthly via face or fingerprint biometric authentication. But ATM usage remains high with more than two million cash withdrawals monthly.

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