What is Computer Vision? Computer Vision is a branch of artificial intelligence that allows computers to visualize and understand the image and video content. It is that simple. From what they visualize, they can obtain or extract multi-dimensional data. Computer Vision A.I. is something now being used by insurance companies to help measure property damage and determine damage severity from images through supervised learning. What is something that is typically an arduous task for humans to carry out, AI computer vision simply needs to be trained to make faster and efficient decisions.
Deltec Bank, Bahamas says, “Finance and Banking sectors are slow in entering the market of computer vision, but the scope of change will be on a high-scale and the benefits will be huge.” Accessing financial and banking services has never been easier. This has led to increased demand where customers want their banking services to be easily accessible. With the disruption of FinTech, many up and coming technologies are utilizing computer vision through image and digital recognition to extract data to produce outputted information. This information can be invaluable for financial institutions to make faster and efficient financial decisions. Artificial intelligence and its structured deep learning capabilities are recognizing augmented reality (AR), a computer virtual world based on real-world information, to deliver contextualized information accurately and responsibly.
Diving into some of the way’s computer vision is improving customer engagement, the U.S. Bank has integrated augmented reality into their mobile app to help customers identify their closest U.S. bank branch or ATM. With location services and AR, the financial institution recognizes a certain direction, the app will produce a computer graphic for every U.S. bank, along with its location address.
According to Deltec Bank, Bahamas” The banking sector is also seeking ways to integrate a virtual world as part of its service to customers.” Through visualization, banks are better able to use the information to better personalize the customer experience. BNP Paribas is one example, who have introduced an augmented reality (AR) experience that provides an in-person banking experience to customers worldwide. Through virtual reality, customers can communicate with a virtual chatbot in real-time for their banking needs. Chatbots are expected to be structured, and the advantage is customers can find a new communications channel to manage their banking activities.
Wells Fargo allows customers to communicate in a virtualized world. This has prompted questions as to whether branches are even needed at all. This is what is known as virtual conversational banking, where customers can communicate through the virtual environment for their financial needs via voice recognition. Customers can enter the virtual world and enact the conversations that would occur in a branch. Like Santander, who provides a service within their app to allow customers to verbally ask and answer questions about their services, payments, and transactions.
The economic times India reports that Signzy deployed a computer vision engine to automate branch back-office operations to process documents in a very short space of time. It has been voiced that the technology Signzy has implemented is robust enough to distribute globally.
Computer Vision is certainly something for financial industries to benefit from. Whilst it is being anticipated that augmented and virtual reality is grasping digital operations, financial services need to keep up to maintain the demand for real-time customer engagement or face the risk of losing customers and stay behind the competition. Computer Vision is slowly taking up shape within the financial sectors and customers being indebted to it to manage their money easier.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in Economics, Masters in international business and finance and an MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.