China’s financial sector sees growing adoption rate of facial recognition technology
An increasing number of financial institutions in China are following in the footsteps of Internet bank WeBank by using facial recognition technology in their mobile apps to verify the identity of its customers, according to a report by Want ChinaTimes.
According to a China Business News report, Chinese banks like Pingan Puhui are using face recognition capabilities as a requirement for verifying the identities of new borrowers, while jppay.com uses passwords based on face recognition.
The financial sector in China has shown significant development of the technology in recent years as a result of the involvement of more than 10 development teams.
Despite this progress, there are considerable obstacles standing in the way of facial technology securing greater adoption.
The most prominent obstacle is the central bank’s refusal to allow remote account opening, however, the development of bioassay verification technology could persuade the bank to change its mind.
Bioassay verification technology is reportedly crucial to providing full confirmation of a customer’s identity as it ensures that the individual standing in front the camera is a real person and not an imitation of a human face..
The development of the DeepID in-depth learning mode — designed by Professor Tang Xiaoou and his team from the Chinese University of Hong Kong — convinced many enterprise to join the face-recognition field last year. The technology reportedly has a 99.15% success rate for face recognition.
China’s facial recognition market is expected to reach 10 billion yuan ($1.57 billion) annually in three years, or over 100 billion yuan ($15.7 billion) in 10 years, as the technology continues to advance forward.
Previously reported, Webank launched the “test run” of its Internet banking service, which will use facial recognition technology as a method of authorizing its clients’ identification.