In light of information security concerns, the financial services industry mostly adopts facial recognition technology for the purpose of “identity authentication” which includes the management of property rights and the security of customers’ personal information, according to Taipei-based IT research institute MIC (Market Intelligence & Consulting Institute).
"Based on our findings, there are an increasing number of financial institutions in the Chinese financial services industry embracing facial authentication technology. One of the reasons is that the development of infrastructure in China is still at an initial stage, thus businesses are more open-minded when it comes to adopting new technologies," says Chung-yu Yang, industry analyst with MIC.
Case of Facial Recognition Technology in Financial Services Industry, 2015-2017
|
Year
|
Purpose
|
Detailed
Service
|
Name of Company
|
Country
|
Product Name
|
Technology Provider
|
|
2015
|
Identity verification
|
Mortgage loan
|
Ping An Insurance (Group) Company of China, Ltd.
|
China
|
Pingan i-loan
|
Pingan Technology
|
|
2015
|
Identity verification
|
Mortgage loan
|
WeBank
|
China
|
-
|
-
|
|
2015
|
Identity verification
|
Registration and login
|
Bank of Jiangsu
|
China
|
-
|
Taiwantrade and
Megvii Technology
|
|
2015
|
Identity verification
|
Open account
|
Ping An Bank
|
China
|
Ping An credit card
|
Pingan Technology
|
|
2015
|
Identity verification
|
Payment allowable
|
Jingdong wallet
|
China
|
-
|
Linkface
|
|
2015
|
Identity verification
|
Mortgage loan
|
AndPay.me
|
China
|
-
|
Sense Time
|
|
2015
|
Identity verification
|
Other services
|
China CITIC Bank
|
Taiwan
|
-
|
-
|
|
2015
|
Identity verification
|
Payment allowable
|
MasterCard International
|
USA
|
MasterCard Identity Check
|
-
|
|
2015
|
Identity verification
|
Payment allowable
|
Google
|
USA
|
Hands Free Payments
|
-
|
Source: MIC, October 2017
To see more about this report, please visit: The Application of Facial Recognition Technology in the Financial Services Industry
For future receipt of press releases, or more information about MIC research findings, please contact MIC Public Relations.
About MIC
Market Intelligence & Consulting Institute (MIC), based in Taipei, Taiwan, was founded in 1987. MIC is Taiwan's premier IT industry research and consulting firm providing intelligence, in-depth analysis, and strategic consulting services on global IT product and technology trends, focusing on markets and industries in Asia-Pacific. MIC is part of the Institute for Information Industry. https://mic.iii.org.tw/english