Computer Vision in Banking
Computer vision is an AI application that provides computers
the ability to visually understand the world. The technology is capable of
automatic extraction and analysis of relevant information from images.
According the Grand View Research, the global machine vision market size is
expected to reach USD 18.24 billion by 2025.
KYC is an important usecase for computer vision. The
technology enables banks to shift their focus from duplicate databases and use
biometrics for identification of prospective clients. The technology
streamlines the KYC process by allowing prospective customers to open accounts
over their phones. The European bank BBVA is attracting customers by allowing
prospective customers to open an account with a selfie or video call. The
solution helps banks increase customer convenience and move further in the
customer centricity journey.
The technology also helps organizations analyse customer
behavior in real time through emotion recognition by analyzing
micro-expressions, pupil dilation and eye moments. Banks can capitalize of the
information by offering personalized products and modifying process to make it
more convenient for clients. Similarly, computer vision can track intent of
individuals near cash points and detect threats in real time, thereby providing
a safe environment for their customers.
Back office operations would also benefit from applications
of computer vision. The technology would streamline back office operation by
reducing the paperwork through automated data extraction. The solution would
help banks save time and cost involved in processing of documents by humans
while increasing accuracy and efficiency.
Computer vision also helps traders by providing granular
data for making trade decisions. Investors and economists can track data such
as automotive activity in a retailers parking lots and shipping container
movement in ports to identify trends in the economy.
The rise of AI has opened an exciting opportunity for the
financial sector which has been burdened by the mounting paperwork and
regulations. Computer vision is poised to revolutionize everything from back
office operation to how investors evaluate a company, ubiquitously.
References:
https://hayo.io/computer-vision/
https://hackernoon.com/computervision-ee192f917646
https://www.grandviewresearch.com/press-release/global-machine-vision-market
https://emerj.com/ai-sector-overviews/machine-vision-in-finance-current-applications-and-trends/
https://hackernoon.com/computervision-ee192f917646
https://www.globalbankingandfinance.com/video-ai-the-future-of-finance/
https://indatalabs.com/blog/data-science/applications-computer-vision-across-industries
