Banking around the world is going through a revolution due to digital technology. To improve security bioassay technology is increasingly being applied. In the past, banks used to ask for PIN, personal information, and other verification codes, but now the banking sector around the world is going through a dynamic shift due to bioinformatics. Finger print scan, retina scan, and face-recognition is increasingly finding its application in the banking sector.
Bioassay technology is superior to the previous digital security technologies as it is difficult to imitate these technologies. On the other hand, it is easier for hackers to hack into a user’s personal and banking data such as PIN and other passwords. At present, the financial sector in China is accelerating its use of face-recognition technology. A rising number of companies in the China’s financial market are starting to use the face-recognition technology. This technology was pioneered in China by WeBank, which was the country’s first Internet bank applying face-recognition capabilities in its mobile app.
Another company called Pingan Puhui is using a procedure that uses face-recognition technology as a part of the requirement for new borrowers, when the site jppay.com in China uses both face recognition and password. A substantial amount of development has been in this technology in the past few years.
According to a report, the application of face-recognition technology might be new in the financial sector and it may still be facing roadblocks, but soon it will prosper as the central bank permits remote account opening. At present, the technology is reported to be important in confirming fully the identity of customers. Bioassay technology of face-recognition makes sure that a reason person is standing in front of the camera and not some imitation of the human face. In the coming few years, the face-recognition market is projected to grow bigger in China as Internet penetrates further in the society.