The role of technology has continuously expanded and become more impactful, with financial institutions embracing branch transformation and leveraging the latest innovative tools to enhance operations.
The threats facing financial organizations have also continued to evolve, forcing these institutions to figure out the best way to strengthen risk management across domains by simplifying, automating, and modernizing their security and fraud operations.
Cybersecurity
Financial organizations face serious cyber risk. In a report from ETF Trends, 67% of financial services companies surveyed reported an increase in cyber attacks over the past year. The good news is that as cybersecurity awareness increases, so too will the measures taken to improve the security of physical systems this year and beyond. Manufacturers are now keeping cybersecurity top-of-mind, incorporating techniques such as encryption and third-party vulnerability testing throughout the entire product development process. Additionally, companies across the industry will come together to address this concern collaboratively, creating solutions that combine multiple components to establish a multi-layered cyber defense strategy.
Video Management Systems
The growing cyber risk that financial institutions must contend with—as well as the traditional risks, such as robberies, ATM skimming, and fraud—makes it imperative that these organizations take advantage of intelligent technology solutions that help them identify vulnerabilities in real time. The importance of an advanced video management system (VMS) has been demonstrated, enabling banks and credit unions to quickly find the data needed to eliminate risks, while increasing productivity.
Time is of the essence, more so now than ever before, and today’s VMS solutions, such as Verint Video Investigator, can enable financial institutions to cut down on time spent trying to navigate the system, and instead streamline the user experience. Fraud investigators face a myriad of cases at any given time, and investment in a solution like Video Investigator, which is designed with financial institutions in mind, can quicken the investigation process and deliver the situational awareness and intelligence that banks require.
Convergint Technologies, partnered with Verint Evidence Center, has highlighted the power of a VMS platform that leverages big data analysis to improve the collection of data and fraud investigations across branches. Evidence Center helps banks and credit unions accelerate processes to identify fraudulent activity in a timely manner, helping personnel mitigate risk, ensure operational compliance, and streamline fraud investigations.
Unified Technology
The hyperconnected world, empowered by the Internet of Things (IoT), is driving new efficiencies for the banking market, allowing organizations to implement integrated end-to-end solutions across the enterprise. This convergence begins on a larger scale, unifying cyber and physical elements, but also relates to merging individual technologies, such as IP cameras, video surveillance analytics, face recognition, real-time alarms, and more. In addition to security, banks and credit unions can also turn to unified technology to enhance customer engagement, through the ability to analyze customer activity and improve business operations where necessary.
These trends will continue to impact the industry as financial institutions strive to take their technology solutions beyond simply recording footage and look to increase business efficiency, ensure cybersecurity, enhance customer service, and heighten intelligence.