Machine Vision in Finance: How Technology is Shaping the Industry
Machine vision has quickly found its way into the finance sector, bringing with it new possibilities for the industry. Some areas, such as the technology used to verify a person’s identity or to process a deposit, are a no-brainer when it comes to applying machine vision. But machine vision is being used in ways that may come as a surprise to many, as this technology is proving effective and beneficial for businesses and consumers focused on financial growth.
Machine Vision Finds a Place in Finance
Vision systems are often linked to a neural network that processes the images, which makes machine vision viable for automating tasks such as inspection and analysis. Financial companies are starting to use this innovative technology for applications like using satellite imagery to monitor and analyze the movement of shipping containers. As well, retail stores can use cameras to gauge customer satisfaction by capturing facial expressions and other non-verbal cues. Then, analysts can use that data to predict consumer behavior.
Machine Vision Benefits Consumers
Machine vision may soon let banks offer consumers access to funds in ways that don’t require physical currency, checks, or cards. A one-time, digital code used on a smartphone offers better security and helps protect customers from fraud. Stores or ATMs can use the code in concert with machine vision to identify the user and authorize withdrawals or purchases.
Opening new banking accounts can be a tedious process because of the verification required. Not only does the banking branch need to collect and verify the data, but it must often be reverified on the back end, a process that often takes days or even a week or longer. Vision-enabled systems could reduce the process to minutes, increasing company efficiency.
Financial Institutions Benefit from Machine Vision
Satellite imagery also can be used to view property attributes when writing insurance policies. Checking the condition of a roof or inspecting the building footprint can help provide quotes or inspect reported claim damage faster. Insurance companies can also check up on the accuracy of the information provided by clients by comparing it with their collected data.
Automated vision from satellites, drones, and airplanes can also monitor behavior important to finance. Tracking the number of containers in port, the speed of construction on a project, or even the number of cars in a department store parking lot can be used to create more accurate analyses and forecasts. As a result, analysts can get detailed insights they didn’t have before.
An additional area where machine vision is used involves the automation of document data extraction. Businesses can save time and money when analyzing paper form data typically entered by human workers. Handwritten loan applications on claims forms can quickly be converted to digitized versions by using machine vision. The system can automatically identify a document and forward it to the correct processing team.
Save the date to attend The Vision Show 2020, June 9 – 11 in Boston, MA to learn about exciting innovations in automated vision and imaging technologies.
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