China PING AN Launches World’s First ‘Face Recognition Loan’ Technology

On April 15, app developer China PING AN TianXiaTong (PING AN) released its new face recognition technology during a launch event held at the 7-star Pangu Hotel in Beijing.

PING AN will incorporate the face recognition technology into its wealth management and other services to create the fastest lending platform in China, requiring only six minutes to complete a loan application.

Under the trend brought by artificial intelligence revolution, face recognition technology being one of the biotechnologies, it possesses the advantages of higher safety and convenience. It is not mandatory and less possible to leak personal information.

The 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% compared to 97.5%. 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.

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, thus 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.