Financial institutions face a variety of security problems which can be further worsened by unforeseen risks. A major security breach attributed to unforeseen risk impacts operational cost and productivity, additionally impacting the brand equity through customer perceptions. Since customer experience and perceptions are centric to growth, there is a growing common thread that will rise above in all coming years: collaboration.

Financial institutions can collaborate and develop valuable partnerships with security integrators and manufacturers. Together, they will create a committed team to help solve security problems, as well as provide strong and reliable solutions. When broken down in terms of its relevance for financial institutions, two major areas will help ensure protection for the organization.

Physical Security and IT 

Although this type of collaboration has already begun, the integration of physical and IT security has become more critical. The use of advanced networks and cloud-based technologies in financial institutions have led it IT’s increased involvement in security operations and decisions. 

The collaboration between physical and IT security teams must exist at every level of the process; from procurement, to installation, and to maintenance over time. It is crucial that IT personnel are involved and asking the right questions. This collaboration helps institutions ensure solutions are protected against cyber threats. 

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Security and Customer Engagement 

Financial institutions cannot drive exceptional customer service without security having a seat at the table. These two elements impact each other in more than one way. It is important for institutions to implement informed and intelligent customer engagement strategies that incorporate both safety and service. 

As the physical layouts of branches evolve to become more productive for customer engagement, it is important to ensure that security is considered in these changes. As financial institution environments are transitioning it could introduce a variety of risks when it comes to employee and asset protection, making it important for security to react to this adjustment from a safety and fraud perspective. 

Whether it is due to the evolving risk landscape financial institutions face, or the desire to adhere to customer demands, it has become clear that collaboration will be the key to success in the future. Convergint Technologies and Verint create a strong security integrator and manufacturer partnership that provides financial institutions a committed team to solve security problems. Together, with a focus on security, collaboration, and business operations, these end-to-end providers help avoid the risk that comes along with running financial institutions. 

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