When looking at a person, the human eye is able to recognize a face with 97.53% accuracy. This sounds relatively high until you hear that facial recognition programs of Ping An Technologies are more than 99% percent accurate. The artificial intelligence of Ping An has become very sophisticated and leads the world in this sector of artificial intelligence at the moment. The current objective is to decrease detection time of micro expressions to 30 milliseconds through its series of algorithms.
Ping An Technologies has developed its artificial intelligence for the purpose of use in the financial services industry. How would the financial services industry utilize a facial recognition program? The answer is in its security. Facial recognition is something that most people are familiar with. It gets used in airports and in forensics, as is popular on many shows. The use of facial recognition to prevent fraud in banking situations is one that could have some practical applications. With a system more reliable than the naked human eye, the use of artificial intelligence in finance creates high value in this field.
In addition, using facial recognition and artificial intelligence in finance and banking creates cohesion with the data that has already been collected, and it utilizes data from different locations for instances like detecting fraud, etc.
Beyond facial recognition, AI can be used in finance for risk control, credit reporting, and market investment analysis. If companies like Ping An are able to calculate risk using algorithms and artificial intelligence, it could be possible to create more reliable financial data. In addition, the advancement of sophisticated artificial intelligence is aiding in the development of other things, like online banking, which was not able to be done at this same level before. With data being processed so quickly, the financial service industry could become much more reliable than before. Would this mean increased investing? What could this mean for this industry as far as jobs? As for now, the technology has still not been released for general use, meaning it isn't in place in the financial services industry just yet, and as with all artificial intelligence, it still needs continual data to be able to "learn," and my opinion is that the financial services industry will probably not suffer from any adverse effects of the integration of artificial intelligence into the field.
Outside the field of finance, the increased accuracy of artificial intelligence and facial recognition could be able to aid in things like medicine or personalized insurance premiums. In the case of medicine, the development of artificial intelligence could lead to better diagnoses or possibly quicker response time when technology could be used to spit out a quick analysis of identity, medical history or even symptoms. It seems that, although not ready for release yet, the development of AI could have major advances in fields stretching across many concentrations, from finance and security to medicine.