How Computer Vision Technology is Being Used in Financial Services

Financial Services with Computer Vision (FSCV) will enable the automation of financial services processes through computer vision and natural language processing. This technology will enhance customer experience, reduce costs and improve regulatory compliance. In comparison, FSCV is suited to retail service clients. However, the technology has applications in other segments such as institutional, private wealth management, and fund administration. This article will talk about how computer vision technology impacts the finance sector.

Image processing use cases in banking

Computer Vision in Banking

Computer vision is not a new area of computer research and technology applications. However, it is an area that is rapidly changing and expanding.?

Computer vision will become more and more integrated into our daily lives.

Banks have been early adopters of computer vision technology, and they understand the need to keep innovating. For example, computer vision technology detects potential fraud and prevents theft in banks. In addition, it helps in customer identification via facial recognition or iris scanning to improve the overall customer experience at banks.

Know Your Customer (KYC)

Traditional KYC, which bankers perform manually, is prone to human errors. In addition, it can take hours and even days and sometimes requires expensive software and hardware.?

On the other hand, e-KYC reduces the risks of fraud and identity theft. The procedure does not require physical interaction between a customer and the bank. Or financial institutions using a secure digital identity based on computer vision facial recognition technology.

Document Extraction

The days of manually examining unstructured data collections for numerous hours are over. And so, relying on manual processes to extract this data is coming to an end.

Instead, we can now streamline the process by employing computer vision, pattern recognition, and machine learning technologies. It will ensure real-time document extraction and data processing to provide a profitable and efficient alternative for accomplishing your goals.

Insurance Claims

As soon as you start filing insurance claims, it's almost impossible to avoid a computer vision journey. Whether you step on the gas, brake too hard, or drive in the wrong lane. Having an accident and filing a claim is used to see if you'll make good decisions in the future.?

Companies around you employ computer vision in the background, either for good or bad, to better understand your driving behaviors and claim history.

In the future, if you make one mistake driving, you can expect your premiums to go up with this type of interconnectedness of data moved from one place to another. In addition, computer vision is being used for insurance claim purposes by insurers around the globe.

The idea of computer vision and automation makes the insurance industry more transparent since the insurance companies can't deny the claim if there is an obvious sign of damages or any other physical indicators.?

Insurance companies can even use image processing for fraud investigation, making them eligible for quick loss verification without inspecting every affected place.

Investment Strategies

Whether you're looking for land to buy or considering a business career, it helps you see things from a different perspective.?

The satellite image analysis with computer vision can provide that sort of new angle. The ability to view your location from outer space may seem like the stuff of science fiction. But the technology is accurate. Moreover, today's overhead and satellite images allow you to get a picture of Earth's surface that's as up-to-date.

Satellite image analysis studies a satellite image with computer vision, which provides you insight into any business and region.?

It allows us to overview the characteristics of surface hydrography, relief features, field boundaries, vegetation, land-use types, inland water features, and limitations.

With computer vision and artificial intelligence, stock valuation and investment are becoming more efficient and intelligent. And that the computer vision extracts valuable information from satellite images to enhance the stock valuation and investment.

Smarter Branches

A bank usually has hundreds of branches spread over different markets and geographies. Each branch has multiple tasks to perform every day – banking, saving, lending, and insurance, to name a few. The regulatory framework governs all these activities, but the challenge lies in meeting their customers' growing demand for banking services.?

Implementing the technology in a branch is like building an office within an office. That has people to support the business operations and a whole lot more. As a result, banks' focus has turned away from infrastructure and inventing innovative ways to serve their clients better. This shift in focus led them towards implementing digital technologies. Which helps them serve customers better and help drive growth and profits indirectly.

Customers are detected as they walk into the branch, for example, by verifying their image from the entrance point camera with the image in the database. With analytics, banks can foresee the purpose of a customer's approach to the branch and provide tailored and contextual service ahead of time.

Commercial Banking with OCR

Optical Character Recognition (OCR) converts scanned images of text back into machine-readable text. In the banking industry, OCR technology has several applications. For example, many banks currently use it on cheques and other paperwork returned by customers and deposits.?

OCR is also widely used in the insurance industry to read policy information as part of claims processing.

Conclusion

Financial institutions have been searching for creative ways to improve customer experience. It's a relatively easy decision to choose computer vision technology over traditional check deposit machines. It saves the business money, creates a more efficient workflow for employees, decreases the number of lost checks and cash, and most importantly, improves the overall experience for customers from start to finish.

Visionify's computer vision solutions help organizations take advantage of the value of their images through more efficient and accurate image recognition. Because Visionify has developed its unique algorithms to achieve superior performance, which is crucial to early-stage product development, call us to get a live demo.