In the last decade, we have become obsessed with selfies. We take them when we travel, when we’re at home, when we’re out with friends on social occasions and when we’re alone. This preoccupation with our faces will serve us well in coming years because the odds are that you’ll be seeing a lot more of your face than just the selfies you post on Instagram and Facebook. Facial recognition technology, in tandem with the big data movement, is at the nascent stages of coming into the mainstream to be used for a host of possibilities. It’s a technology that’s ripe for investment, expansion and adaptability for everyday life.

Facial Recognition Technology as Security

Forgot your wallet? No problem. You can now pay with your face. Face++, a technology start-up based in Beijing, is a hotbed of what’s possible when it comes to facial recognition and consumer based point of sale and identity. This technology brain child powers apps that allow consumers to transfer money through Alipay, a Chinese third-party online payment system, and to catch a ride with Chinese taxi company Didi. Baidu, the Chinese equivalent of Google, is working on a platform that permits railway riders to buy tickets via face. The search giant is also collaborating with government authorities in Wuzhen to create a system that allows access to popular historic areas by facial recognition as opposed to paper tickets or an on-premise financial transaction.

Along with updating its mobile wallet, the Samsung Galaxy 8 will feature a pay-by-face feature. Experts estimate that by the year 2020, 100% of smartphones will be biometrics capable, allowing all phones the possibility of payment by facial recognition.

Facial Recognition Technology as Customer Service

Some retailers have been experimenting with the use of facial recognition software when it comes to providing a higher level of customer service. Facial recognition software can identify high-value or loyalty clients as soon as they enter a store and recommend products and services for them based on their purchase history. This can be a bit like walking a tightrope for brands, however. Will consumers see this as an added value of the brand doing the work for them, or will they see it as intrusion into their personal space? As facial technology becomes more common and the Internet of Things continues to intermingle with our everyday activities, the consuming public will become increasingly accustomed to this type of customer service.

Brands are also doing order profiling via facial recognition technology. A Kentucky Fried Chicken restaurant in Beijing has teamed with Baidu to develop a system that uses facial recognition to identify a customer’s demographics and make resulting order suggestions.

The Future

It’s early days in the area of digital facial recognition. We have yet to become a global society that is fully comfortable with and utilizing the concept of facial recognition. Our digital infrastructure, from banks and stores to public services and transportation, isn’t ready to move to identifying and paying with facial recognition full scale. But we can now see the possibilities of how it could be entirely possible. Innovative investors looking for early adopter opportunities should actively consider the facial recognition arena.

To find out more about business investment and market opportunities in the facial recognition sector, contact Cornfield & Partners at info@cornfieldpartners.com or call +44 (0)20 7692 0873.

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