Facial Recognition AI will use your facial expressions to judge creditworthiness

Credit institutions are poised to use a combination of artificial intelligence and facial recognition to instantly read the facial expressions of applicants to assess their likelihood of loan repayment. The South China Morning Post reports that Ping An Puhui, a Chinese micro lending unit of China's second-largest life insurer, has developed a digitalized loan process that can "analyse facial expressions of applicants to determine their willingness to repay the loans." The company contends that as a result of using new technologies, including facial recognition and big data, it has seen its customers "more than doubling to 5.5 million from 2 million a year ago," and its loan default rate drop, without the necessity of expanding its staffing. Facial recognition for identity verification and mobile payments just got a big boost with the latest iPhone launch. Thanks to Apple, consumers will become far more accustomed to the use of facial recognition for identity verification and digital payments.