Physical Security Innovation for Financial Institutions

Article
February 12, 2019
When we think of financial institutions and physical security, we generally think about the protection of cash assets. Although cash is a primary focus, physical security managers must consider many different asset categories.

Physical security technology has always played a pivotal role in the protection of all asset categories. Unlike the old siloed approach, technology innovation has made it possible for physical security managers to identify and potentially link people, property and other types of assets together. This can provide a more effective means of managing and protecting assets for a variety of new innovative uses that can add value.

Innovation in IP video technology is opening the door to new potential use cases that may not have been considered in the past when it was much harder to fully integrate disparate systems. In today’s business environment, where investments are shrinking and security managers are being asked to do more with fewer staff, it is important to deliver on safety, security and customer experience. Using video analytics and the IoT (Internet of Things) to join up devices creates a consistent delivery of necessary tasks. Considering the overall ROI (Return on Investment) can help with evaluating short and long-term gains and ultimately help with making the best possible technology decisions across multiple-stakeholders.

At the planning stage physical security managers should consider how new technology can be fully leveraged based on several important factors which can be the focus of an effective migration strategy.

  • Current needs – What’s needed today?
  • Existing infrastructure – What available resources can be utilized?
  • Future scalability – How to lay a foundation for future functionality or feature expansion?
  • Important key stakeholders – What potential use cases could add value?

Considering ROI will create the business case that best serves the long-term vison of the organisation and can be shared with other decision makers. This approach can help to get the approval that’s required to move forward because it can solve a broader range of needs.