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Retail Banks Investing for the Future with Video Analytics

In an ever-changing environment, many financial institutions find themselves working hard to stay relevant and cost-efficient. One of the key drivers behind how many businesses are now preparing for the future is with analytics. The practice of analytics is about supporting decision-making by providing the relevant facts that will allow administrators to make a better decision with real-time data. Intuition and experience are valuable, but they should be used together with facts to make the most informed decision. Analytics enable that. Analytics are no longer just for back-of-house operations but also for customer-facing environments. This is the area where many businesses are now looking to be innovative in what is referred to as branch transformation, which improves the customer experience.

Using Video Analytics

The financial industry is now starting to evaluate the use of video analytics. Analytics can maximize spend and then build upon the investments being made for the long-term as well as a quick ROI. With the maturity of sophisticated video analytics, network cameras have stepped beyond the traditional sphere of security surveillance and loss prevention and into the realm of operational business intelligence. Convergint Technologies and Axis Communications can implement these solutions. 

Here are some popular video analytics being evaluated by financial institutions.

Cross Line Detection

Detects moving objects with a tripwire application which crosses a virtual boundary

Demographic Identifier

Generates demographic data about customers as they do their banking

Facial Capture

Captures, indexes, and catalogs the faces of people entering the branch or using the drive-through teller lanes

Sound Detection

Detects specific sounds and sends alerts with camera-based analytics

License Plate Recognition

Captures the license plate in real time, compares, or adds it to a pre-defined list, and then takes the appropriate action such as generating an alert

People Counting

Monitors the flow of customer traffic throughout the day. People counter automatically counts in real-time the number of people passing under a camera

Queue Monitoring

Captures real-time statistics about how long customers are waiting in line for teller or management services, tracking the queue duration and queue fluctuations over the course of a day

Loitering or Vagrancy

Detects people that enter a specific area and send an alert if they remain in that area for a predetermined amount of time

Analytics can be very powerful tools to help financial institutions maximize value from network video systems and gain deeper insight into their business.  Strategic use of video analytics will help not only leverage resource spending but will speed the process of making important business decisions.

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August 14, 2018|
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