One of China's leading financial services providers has released its new face recognition technology, creating the fastest lending platform in China.
Chinese group PING AN provides insurance, banking and investment services to over 200 million internet users and plans to incorporate the face recognition technology into its wealth management services offering.
The new 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, 99 percent compared to 97.5 percent. Only six minutes will be required to complete a loan application.
This is because the computer can read more key details with the algorithm and exclude a number of factors that could be confusing. The application also compensates for the natural aging process and is even able to differentiate between twins.
More Efficient
The team at PING AN's Science and Technology Artificial Intelligence Laboratory has been studying the core technology to eventually achieve face recognition technology for over a year. In developing its Biometric Authentication Platform (Biometric Authentication), they used the facial structure, features and muscles to deliver a clear analysis of facial movement, providing an end-to-end authentication service.
As an advanced technology, face recognition not only protects users' private information and financial security, but when used in the financial sector it will promote the development of online credit services, promoting changes in consumer finance behavior in the long run. Compared with traditional offline credit services, access to PING AN TianXiaTong face recognition loans will provide users a more convenient and efficient credit experience.
