First, the basics
The term computer vision was given to machines that have the ability to “see” and all technology associated with them that make it a reality. In the business vertical, this has resulted in the creation of Augmented Reality (AR) and Virtual Reality (VR) applications. The Fintech sector has taken this technology to task in transforming financial services, using visuals to bring it one step ahead as a unique differentiator ahead of the traditional finance industry.
Computer vision – Interacting with numbers
People will generally make better decisions looking at information visually rather than reviewing stacks of numbers. Offering people a new way to see data in the financial world, computer vision is proving invaluable to those making decisions about where to move their money.
Stockcity is a VR application developed by Fidelity Investments and Oculus Rift. This brings the customer into an immersive virtual world experience regarding their portfolio and allows them to make trades for example, based on price movements seen via VR.
Computer vision – Training and education
Imagine a new employee, learning the innerworkings of a trade floor. The new trader would receive a VR headset and quickly begin learning how to work trades in a virtual market. As another example, new customer agents would use the technology to hone their skills. It appears that there are endless possibilities.
Additionally, human teachers can be removed from the equation affording round the clock training using multiple VR scenarios for employees.
Computer vision can assist customers as well using AR in their mobile apps. Banks are currently helping customers with AR, to find their nearest branch or ATM.
Computer vision – Finance-on-the-go, Authentication and Surveillance
Finance-on-the-go: In a world where those who are younger are less than enthused to walk into a brick and mortar bank, fintech’s use of computer vision has embraced their preference for “finance-on-the-go”.
Banks incorporating VR and AR have created apps where customers are able to manage their accounts and payments in a virtual setting. Additionally, fintech has established a foothold in the gaming sector by providing users with the ability to make micropayments during VR gameplay.
While there will be cases for human intervention, financial institutions with insurance portfolios would benefit by using computer vision to assess damage to vehicles or property during the claims process. Computer vision will determine the extent of the damage and discern its intent as either an unfortunate incident or one with fraudulent intentions. Cameras and photo analysis help to verify claims quickly and accurately.
Authentication: In an effort to appease to customer demand Know Your Customer (KYC) processes allow for a customer to open an account remotely using their smartphone by means of a selfie or on a video call to verify the accuracy of their identity.
Biometric data is also used when authorizing transactions. This is done using an iris scan or fingerprint as verification of identity. This obviously increases the security of the transaction while minimizing the chance of fraudulent activity entering the transaction process. Eventually, this method of authentication will be used in banks and at ATMs instead of PIN codes or chip cards.
Surveillance: A few finance branches have incorporated the use of computer vision by integrating its technology with surveillance systems. Since visual AI is better than the human eye, it can capture small details – human faces, license plates, for example in an effort to identify intruders or raise a red flag if a vehicle is present outside for an extended period of time or parked at an odd angle within a certain space.
Last Thoughts
It is fintech’s role to be the disruptor and challenge long established practices traditional finance institutions have grown comfortable with. Fintech makes banking more accessible and as a result has become attractive to a younger audience who had expressed little interest in finance. Seeing is now believing!
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 deltecbankstag.wpengine.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.
