11 Finance Companies That Use Computer Vision

Key Takeaways

• Market Growth: The global computer vision market is projected to reach $41.11 billion by 2030
• Enhanced Security: Facial recognition reduces fraud and improves account protection
• Improved Experience: Biometric authentication eliminates the need for cards and PINs
• Operational Efficiency: Automated verification processes reduce manual workload
• Diverse Applications: From ATM transactions to insurance claims assessment

The Visual Revolution in Financial Services

The financial services industry is rapidly adopting computer vision technology to enhance security, streamline operations, and improve customer experience. According to Allied Market Research, the global computer vision market was valued at $9.45 billion in 2020 and is projected to reach $41.11 billion by 2030, with financial services representing a significant portion of this growth.

Let's explore how eleven innovative financial institutions are leveraging computer vision to transform their services.

1. Discovery Bank: Facial Recognition Onboarding

Discovery Bank has implemented facial recognition technology that allows customers to sign up for new accounts using their facial features. This system:

• Verifies identity during the account creation process
• Sends real-time alerts when transactions occur
• Includes PIN verification as a backup security measure

This multi-layered approach significantly enhances security while streamlining the customer onboarding experience.

2. Absa: Facial Biometric Authentication

Absa has integrated facial biometrics into their mobile banking platform, enabling users to:

• Link their facial features to their mobile banking profile
• Reset passwords and PINs securely using facial verification
• Access accounts without remembering complex credentials

This implementation has substantially improved both user experience and security across their digital banking services.

3. OCBC Bank: Face Verification for ATM Transactions

With over two million monthly ATM withdrawals, OCBC Bank has deployed facial verification at their ATMs. The process works by:

1. Customer enters their identification number
2. Web-enabled cameras scan the customer's face
3. System matches the scan against the bank's biometric database
4. Upon successful verification, the transaction proceeds

This technology is being expanded to support fund transfers, cash deposits, and other ATM services.

4. ADIB: Mobile Account Opening with Facial Recognition

Abu Dhabi Islamic Bank (ADIB) now offers account opening through their mobile app using facial recognition:

1. Customer takes a selfie and scans their passport
2. They tap their Emirates ID on their device (using NFC technology)
3. The app matches their face with the Ministry's facial recognition system
4. Upon verification, the customer receives a text message to complete setup

This streamlined process eliminates branch visits while maintaining robust security standards.

5. CaixaBank: Facial Recognition ATMs

CaixaBank was among the first to implement facial recognition in ATMs, creating a truly contactless experience:

• Their system identifies 16,000 points on a customer's face
• No PIN entry is required, reducing fraud risk
• The contactless approach minimizes physical interaction with ATM surfaces

This technology has proven particularly valuable during the pandemic by reducing touch points.

6. IRS: Facial Recognition for Tax Filers

The Internal Revenue Service (IRS) has partnered with ID.me to implement facial recognition for tax filers:

• Users upload identity documents and a selfie video
• The system verifies identity before allowing access to tax records
• This approach significantly reduces tax fraud and identity theft

While controversial, this implementation demonstrates the growing adoption of facial recognition in government financial services.

7. BBVA: Face Recognition for Customer Verification

BBVA uses facial recognition to verify customer identity during document submission:

• Customers can open accounts via mobile with video verification
• The system matches their face against their photo ID
• This eliminates manual verification, reducing errors and processing time

This technology has dramatically accelerated BBVA's KYC (Know Your Customer) processes.

8. Wells Fargo: Cardless ATM Technology

Wells Fargo has implemented a cardless ATM system using mobile authentication:

• Customers receive an eight-digit code via text
• They enter this code at the ATM instead of using a physical card
• For NFC-enabled ATMs, customers simply hold their phone near the terminal

This approach reduces card skimming risk while improving convenience.

9. Ant Financial: Computer Vision for Insurance Claims

Ant Financial uses computer vision to streamline vehicle insurance claims:

• Their app identifies and assesses vehicle damage from photos
• The system recognizes specific damaged parts and estimates repair costs
• This automation significantly accelerates the claims process

Their models are trained on thousands of damaged vehicle images in various lighting conditions and angles.

10. Cape Analytics: Property Insurance Assessment

Cape Analytics employs computer vision to analyze satellite imagery for property insurance:

• Their system identifies roof conditions and potential damage
• It detects features relevant to insurance risk assessment
• This information helps insurers make more informed underwriting decisions

This application demonstrates how computer vision extends beyond facial recognition in financial services.

11. Seven Bank: ID Verification at ATMs

Seven Bank in Japan has implemented a sophisticated ID verification system at their ATMs:

1. Customers place their ID over a scanner
2. The system captures their image and matches it to their ID
3. A QR code is generated linking to a dedicated website
4. Customers complete verification on their mobile device

Successful applicants receive their ATM cards within two weeks, with no branch visit required.

The Future of Visual Intelligence in Finance

As computer vision technology continues to advance, we can expect:

• Expanded Applications: Beyond facial recognition to behavior analysis and fraud detection
• Enhanced Accuracy: Improved algorithms that work across diverse populations
• Greater Integration: Seamless connections between visual systems and other security measures
• Regulatory Evolution: New frameworks governing biometric data use in financial services

Financial institutions that effectively implement these technologies will gain significant advantages in security, efficiency, and customer experience.

Conclusion

Computer vision is transforming the financial services industry by enabling more secure, efficient, and user-friendly experiences. From facial recognition at ATMs to automated insurance claims processing, these technologies are reducing fraud, eliminating friction, and creating new possibilities for financial interactions.

As the technology continues to mature, we can expect even more innovative applications that balance security requirements with customer convenience. Financial institutions that embrace these visual intelligence technologies will be well-positioned to meet evolving customer expectations while maintaining robust security standards.

---

This article provides a historical perspective on computer vision in financial services. While Visionify now specializes in computer vision solutions for various industries, we recognize the continuing importance of visual intelligence technologies in enhancing security and efficiency in financial applications.