The popular term “branch transformation” can mean a variety of 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. Convergint, partnered with Axis Communications, can help with this process.
Branch transformation is centered 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. Another aspect centers around 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 with minimal negative business impact.
Stakeholders can affect or be affected by the organization’s branch transformation 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 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
Video analytics can be automated to detect and determine events in real time. This technical capability can be used across many industries. 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.
While retailers have been incorporating customer-focused analytics into their daily operations for decades, financial institutions are realizing 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.
Analytics can be very powerful tools to help banks optimize value from their network video systems and gain deeper insight into their customer behavior. In some cases, these solutions may already exist but aren’t being utilized 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 expediting the process of making important business decisions and enhancing the overall customer experience.