Domestic banking favors facial identification

The Bank of Xi’an has adopted facial identification technology, liangjiang.gov.cn reported on Sept 17.

The technology will be used for new accounts. When a client comes to the counter, a camera will take photo of the client and compare that with the photo on the ID card, guaranteeing the safety of the bank account.

“The combination of facial recognition and financial services is the future of the banking industry. This technology is much more accurate than traditional identification,” said a manager at the bank.

“The technology is based on an advanced back office system, and will develop new functions based on clients’ needs,” said Lan Tianyi from the company.

The company has also signed agreements with Bank of Chongqiong and Bank of Harbin. The technology has been given trial implementations at some branches of Evergrowing Bank in Beijing and will be adopted at over 100 branches of Bank of Xi’an around the country.

The technology was developed by Chongqing Zhongke Yuncong Company, a high-tech company focused on computer vision and artificial intelligence. It relies on the huge R&D capacity of the Chinese Academy of Sciences and works to transfer technology to face identification, crowd detection and figure detection technology.

Bank of Xi’an is a commercial bank that leads western China in terms of scale, profitability and competitiveness. The adoption of the technology of the Chongqing Zhongke Yuncong Company is proof of the company’s ability.

Edited by Andrew Ancheta