Use of facial recognition systems on the rise among financial firms in Japan

Financial institutions across Japan are continuing to bring in facial recognition systems, which can confirm a person’s identity simply by reading facial characteristics with a smartphone camera and other devices. It is likely that the system will spread among companies involved in the emerging fintech sector. According to Nishi-Nippon Financial Holdings Inc. spokesperson, major investments in the facial recognition technology cannot be made, when taking into account cost versus effectiveness. Hence, it’s important to somehow work with external companies, and form partnerships to get around this issue.

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