What Is Machine Vision?
Many people associate machine vision with the manufacturing industry. This is because AI-enabled vision has many applications that help speed up processes and improve how companies require inspection and analysis.
Where Finance Was Before Machine Vision
There are all sorts of technological trends that have disrupted many different industries, including the finance industry. Finance is already experiencing several other technological trends - including the rise of decentralized cryptocurrencies, the introduction of AI algorithms to the trading world, and banks relying on automation technology.
Finance and technology have also given rise to the new “fintech” sector, and technology has allowed finance to become more accessible, convenient, and efficient.
How Machine Vision Is Changing the Finance Industry
Here are some ways that machine vision is currently transforming the finance sector.
Customer Verification
One of the most frustrating aspects of the finance industry is that customer verification can take massive amounts of time and labor. Banks often have to verify customers on the “back end,” but machine vision can speed up that process considerably and verify customers quicker. This can allow for a much more convenient experience.
Machine vision could also enable customers to use biometric data to authorize transactions. Finance will likely be using facial recognition technology more than ever over the next several decades.
Eliminate Paperwork
Finance requires an immense amount of paperwork, and machine vision could make it so that businesses and consumers can automate repetitive processes such as filling out financial forms. Handwritten forms can be conveniently transformed into digital documents, as well.
Insurance
One of the most obvious ways that machine vision will transform finance forever is the insurance sector. With machine vision, insurance companies can inspect buildings or home conditions to verify client claims' accuracy.
In some cases, machine vision could help insurance companies save time and labor, as the data might mean that a physical inspection is now unnecessary. It can also help speed up the claim process.
Financial Analysis
Machine vision can also help drones, satellites, and airplanes collect and monitor data. This is critical because financial analysts can learn more about the speed of a construction project, port/shipping activity, or customer activity/interest.
In this manner, machine vision can contribute to better financial analysis, forecasts, and predictions.
If you are interested in how your company can benefit from machine vision technology, make sure to explore some of the world-class machine vision cameras we have to offer.