Bank Branch Transformation and Physical Security

Article
February 12, 2019
Many people talk about Branch Transformation but if you ask, you’ll find that it can mean different things to different departments within a financial institution. As with many business sectors that are focused on maintaining and attracting new customers, consumer banking is continuing to evolve. As consumer preferences change, it is important for financial institutions to transform their retail branches to appeal to existing and prospective customers.

Branch Transformation is centred on creating an improved customer experience. One important aspect of this process is meeting the needs of existing customers who prefer traditional methods of banking, while at the same time, catering to the growing segment of digitally connected consumers. A further aspect is about new self-service technology that can replace tellers and improve customer service sales results. The main question is how to evolve while becoming both more cost efficient and sales effective with minimal negative business impact? At Axis we have a solution.

Key Stakeholders

Stakeholders can affect or be affected by the organisation’s actions, objectives and policies. These key stakeholders, although having different individual business goals, are united in having a common goal to provide a positive impact on their business. Physical security managers, one of the key stakeholder groups, have learned that video surveillance can now be combined with analytics technology. This solution now goes beyond security and safety with the addition of video analytics providing business intelligence to help with decision making in many new areas. These additional layers of technology then help to improve the overall customer experience.

Video Content Analytics (VCA)

The analysis of video content can now be automated to detect and determine events in real-time. This technical capability can be used across many segments, from entertainment to healthcare and retail. Many different functionalities can be implemented on the video network, from simpler forms such as Video Motion Detection to other more advanced functionalities including customer heat mapping.

Based on the internal representation that VCA generates in the machine, it is possible to build other functionalities, such as identificationbehaviour analysis or types of situation awareness. Our proprietary edge computing technology enables analytics to run on the camera, in contrast to the traditional VMS software solution.

Video Analytics Value Proposition

While retailers have been incorporating customer focused analytics into their daily operations for decades, financial institutions are realising the benefits of network video analytics to help improve the customer experience.

This is where physical security managers can play a pivotal role in partnering with other key stakeholders to enhance the overall customer experience. A surprising solution in this quest for branch innovation has been the use of network video camera systems. With the maturity of sophisticated video analytics, network cameras have stepped beyond their traditional sphere of security surveillance and loss prevention and into the realm of operational business intelligence.

What’s the Bottom Line?

Analytics can be very powerful tools to help banks optimise value from their network video systems and gain deeper insight into their customer behaviour. In some cases, these solutions may already exist but aren’t being utilised to their full potential. It’s important that physical security managers who are considering migrating to this new technology learn as much as possible about the analytics that are currently available and what potential benefits they can provide.

As banks strive to be innovative, gathering valuable real-time performance data will be critical to achieving business transformation. Strategic use of video analytics will help not only leverage resource spending but will also speed the process of making important business decisions and enhancing the overall customer experience.

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For further information, please contact: Kristina Tullberg, Regional Communications Manager Northern Europe, Axis Communications
Phone: +46 708 90 18 72