Insurance company China Ping An yesterday unveiled new facial recognition technology it will use to fast-track loan applications.
The technology will be incorporated into its wealth management and other services to create a faster lending platform, requiring only six minutes to complete a loan application.
Developed by Ping An's Science and Technology Artificial Intelligence Laboratory, its biometric authentication platform used the facial structure, features and muscles to deliver a clear analysis of facial movement, providing an end-to-end authentication service.
The technology is based on a complex neural network which allows computers to achieve facial recognition with even greater accuracy than the human eye – 99% compared to 97.5%. This will better protect users' private information and financial security as well as providing more convenient and efficient user experience.