Home Finance AI Facial Recognition On the Rise Within the Banking Industry

AI Facial Recognition On the Rise Within the Banking Industry

Several banks are turning to artificial intelligence (AI) to help provide their customers with a better service. This is particularly true for facial recognition technology, thanks to AI startup, YITU Technology.

Based in Shanghai, YITU Technology has been around since 2012 helping to bring advanced AI technologies to the rest of the world. “Southeast Asia is a growing region and has a geographic advantage in proximity to China,” said Lance Wang YITU Technology’s general manager for Southeast Asia, Hong Kong and Macau.

Just last year YITU Technology won a segment of the Face Recognition Prize Challenge with its advanced AI technology. In just one second it can carry out effective facial recognition techniques using its database of more than 1 billion entries.

Part of the company’s future land include opening a research and development centre in Singapore. At the moment more than 70% of YITU Technology’s staff are employed in China. Mr Wang advised that the company’s AI will be used in three distinct areas to begin with: public safety, healthcare, and finance.

This kind of AI technology could be used to promote public safety by using it at large social gatherings and public events. It’s currently being employed at Tiananmen Square and Gongbei Port in Zhuhai, China for that purpose. Companies could also use this technology for allowing employees access into their buildings and can be integrated within most company’s existing current CCTV systems.

In regards to healthcare AI can bring much more accurate and effective diagnosing capabilities. One recent example of how AI has helped in this area can be seen in the opening of an AI diagnostic centre in China. This has improved the accuracy of diagnosis and cut down doctors’ workloads considerably.

Already more than 2,000 ATM’s in China have had this AI facial technology installed to make cash withdrawals for customers much easier and safer. “This verification method is intelligent enough to detect real people, reducing the risk of ATM card skimming and creating more convenience for elderly people,” said Wang.

The development of AI is accelerating all across the world. China in particular are investing heavily in the likes of AI as they try to become leaders in the field. Moving forward, YITU Technologies will be looking to implement their technology in various Thailand banks, hospitals, and other public places.

Source Bangkokpost

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KC Cheung
KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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