An image is worth a thousand words – Bank of the future – part 2


A few weeks back I was introduced to Google Goggles. The technology is amazing, yes, but at that point in time there was little commercial application for it, other than triggering searches with an image instead of a few words. The idea is pretty

Google Goggles

Google Goggles

good and powerful, and promises to be even more when more recognition capabilities are added to the solution. As of today, it can recognize text, logos, landmarks, books, wine, artwork and contact information.

The idea behind this technology is really powerful, and clearly a must have for the compulsive I want what I see buyer. See something fancy on the street? Just take a pic not only to learn what it actually is but eventually to the best places to buy it online, right from your SmartPhone.

Very promising, but still a bit far away from having the level of recognition for such an application to takeoff.

Whilst general purpose recognition might be a challenge, Amazon has taken this technology to the next stage by creating the first commercial application of it. Narrowing

the scope of objects to be recognizes shows surprising effects. Read Amazon remembers here. Still in beta, but yet amazing. See a book, DVD or videogame?. Just take a picture of it, and it is very likely to be recognized. You are instantly presented with the offers of your selected Amazon store. It simply works.

Potential

Businesses like Amazon, selling material goods over the internet, are likely to take benefit of this technology, and it is only a matter of time that the technology will mature and image will be as used as text as an input for searches. Actually, it is quite natural to search for something you know how it looks like but of which you do not necessarily know its name.

The challenge comes in industries where the goods are not material, or are not directly linkable to something material of which you can take a picture. Air Travel and Banks fall within this category, yet I think can get great benefit of such technology.

Amazon remembers

Amazon remembers

Air travel can easily be linked with a picture of a location or landmark that is clearly recognizable. Following Google’s own example with San Francisco’s Golden Gate, just take a picture of it and you can be presented with the best offers to travel there from your selected home location. Maybe even better if you actually don’t know the name of the place but see a wonderful poster, just take a picture and find out how much it will take you to fly there for the next holiday. Nice.

Financial Services is a bit more difficult, as the products are not easily linkable to something material, but there are still potential applications for this in the industry. Promotion locators are growing in popularity with the location based capabilities of SmartPhones. These can get great benefit of image recognition, so promotions are now filtered to the specific product you want to buy, which you just saw. This truly takes the buying experience to the next level, as not only you can identify the product you wish to buy and where it is sold, but also in which specific merchants in your surroundings you can get the best promotion from your bank.

The Bank of the future will have to expand its own boundaries, to have more presence in the life of its customers, and technologies like this will certainly play a role on this.

While traditional banking services can still benefit of image recognition (will you take a picture of a checkbook and request it through such a mobile app, instead of doing it through online banking?), the biggest jump comes when the Bank becomes an enabler of your day to day life. Being involved and everything, from every

day purchases to your once in a lifetime acquisitions.

Are you buying something you just took a picture of?. We are here to offer you the b

 

est promotion for it when using our cards. Are you searching for the ultimate vacation by sending a picture of that beach?. Here we are to offer you the best financing and insurance package. The financial service is not the final product, but the enabler. And I am sure a wise and wide application of these technologies can create a next level of engagement with customers in the Banking industry.

Advertisements

About Iker Ibanez

Over the years I have developed passion for a number of things, like airlines and aviation, cars and technology. I think the item that links them all is sophistication. I love sophisticated stuff, I love the sophistication of modern air travel. The sophistication of modern technology and cars. You can find more about me in my linkedin profile: http://sg.linkedin.com/in/ikeribanez

Posted on November 13, 2011, in Banks, Channels, Customer experience, Customer Service, Enterprise, Goggles, Google, Smartphones, Social Media, Technology, Uncategorized and tagged , , , , , , , . Bookmark the permalink. 1 Comment.

  1. I found the following simalirly related”The press is the best instrument for enlightening the mind of man, and improving him as a rational, moral and social being” – Thomas Jefferson

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: