Banks recognize new technology prospects

Financial players are facing another round of competition along with the daily comparisons of their figures and graphs - the application of facial recognition.

With increasing attention being paid to the utilization of technology in the financial sector, financial players tend to advance their business with new technology such as facial recognition, not only to gain more customers, but more importantly to offer more possibilities.

"Facial recognition, which has long been used in social networks, has already become a technology mature enough to be utilized in the financial sector," said Yang Tao, assistant director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.