Chinese app developer releases facial recognition based lending platform
Chinese application developer PING AN TianXiaTong (PING AN) has released facial recognition technology that it will incorporate its wealth management solutions and other services in an effort to create the fastest lending platform in China, requiring only six minutes to complete a loan application.
The PING AN technology is based on a complex neural network which allows computers to act like the human brain, thus achieving facial recognition with even greater accuracy than the human eye. The application also compensates for the natural aging process and is even able to differentiate between twins.
In developing its Biometric Authentication Platform, the team at PING AN’s Science and Technology Artificial Intelligence Laboratory studied the core technology for over a year. They used the facial structure, features and muscles to deliver a clear analysis of facial movement, providing an end-to-end authentication service.
Last September we reported that an increasing number of financial institutions in China are using facial recognition technology in their mobile apps to verify the identity of its customers. China’s facial recognition market is expected to reach 10 billion yuan ($1.57 billion) annually in three years.