Facial Recognition Use Cases in Banking & Financial Industry - How are the Chinese Leading in AI Tech Adoption?

When speaking about AI (artificial intelligence) and deep learning technologies, the Chinese are not just innovating at rocket speed, but the businesses are rapidly adopting these technologies in real-life business use cases to optimise customer experience and expanding market reach. Let's have a look at how the Chinese banking and financial industries are using facial recognition in business operations governed by stringent security requirements. As the customer repeatedly progresses his banking and financing needs with a bank or financial institutions, why can't the customer apply for a new product or service, from the comfort of his/her couch at home/office? Alipay (an asset of Alibaba's Ant Financial and world's largest mobile payment platform since 2014 Q2), China Merchants Bank (as of 2015, it ranks third of all Chinese companies for net cash), China CITIC Bank (China's seventh-largest lender in terms of total assets), Bank of Jiangsu and Ping An Bank are using facial recognition API to accomplish remote ID verification, either through the convenience of a mobile app, or a self-service kiosk/ATM/VTM. China Merchants Bank's Self-Service ATM equipped with Facial Recognition Technology for ID Verification Some of these case studies are cited to have only 0.001 error rate at 98% True Positive Rate.