China-based insurance and financial services company Ping An has announced a new system designed to use facial recognition for digital loan applications.
The technology was developed in-house through Ping An’s Science and Technology Artificial Intelligence Laboratory, and the company claims its facial recognition capability is 99 percent accurate, and that moreover it can identify individuals despite signs of aging and, like Microsoft’s Windows Hello facial recognition technology, can even differentiate between twins. Ping An’s plan is to integrate it into its wealth management services, allowing customers to complete loan applications in about six minutes.
These are bold claims, particularly for a financial services company that does not specialize in biometric technology. Nevertheless, it points to a rising interest in biometric authentication in the financial services sector, and could help to lead the industry to further adopt biometrics for automated services, especially if it really does prove as sophisticated as Ping An says it is.
April 18, 2016 – by Alex Perala