{"id":14538,"date":"2020-02-26T10:17:51","date_gmt":"2020-02-26T10:17:51","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14538"},"modified":"2020-02-26T10:17:51","modified_gmt":"2020-02-26T10:17:51","slug":"how-machine-vision-can-transform-financial-services","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/how-machine-vision-can-transform-financial-services\/","title":{"rendered":"How machine vision can transform financial services"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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:&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Know-your-customer (KYC) processes<\/b><span style=\"font-weight: 400;\"> \u2013 currently a process that takes hours, machine vision can reduce this to minutes or even seconds.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Replacing traditional currency and cards <\/b><span style=\"font-weight: 400;\">\u2013 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\u2019 smartphones. This process eliminates the need for carrying physical cards, provides better security and combats fraud.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Reduced paperwork<\/b><span style=\"font-weight: 400;\"> \u2013 machine vision can help to eliminate much of the paperwork currently done by financial institutions, saving time, resources and money.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Increasing security<\/b><span style=\"font-weight: 400;\"> \u2013 similar to enhanced KYC processes, machine vision can be used to verify a customer\u2019s identity and authorize transactions. This can improve security and significantly reduce fraud.<\/span><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14538 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Video: banking in 2030'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-banking-in-2030\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/12\/The-Future-of-Banking-2030-Santander-FT-Partner-Content-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15586\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15586'>\n\t\t\t\tVideo: banking in 2030\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Azerbaijan to host banking forum'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/azerbaijan-to-host-banking-forum\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/a1378058-45f4-454c-a095-36469cce4ca0-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7291\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7291'>\n\t\t\t\tAzerbaijan to host banking forum\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='KMPG Pulse of FinTech Report'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/kmpg-pulse-of-fintech-report\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/03\/NEpE0N1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15854\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15854'>\n\t\t\t\tKMPG Pulse of FinTech Report\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>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:&nbsp; Know-your-customer (KYC) processes \u2013 currently a process that takes &hellip;<\/p>\n","protected":false},"author":5,"featured_media":14555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[49,206],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14538"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14538"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14538\/revisions"}],"predecessor-version":[{"id":14539,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14538\/revisions\/14539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/14555"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}