5 Ways Facial Biometric Technology Elevates Customer Retention

Today, biometric technology is known for its ease of use and reliability. Facial biometrics have become an active expansion in many industries, generating $4.84 billion in 2020. With advances in technology over the past few years, facial recognition systems have become intelligent as they contribute their fair share in assisting online businesses for onboarding customers and law enforcement agencies to prevent crime. 

Customer retention is of utmost importance when it comes to enterprises or startups. Delivering a good experience to the customer builds that all-important trust and brand loyalty which help businesses in the long run. Facial biometric solutions provide users with an effortless method to carry out their tasks, and with confidence. 

Customer Retention for Enterprises

For businesses, a strong customer base is what drives the revenue and sales of a product or service. Understanding the needs and creating easy and effective solutions for your target market is the key innovator for success. One thing which early startups and enterprises should consider is that retaining previous customers is as important as acquiring new ones, since it takes up to 5 times as much effort in the previous case.

The good thing about existing customers is that they are already familiar with a company’s products and have a certain inclination towards the services it offers. Investing in customer retention can provide better opportunities to understand their needs and provide tailored solutions, giving them lesser reasons to abandon the service.

5 Reasons why Facial Biometric Technology is Essential

Automated and Efficient Solutions

Manual verification of customers is a thing of the past. The process acquired ID information from the customer using cumbersome and tedious methods that took long waiting hours. Apart from that, human error was another rock in the path when it came to efficiency. Keeping a track of the verifications and managing them on time was another hassle. 

Now with intelligent solutions in place, companies don’t need to worry about delayed operations. Facial biometric technology automates the process of identifying users with the minimum possibility of error. It allows customers to interact with a business better and save valuable time, offering convenience as compared to earlier procedures. It also saves enterprise the cost and effort of investing in employees and experts for customer identification.      

Turning the Tables on Bad Actors 

Identity thieves don’t miss an opportunity, do they? By stealing the facial identity of legitimate users on the internet, they use it for their malicious purposes. Between 2019 and 2020, online identity theft was reported at almost 5.1%, which is still an alarming number for both businesses and customers alike. Fraudsters employ a lot of different ways to trick recognition systems into believing they are the right user. This makes it increasingly important for companies to eliminate fake identities using a robust defence mechanism. 

Even though criminals have become sophisticated by using deepfakes, photoshopped images, and replay attacks, artificial intelligence has helped facial biometrics to get even better. Intelligent solutions for face verification analyse fine details on a person’s face and then create a faceprint against it. The mapped image is then matched against a database of suspicious identities which helps in taking down facial spoof attacks. Online businesses can use a robust facial recognition solution to keep false identities off their platforms and develop a good market reputation, eventually retaining their customers.