Vast Applications of Computer Vision in Financial Service

Qlue Performa Indonesia

The finance sectors have been growing technologically. Aside from fintech, how can conventional financial institutions step up their tech game? Explore here.

Vast Applications of Computer Vision in Financial Service image

The global computer vision market is expectedly valued at 18.24 billion USD by 2025, Forbes reported. There are two plausible reasons for it; technology has proven to bring immense benefits even to a stern sector and the new area of improvement it has offered. The rise of utilizing computer vision has not only made businesses prosper but also on a personal level, customers are served with a better experience.

A stern sector that was mentioned earlier is the financial services sector. It is highly recognized that financial services are not much prone to changes due to their complex process and security. Yet, computer vision proves to be striving and transforming for every sector's long-standing problems. 

Deltec Bank mentions in their article that there are three kinds of financial services that can be enhanced by leveraging computer vision. They are retail banking, commercial banking, and insurance. Computer vision has shown its ability to tackle issues such as cybersecurity, customer experience management, identification, and authentication of transactions.

In retail banking, computer vision has enabled the verification of more than 15,000 customers’ faces before they can withdraw their money. Computer vision has also helped banks by matching their customers’ photographs to adverse reports across the digital world. From the side of paperwork, computer vision has automated the old school way of administering so that banks can upgrade in a more efficient and accurate way.

In insurance services, computer vision has become the star of the show. In property matters, for instance, computer vision is able to inspect and investigate the condition of particular properties. Not stopping on the level of investigation only, computer vision also enables the automation of storing data. This way, the important details of such properties will be easily accessible whenever they are needed.

In Indonesia, there is this emerging term called NeoBank. NeoBank is defined as a type of digital bank whose operations are fully online or digital without a traditional physical branch network. The chance for NeoBank to thrive in Indonesia’s market is very high. It is aligned with the number of digital penetration amongst Indonesian people, especially in times of Covid-19 pandemic.

As a company who always chooses to be agile towards changes, Qlue has the answer to this potential market by launching QlueVision. QlueVision works with any IP-Camera (CCTV, smartphone, webcam) which in this case, can be implemented either on the offline bank office or the customer’s very own smartphone. Additionally, QlueVision is equipped with QlueDashboard which makes it easier to cross-check data. In this case, QlueVision is reliable enough to analyze the paperworks that financial services usually have to deal with.

At the end of the day, the area of refinement between NeoBank’s potential emergence and computer vision can be seen as a heavy hitter. Indonesia's banking and financial services market might want to anticipate the coming of these two combinations. The decision is left between to innovate and collaborate or to be left behind.

References:

  • https://www.forbes.com/sites/cognitiveworld/2019/09/09/how-machine-vision-can-transform-financial-services/?sh=394129031e88
  • https://www.deltecbank.com/2020/05/19/computer-vision-can-transform-financial-services-and-banking-industry/?locale=en
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