Could iPhone X facial recognition technology benefit motor finance?

The new device comes with an edge-to-edge display, offering a complete redesign on Apple’s previous models, along with wireless charging and new Face ID technology, which allows users to unlock the phone just by looking at it, without typing in a code or using their fingerprint.

Apple claims that the chances of a facial mismatch are around 1 in one million, a substantial improvement on the 1 in 50,000 that results from previous generation fingerprint matching technology.

iVendi CEO James Tew said: “If Apple’s claims are accurate, then this is a very high level of security and we believe that it could soon be built into a number of online motor finance processes.

“The percentage of motor finance applications that pass through our systems using smartphones is now around 50% and the iPhone is by far the most popular single means of access, so anything that makes it easier and faster to use is to be very much welcomed.”

He said that facial recognition could be used simply to verify an applicant’s identity in the first instance, but then allow them to access their account details on an ongoing basis in a rapid and secure manner.

Tew added: “It might even be that once a car purchase has been completed entirely online – something that we are seeing more and more often  – the technology is used to match the person collecting the car to the online application.

“From our point of view, facial recognition is not a game-changer, but it is significant when it comes to security and ease of use.”