As the digitization wave flows through, more organizations join the ride. Financial organizations were among the first ones to join the wave of digitization. Over the years, the finance sector has embraced using the latest technologies for improved operations, efficiency, and security. One of the new-age technologies gaining hype within the finance sector is computer vision. Many financial institutions have already implemented strict fraud detection strategies with the help of computer vision. Many trading or brokerage firms are using it to monitor client transactions. Read on to understand the applications of computer vision in finance in detail.
Are You Familiar With Computer Vision?
Computer vision is a new-age technology based on AI (Artificial Intelligence) that allows systems to derive information from visual files. Computer systems can draw information from videos, images, and other visual files. Besides deriving information from visual inputs, computer visions enable systems to make decisions.
With the help of computer vision, systems can observe and interpret information stored in visual files. The technology involves developing and using algorithms to interpret data stored in images and videos. In short, it is a technology that helps computers see and understand things. You can compare the role of computer vision with that of sight for humans.
Computers depend on multiple processes to make sense of visual data. It includes image segmentation, recognition, tracking, and other processes. Computer vision helps complete these processes in quick succession. You don’t have to wait for results indefinitely with computer vision.
Finance professionals can use Computer Vision to discover images, identify patterns, understand scenarios, and make decisions based on the collected information. The technology has applications in various sectors, like robotics and medicine. The global market for computer vision is more than USD 45 billion, which means organizations trust solutions powered by computer vision. The finance sector is also using computer vision to its advantage recently.
Understanding the applications of computer vision in the finance sector
More and more financial institutions will be leveraging the power of computer vision in 2023. Here are the top applications of computer vision in finance:
Enhanced Fraud Discovery
Systems powered by computer vision are apt to help discover frauds. Financial institutions train the system with images of forged or fraudulent documents. Computer vision can understand and remember forged cheques, bank statements, drafts, and other documents. Once fully trained, the system can monitor new cheques, drafts, and other documents coming into the organization.
Computer vision will alert the required professionals in real time if any document matches an old description or raises suspicion. Computer vision can also collect surveillance videos and identify suspicious activity (if any). Many financial institutions are already using computer vision to identify fraudulent activities conducted with ATMs.
Enhanced Insurance Claiming Process
Insurance companies use computer vision to analyze houses, vehicles, and plots. By doing so, insurance companies can identify the right coverage amount. For example, computer vision can identify the damages to a car via video or images. Once it identifies the total damage to the car, it will automatically determine the coverage amount. It brings accuracy to coverage processes and reduces the manual burden.
Many financial institutions rely on computer vision for enhanced facial recognition. It can determine every detail regarding a face and never forget it. Facial recognition has applications for ATMs, banks, lockers, and other facilities. Some banking and trading platforms might require customers to go through facial recognition processes.
Developing New Trading Strategies
Computer vision in finance helps analyze market data and determine trading strategies. Brokerage firms and institutional investors rely on computer vision to analyze market charts, reports, price lists, and other visual files. It can derive rich insights by going through the market data. Since investors will know insights related to the market, they can form better trading strategies.
Enhanced Regulatory Compliance
Compliance is a big headache for many financial institutions. Luckily, they can use computer vision to identify patterns and anomalies based on visual data. For example, it can look at visual images to identify unauthorized activities by in-house employees. It will allow the firm to maintain the security of sensitive data within the workplace.
Financial institutions are often required to analyze documents and store them in a predetermined manner. In-house employees can dedicate only some of their time to document processing. Luckily, computer vision can process documents at superhuman speed and accuracy.
In a Nutshell
The applications of computer vision in finance are continuously growing. The time has arrived for financial institutions to jump toward new-age technologies. An AI-based technology like computer vision can help financial institutions transform their security, fraud detection, customer support, surveillance, and other processes. Install computer vision systems right away!