The Infosys Labs research blog tracks trends in technology with a focus on applied research in Information and Communication Technology (ICT)

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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://www.finextra.com/blogposting/16210/is-the-financial-sector-ready-for-innovation-with-computer-vision

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

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