Facial recognition AI headed for banking
Two-factor security expected to be norm
Consumers will have less to worry about when they open a bank account or lose their ATM card, thanks to the rise of facial recognition usage.
YITU Technology, a Shanghai-based startup for artificial intelligence (AI) and facial recognition technologies, has brought its AI technology to Southeast Asia by setting up its first international office in Singapore, said co-founder Lin Chenxi.
This regional office is a testament to the company’s vision of creating a safer, faster and healthier world since its inception in 2012.
“Southeast Asia is a growing region and has a geographic advantage in proximity to China,” said Lance Wang, general manager for Southeast Asia, Hong Kong and Macau at YITU Technology.
Singapore was selected as regional headquarters for sales and marketing operations as a springboard to other countries, particular Thailand, Malaysia and Indonesia, which are seen as high-potential markets where the company plans to open local offices in the next few years.
The company also plans to open an R&D centre in Singapore this year. At least 70% of its employees in China work in R&D.
AI technology adoption in Southeast Asia will be in three areas: financial, healthcare and public safety, Mr Wang said.
YITU’s facial recognition technology for ATMs has been deployed by China Merchant Bank at more than 2,000 ATMs across China, enabling face-authenticated cash withdrawals for the bank’s customers.
“This verification method is intelligent enough to detect real people, reducing the risk of ATM card skimming and creating more convenience for elderly people,” Mr Wang said.
Facial verification can be used to open a new bank account and carry out online banking transactions as a two-factor authentication system that is more secure than mere passwords.
In healthcare, AI can improve service accessibility in underdeveloped markets by delivering more effective care through assisted and predictive diagnostics.
For example, lung cancer is a major cause of death in China, yet early detection and prognosis remain a challenge. YITU has worked with Zhejiang Provincial People Hospital to develop an AI diagnostic centre, leveraging YITU AICARE’s Intelligent Auxiliary Diagnosis built on deeplearning technology.
This helped reduce the workload of doctors while ensuring higher diagnostics accuracy. Today, over 90% of diagnostic reports are done using this platform.
To date, YITU has partnered with 30 top hospitals in China for scientific research projects to constantly improve solutions for the sector.
AI can spur the development of intelligent cities, especially advanced facial recognition technology such as public safety at large public events. The technology is applied at Tiananmen Square and Gongbei Port in Zhuhai, China for security purposes.
Facial recognition can be used for access control in offices and other buildings.
Existing CCTVs can be upgraded to track faces in retail to detect emotion and behaviour in buyers, as well as in schools to detect missing children.
“We see the rise of AI as an opportunity for countries, organisations and individuals to transform themselves in the digital era,” Mr Wang said.
In China and worldwide, AI is developing at a rapid pace at both established companies and startups.
China has also laid out plans to become a US$150-billion (4.71-trillion-baht) AI industry by 2030, signifying its commitment and intention to become a leader in AI.
In 2017, YITU was declared the winner of the facial-identification accuracy segment of the Face Recognition Prize Challenge, hosted by the Intelligence Advanced Research Projects Activity under the US Office of the Director of National Intelligence.
YITU has the ability to enable accurate facial recognition with a large database of over 1 billion entries in just one second.
To embrace and leverage AI successfully, Mr Wang said the value of AI needs to be commonly understood as the way forward for organisations and economies. AI development also leads to a thriving ecosystem of AI providers, partners and innovation.
The company foresees high potential in Thailand for major banks, leading hospitals and smart-city initiatives.