As machine vision systems grow more popular, it has inevitably found its way into the finance sector, bringing with it new possibilities for the industry. Some features, such as the technology that is used to verify a person’s identity or to process a deposit, are a no brainer when it comes to applying machine vision. However, machine vision systems and artificial intelligence are being used in ways that may come as a surprise to many, as it is technology such as these that are proving effective and beneficial for businesses and consumers focused on financial growth.
What are machine vision systems?
Machine vision helps to solve complex industrial tasks reliably and consistently. Machine vision systems rely on digital sensors protected inside industrial cameras with specialised optics to acquire images, so that computer hardware and software can process, analyse and measure various characteristics for decision making.
Financial companies are starting to use this innovative technology for applications like using satellite imagery to monitor and analyse the movement of their money. In addition to this, retail stores are able to use cameras to gauge customer satisfaction based on capturing facial expressions and other non-verbal cues. Analysts can then use that data to predict customer behaviour.
How do machine vision systems benefit consumers?
Before long, we can predict that machine vision may let banks offer consumers access to funds in ways that wouldn’t require physical currency, checks or cards. We are seeing a rise of one-time, digital codes that can be used on your smartphone to offer better security and help to protect customers from fraud. Stores and ATMs can use the code via machine vision to identify the user is who they say they are and authorise withdrawals from their bank accounts.
Industrial vision systems are paving the way for automated processes and you may even come across them more than you think, with more and more apps on your mobile phones becoming automated with artificial intelligence, for example automatic money saving like when you bank rounds up a transaction on your account and moves it into your savings account.
Customers can now even open an account using a smartphone via a selfie or a video call. This method of digital verification eliminates the need for manual verification, and the customer can open a bank account from the comfort of their home. This can also prove to be a win-win situation for the banks too, as it means that they can attract more customers using this method and utilise the time and human resources saved to carry out more important tasks in the business.
One of the most beneficial aspects in the use of machine vision in finance is eliminating our dependency on physical currency. Machine vision can help banks to replace traditional currency, as well as credit and debit cards. These are replaced with one time use digital codes on our smartphones, as this process eliminates the need of carrying physical cards, which in turn provides better security for customers. Most major tech companies including Apple, Google and Samsung have already introduced their mobile payment system.