Home Finance Brazil's Largest Bank Launches AI-Powered Cameras

Brazil’s Largest Bank Launches AI-Powered Cameras

Itaú Unibanco, the largest private banking institution in Brazil, is currently installing cameras featuring artificial intelligence (AI) technology in a bid to improve the customer service and security of physical branches.

The undertaking saw the installation of the advanced equipment in some of its branches spread out across Brazil last year.

According to the bank, the outcomes of the project will be assessed with a mission of expanding it to the whole branch network.

Itau Unibanco is yet to confirm the number of cameras and the areas where they have been introduced.

The technology supplier that the banking institution has been dealing with is also undisclosed.

READ MORE: 10 Applications of Machine Learning in Finance

Allowing faster and additional effective response time, especially around criminal activity at the bank’s branches marks one of the critical objectives of the initiative.

Through a given database, the cameras can recognize any suspicious activity taking place at the premises, including the existence of objects such as iron bars and firearms.

Aside from providing improved image quality, Itau Unibanco says that the artificial intelligence (AI)-powered cameras play a crucial role as far as customer experience at the branch is concerned.

Facial recognition enables the bank to identify the number of customers within the agency, generating heat maps, measuring queue time in an effort to create the sector that has the largest concentration of people.

Nonetheless, the project elicits concerns about customer privacy.

In fact, in 2018, ViaQuatro, a subway operator in Sao Paulo was sued after introducing “interactive doors”, which gathered data on its passengers including gender, approximate age and emotions.

According to Itau Unibanco, client privacy is “a key consideration” in all the bank’s data initiatives.

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“We use [AI] technology for security purposes and to manage the operational flow of customers in branches,” claims a spokesperson for the bank.

The spokesperson said that all the personal data processed at the banking institution is dealt with in a compliant manner, adding that Itau Unibanco is also taking into account the oncoming general data protection regulations of Brazil.

Itau Unibanco is the biggest private sector bank in  Brazil and offers a wide variety of banking products and services through its several segments: wholesale banking (middle-market and corporate companies such as investing banking);commercial banking(small and individuals companies); and consumer credit (non-current account holders).

In fact, the bank was ranked by Forbes among the biggest companies globally based on market value, assets and business generated.

What’s more, Itau Unibanco has a staff of over 90,000 professionals, as well as about 60 million customers and more than 95,000 shareholders.

Aside from supporting critical social causes through several proprietary initiatives, Itau Unibanco invests in the promotion of financial literacy and general education.

Listed on BCBA, New York and the BM&F Bovespa, the bank also supports a wide array of projects in various fields such as urban mobility, sports, and culture.

It boasts more than 5,000 bank branches spread out across Latin America as well as 5,119 offices all over the world.

Furthermore, Itau Unibanco has operations in 21 nations globally and approximately 26,000 points of service and automatic teller machines.

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KC Cheung
KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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