Ping An Uses Facial Recognition to Assess Risk

Ping An Insurance Group is China’s largest insurer and one of its biggest financial conglomerates; the company has become a leader in facial recognition technology to verify identity and more recently to help assess risk when lending through their consumer finance company; loan approval times have dropped from 5 days on average to 2 hours; the company looks for what they categorize as micro expressions that can offer clues as to whether the applicant is telling the truth; for larger amounts an applicant has to complete a list of questions in a 10 – 15 minute video where they also analyze facial expressions during the answers; Ping An says they have made more than $72bn in loans with the help of facial recognition technology. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]