Think of a time when you are in an ATM to withdraw money and you find out that your card has been blocked or your card gets stuck in the machine. It will be a challenge if one wants urgent cash. This situation can be resolved by computer vision and modern ATM machines equipped with cameras that detect face with facial recognition for ATM transactions. this blog will discuss how finance companies use computer vision in their applications.
Allied Market Research says, the global computer vision market size was valued at $9.45 billion in 2020 and is projected to reach $41.11 billion by 2030
With discovery bank you can sign up using facial recognition.
One of the safest banking methods is an app to get real-time bank alerts when a transaction is done. To make bank accounts safer, the bank integrates computer vision facial recognition to identify users’ faces. They also have a backup that is asking for a one-time pin to prevent hacking incidents.
How Absa implemented ID facial biometric.
With Absa Facial biometrics the users can link their facial features with their mobiles. One can also reset absa’s password and online pin to secure one’s account. This has significantly improved the user experience and security of absa banking app.
OCBC bank implemented face verification for ATM transactions.
Due to usage of digital banking among OCBC users and more than two million cash ATM withdrawals in a month OCBC bank implemented face verification for users to use their ATM service. It starts when a user enters an NRIC number on the ATM screen and positions their face in a frame on the ATM screen. Then web-enabled cameras in ATMs scan user’s face and match it with an actual scanned image from a biometric database of OCBC bank. When facial scan is completed successfully, user can do a transaction in the ATM. This usage of ATMs will be increased for fund transfers, cash deposits and other transactions.
ADIB now employs facial recognition to open accounts.
Facial recognition service is now available at ADIB mobile banking app for opening an account. By downloading app and following the instructions you can do it simply. But first you have to take a selfie image, scan your passport, and tap your emirates ID on your device. So the app reads data within built chip with NFC.
After scanning the face it will be matched with ministry’s facial recognition system. When your face is successfully matched you will get a text message and after that you can create your own credentials to log into the app.
CaixaBank has successfully installed facial recognition in ATMs.
Caixa bank is first to make an ATM work with biometric technology. A simple solution is a facial recognition when doing ATM transactions without extra pins. Hardware and software deployed in ATM will identify face. Using 16,000 points of a user’s facial image ensures secure identification.
With facial recognition, there is no need to remember passwords. This minimizes contact with ATMs so users don’t use keypads. Instead they touch ATMs when they withdraw cash.
IRS starts verifying tax filers’ identities with facial recognition
The Internal revenue service (IRS) updated tax filers to enroll in a third-party facial recognition company known as krebs on security. If you already have an account with U.S. Internal revenue service those login credentials will be ceased to work later. This summer they have to log in using ID.me. With this online identity verification service users have to upload identity documents and a selfie video from mobile.
BBVA Implemented face recognition to confirm identity of customers.
BBVA confirms the identity of customers by using face recognition when they submit a photo ID. Customers can open an account on their mobile with just a video call. This removes manual verification process, thus reducing errors and KYC processing time.
Wellsfargo launched cardless technology.
When customers log into the mobile app they get an eight-digit text code. They use this code at ATMs to avoid carrying a debit card. So customers can do a cardless transaction when they open Wellsfargo mobile apps on their mobile and hold it near the NFC terminal at the ATM.
Ant financial claim process starts with computer vision.
The ant financial app can detect and identify damage on vehicles and provide claims process using computer vision. This app first understands image and identify damage and sends reports to insurance agents. It also recognizes damaged parts and shows an overview to repair them. Ant financial team trains their models using damaged car images with different lighting conditions and angles. With this data app can give accurate results.
Computer vision for property insurance market
Cape analytics employ computer vision to analyze images from satellite for property insurance market. This solution will look for features that insurance is looking for and notify them of any possible damage or quality defects. For instance it identifies if a property’s roof is prone to damage. Cape analytics can help insurers enhance their approval processes and make better decisions regarding a property’s risk.
Seven banks started computer vision ATMs
When you approach a seven bank ATM and have a driver’s license or any ID. Place it over the scanner so the camera takes your image and matches it with the image read by a scanner. If this process is successful a QR link is sent to a dedicated website. The application process completes when you read it on your mobile and it gives you personal data on web. After that, you have to select a pattern for verifying your identity with ATM. If this process is successful ATM cards are sent to customers in two weeks.
Conclusion
Many companies in the financial services industry use computer vision to automate mundane, time-consuming jobs. These companies often have high accuracy standards that a computer alone can’t meet. The only way to achieve such high accuracy is by pairing computer vision algorithms with human expertise. Combining employees with automated computer vision solutions gives financial services companies the ability to expand on their current technology and attain new levels of integration and transparency.
At Visionify we understand how many challenges you face in developing practical business applications. We offer end-to-end custom computer vision solutions to help you overcome the problems in your business with our solutions like face detection and verification, people detection and tracking, factory vision solutions and document parsing. So that you can work more on your business activities and take your business to the next level. We can bring AI to your applications with our solutions. Call us to get a live demo of our solutions.
