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The Application of Facial Recognition Technology in the Financial Services Industry

  • ID: 4400238
  • Report
  • 26 pages
  • Market Intelligence & Consulting Institute (MIC)
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  • Alibaba Group
  • BC Card
  • Fujitsu
  • HSBC
  • Mizuho Bank
  • Rong 360
  • MORE

The main service areas in the financial services industry cover mainly financial transactions and financial management. It requires strict security for the transactions conducted by both service providers and their clients. Hence, there is an evident demand for stricter identification verification. In recent years, more and more financial services providers have incorporated biometric authentication technologies into their financial services, including vein recognition, fingerprint recognition, iris recognition, and facial recognition. Particularly, there is a growing trend in the number of applications using facial recognition. This report probes into several cases of facial recognition technology in the financial services industry, and examines future prospects of the industry.

List of Topics

  • Development of facial recognition technology and includes application cases such as MasterCard, China's Bank of Jiangsu, Japan's Daiwa Securities Group, Ping An of China, US HSBC, and Japan's Mizuho Bank
  • Analysis of the application of facial recognition, touching on how facial recognition has been employed in Chinese and Japanese financial services industry
  • Development and future prospects of other biometric recognition methods such as vein, iris, fingerprint, and voiceprint, as well as attribute analysis
  • Outlook for financial recognition in the financial services industry, touching on relevant policy in Asia Pacific region such as China, Korea, and Taiwan
Note: Product cover images may vary from those shown
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  • Alibaba Group
  • BC Card
  • Fujitsu
  • HSBC
  • Mizuho Bank
  • Rong 360
  • MORE

1. Introduction to Facial Recognition Technology

2. Cases of Facial Recognition Technology Application in the Financial Services Industry
2.1 MasterCard Focuses on Increasing Consumption and Preventing Unauthorized Use
2.2 China's Bank of Jiangsu Take Aims at Offering Convenient Withdrawal Service and Preventing Unauthorized Use
2.3 Japan's Daiwa Securities Group Aims to Enhance Work Efficiency and Personal Information Protection
2.4 China's Ping An of China Focuses on Shortening the Time for Credit Investigation and Lowering Loan Risks
2.5 US HSBC Works on Accelerating Financial Services Process
2.6 Japan's Mizuho Bank Take Aims at Marketing and Offering Customer Services

3. Analysis on the Application Model of Facial Recognition Technology
3.1 Identity Authentication is the Major Purpose of Facial Recognition Technology
3.2 A Higher Proportion of Financial Services Industry in China Uses Facial Authentication
3.3 Facial Authentication is Commonly Used for Staff Management in the Japanese Financial Services Industry

4. Future Prospects of Facial Recognition Technology in the Financial Services Industry
4.1 Fintech is Major Growth Enabler but It Does Not Particularly Favor Facial Authentication
4.2 Consolidating Facial Recognition Technology into Mobile Devices is Key
4.2.1 Vein Authentication is Mainly Used in ATM Machiness. Iris and Facial Authentication are Joining the Game in Recent Years.
4.2.2 Smartphones have Become Major Means in Financial Services Development; Vein Authentication and Facial Authentication Have Great Potential Vein Authentication Technology has Overcome Technical Difficulties in Downsizing the Scanner Iris Authentication Boasts High Accuracy Rate but Faces Cost and Practical Problems Attribute Analysis Helps Establish a Comprehensive Authentication Mechanism Low Practicality Limits Fingerprint and Voiceprint Authentication Development

5. Conclusion
5.1 Attribute Analysis Has Great Potential Despite of Low Presence
5.2 Applications and Empirical Results in China Merit Further Observation


List of Tables
Table 1 Case of Facial Recognition Technology in Financial Services Industry
Table 2 Biological Feature Recognition in Financial Services Industry
Table 3 Iris and Facial Recognition Technology for ATM Machines

List of Figures
Figure 1: Facial Recognition Procedures of MasterCard Online Payment
Figure 2: Ten Plans Proposed by the Financial Supervisory Commission R.O.C (Taiwan) for Fintech Development

Note: Product cover images may vary from those shown
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  • Alibaba Group
  • Alipay cloud
  • AndPay
  • Ant Financial Services Group
  • Bank of Jiangsu
  • Bank of Okinawa
  • BC Card
  • Blackberry
  • China CITI
  • China Merchants Bank
  • Daiwa Securities Group
  • Financial Supervisory Commission R.O.C.
  • Fujitsu
  • Google
  • Hiroshima Bank
  • Hitachi
  • HP
  • HSBC
  • Huishang Bank
  • Industrial Bank of Korea
  • Lakala Payment Co.
  • MasterCard International
  • Mizuho Bank
  • NEC
  • People’s Bank of China
  • Ping An Insurance (Group) Company of China Ltd.
  • Ping An Puhui
  • Qian Hai Zheng Xin
  • Rong 360
  • Samsung
  • Smile of the United Kingdom
  • Sumitomo Mitsui Banking Corporation
  • Taikang Life Insurance
  • WeBank
  • YuanBaoPu
  • ZT
Note: Product cover images may vary from those shown
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Primary research with a holistic, cross-domain approach

The exhaustive primary research methods are central to the value that the analyst delivers. A combination of questionnaires and on-site visits to the major manufacturers provides a first view of the latest data and trends. Information is subsequently validated by interviews with the manufacturers' suppliers and customers, covering a holistic industry value chain. This process is backed up by a cross-domain team-based approach, creating an interlaced network across numerous interrelated components and system-level devices to ensure statistical integrity and provide in-depth insight.

Complementing primary research is a running database and secondary research of industry and market information. Dedicated research into the macro-environmental trends shaping the ICT industry also allows the analyst to forecast future development trends and generate foresight perspectives. With more than 20 years of experience and endeavors in research, the methods and methodologies include:


  • Component supplier interviews
  • System supplier interviews
  • User interviews
  • Channel interviews
  • IPO interviews
  • Focus groups
  • Consumer surveys
  • Production databases
  • Financial data
  • Custom databases


  • Technology forecasting and assessment
  • Product assessment and selection
  • Product life cycles
  • Added value analysis
  • Market trends
  • Scenario analysis
  • Competitor analysis


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