US banks see great opportunities in video analytics technologies

03.05.2021 | 09:33 Home / News / Fintech /
#JPMorgan Chase #Wells Fargo #City National Bank of Florida
Several U.S. banks have started establishing software for surveillance camercas, which allows them to analyze customer behavior, supervise associates, and monitor the activity at ATMs, Frank Media reports with reference to Reuters.

Bankers see big opportunities in the application of AI and face recognition technologies, such as the ones currently being tested by JPMorgan Chase, Wells Fargo, and the City National Bank of Florida.

“We use the face recognition technology on mobile devices,” said Bobby Dominguez, Chief Information Security Officer at City National. The bank plans to apply this system for identification of clients at ATMs and clerks in the bank branches in early 2022.

JPMorgan has announced it is “conducting a small-scale testing of a video analytics technology in several branches in Ohio.” The bank started assessing the potential of computer vision systems back in 2019. JPMorgan used its own software to analyze archive materials from the branch in New York and Ohio.

According to Reuters’ sources, JPMorgan has created its own computer vision technologies, using products developed by Google, IBM, and Amazon. In addition, the bank has considered versions of ready-made systems from the startups AnyVision and Vintra.

A Wells Fargo representative has stated that video technologies help prevent fraud but declined to specify. The bank has used 3VR software in its branches to watch recordings of crimes and check the faces of the suspects with the base of known criminals.

A head of security of a small bank in the south of the U.S. has said that over the last year and a half, his bank has installed video analytics software in nearly every branch. For instance, these technologies warn about abandoned safe deposit boxes. Street surveillance allows seeing what happens at ATMs and preventing homeless people from sleeping under the ATM shed.

Banks do not disclose how they supervise employees. Such monitoring has already been investigated by the British regulator in the case against Barclays in 2020.

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