Computer vision technology enables machines to see and analyze visual elements. Fintech companies are taking advantage of this technology in order to improve their operations and rise above conventional financial services.
According to Deltec Bank Bahamas- “The benefits of computer vision include An increased ability to detect and prevent fraud; Authentication methods that are more secure; Improved customer service; Greater efficiency in routine banking tasks.”
These benefits allow banks to run smoothly, which helps to retain and gain customers.
Now let’s look at a few specific examples of how computer vision is being used by fintech companies.
Providing Visual Information
Many of us are visual learners, making it difficult to interpret the meaning behind the numbers. But computer vision eliminates this problem by turning financial data into a visual display.
For example, Fidelity Investments offers an app called StockCity, which plunges users into VR with a visual portfolio. This helps investors make smarter, better decisions that ultimately increase revenue. The best part is, achieving this higher level of success requires less time and effort.
Equipping and Training
Whether training newly hired staff members or teaching new tasks to current personnel, computer vision can equip the team by presenting visual information. This makes it much easier for staff to learn what their roles require and how to carry out their work.
Furthermore, the use of VR and AR allows staff to get a feel for their jobs before having to step into real-life situations. Having a better sense of what to expect will prepare them to succeed while also making them feel more comfortable right from the start.
In addition, using computer vision for training purposes will free up human employees from having to conduct training sessions each time someone new joins the company. Instead of repeating the process over and over again, the training session can be programmed once and then used whenever needed.
Reaching Younger Generations
Computer vision’s impressive capabilities are sure to attract young consumers. Although younger generations might not get excited about traditional financial services, fintech will likely draw them to the financial world with its use of the latest and greatest technologies.
Furthermore, many younger consumers have grown up with technology. Not only do they better understand it, but they also trust it more than older generations do. This will make young consumers eager to embrace all that fintech has to offer, including the use of computer vision in financial services.
Security is a major issue when dealing with financial information. That’s why fintech companies are turning to computer vision to combat this problem and provide greater security for their customers.
How are they doing this? By creating and implementing biometric security measures. A few examples of this include facial recognition and eye scanning for verification purposes. These methods for verifying customers greatly reduce the risk of fraud.
Ant Financial has already been using this anti-fraud tactic since 2017, with its Smile-To-Pay service. Payments are completed when users smile at a vending machine.
This payment method eliminates the need to carry physical cards, which are in danger of getting lost or stolen. Plus, there is no need to use a pin number, which is always at risk of getting into the wrong hands.
Automating Monotonous Operations
Computer vision can process 3.5 million documents in one day. There is no way human employees could compete with that. And they don’t have to.
With computer vision taking over the boring work, human personnel are free to tackle bigger, more exciting challenges that contribute to company growth. Not only is this great for the company, but it also keeps employees satisfied with their jobs.
Expediating the Insurance Process
Dealing with insurance claims can be a hassle, but computer vision can help by determining the amount of damage that was done as well as the cause of that damage. This technology can give real-time data and can even discern between malicious cases and genuine accidents, which reduces the risk of false claims.
With a keen ability to efficiently and accurately verify claims, computer vision speeds up the entire process and may even decrease the need for human involvement.
With fintech’s use of computer vision, financial services will be completely changed. Although we can’t know for certain what all of those changes will look like, there is no doubt that these advances in technology have enormous potential to greatly improve the financial industry.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in Economics, Masters in international business and finance and 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.