BFC Bulletins Monthly News Digest
Tags Digital Transformation Identification
Machine vision is slowly but surely making inroads in the financial sector, with many financial institutions already examining its potential to make life easier for both consumers and financial institutions themselves. Here are some the most important ways machine vision is likely to transform financial services:
- Know-your-customer (KYC) processes – currently a process that takes hours, machine vision can reduce this to minutes or even seconds.
- Replacing traditional currency and cards – machine vision can help in replacing traditional currency as well as credit and debit cards. These are replaced with one-time-use digital codes on consumers’ smartphones. This process eliminates the need for carrying physical cards, provides better security and combats fraud.
- Reduced paperwork – machine vision can help to eliminate much of the paperwork currently done by financial institutions, saving time, resources and money.
- Increasing security – similar to enhanced KYC processes, machine vision can be used to verify a customer’s identity and authorize transactions. This can improve security and significantly reduce fraud.
