Computer Vision: A Game Changer for Banking, Financial Services and Insurance
Computer vision – innovation in action
Computer vision is the new technology buzzword that is transforming many industries. From self-driving cars to facial unlocking for mobile devices, the technology has enabled several innovations. In the banking, financial services and insurance (BFSI) industry, there is tremendous scope for the adoption of computer vision. Computer vision use cases in banking and insurance range from fraud control, KYC processing, data extraction, smarter branches, customer experience and more.
The impact of computer vision on insurance and financial services is wide ranging with significant cost and efficiency gains, better fraud control, and enhanced customer experience. Adopting computer vision in BFSI can deliver competitive advantage, and banks and insurers would do well to incorporate computer vision technology into their digital transformation strategies. However, before starting implementation, firms must
- Evaluate and select the best software
- Ensure compliance with privacy regulations and security policies
- Consider moving to a cloud platform