The adoption of the cutting-edge technical aspect of the Machine Vision in the financial sector doesn’t just benefit the business; instead, it is also beneficial to the consumers. However, the same thing seemed a little far-fetched around five years ago. On the other hand, financial institutions across the globe have been using state-of-the-art technology to carry out their operations.
The technologies also enable the organization to improve the experience of the customer & also lighten the workloads of employees. The worldwide machine vision industry is expected to expand at 7.7% CAGR for reaching around 18.24 USD by 2025. However, there is a specific level of skepticism in the consumers and institutes for adopting the machine vision in the financial sector.
The progress of machine learning might be slow; however, it is making inroads in the financial sector. Moreover, significant banks have begun to leverage the ease of mechanism. It is also making way for the processes of automation by substituting the repetitive practices and present-day routine following financial establishments.
A conventional and straightforward KYC process takes hours, and in the long run, it can be reduced to minutes by merely using the cutting-edge machine vision technology. Significant banks have already begun to capitalize on using Machine Vision technology to ease the process of technology implementation.
For instance, a significant bank, BBVA uses the Machine Vision technology to carry out KYC verification. Customers, on the other hand, can open an account by simply using a smartphone via a video call of a selfie. The new method of digital verification would eliminate the need for manual verification. Moreover, customers can also open an account from the comfort of their homes. According to sources, it would be like a win-win scenario for the banking sector as well.
In the long run, this would help the banking sector to attract many more customers and then utilize the human resources and time to carry out the different tasks. The most important aspect where Machine Vision can benefit is financial institutions is by eliminating their dependency on the fiat currency.
Machine Vision would help banks to replace the traditional currency along with debit and credit cards. In addition to this, they are replaced by one-time-use digital codes on the cell phone of their clients. By the looks of it, this process would also eliminate the need for carrying out the physical cards by providing better security and by combating fraudulent activities. The significant-tech giants in the world, such as Apple, Samsung, and Google, have already introduced their mobile payment system, which would help in getting rid of the physical cards.