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 Anderson

    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.