Fintech innovation: facial recognition software goes official

Establishing identity can be a time-consuming process, but new software developed by a fintech start-up, HashChing, has just changed that. The specialised facial recognition software is in the pilot phase, allowing face-recognition video conference identification with clients in a home loan capacity.

Voice identification is now commonplace in Australia, but using facial recognition - or in fact using videoconferencing for meetings with financial institutions - isn't quite a part of our new digital lives. 

HashChing connects brokers and customers on its platform and requires identity confirmation for approving home loans. This identifying has now been hastened by several days. The software connects the client's photo identification with their face in real time, eliminating the need for brokers and clients to meet face-to-face. This is very convenient for clients who use (or wish to use) a provider not in their geographical area, and for those who dislike or can't make it to office visits. 

For extra safety, the system connects to the Attorney General's Document Verification Service (DVS), confirming authenticity with governmental databases in real time. 

HashChing is an online home loan marketplace that connects verified mortgage brokers. The leaders of the startup are former banker Mandeep Sodhi and his friend Atul Narang, who secured $1 million in funding by venture capitalist Victor Jiang of Sapien Ventures. Jiang is utilising the Significant Investor Visa to invest in innovative startups, securing $50 million from Chinese investors to invest in Australian fintech and online marketplaces.