From the power of artificial intelligence to intelligent devices, the idea of the connected world is being shaped by demands for productivity and optimized experiences. But connections can’t happen without transformative technologies. It’s these emerging technologies — the networked devices and platforms so ingrained as part of our daily lives — that have changed how we communicate, how we tackle daily to-dos (hello, mobile banking), and how we work.
Although 2020 will be remembered as the year that the COVID-19 pandemic changed our lives, it will also be marked as a defining year for emerging technologies. Innovators charged forward with helping businesses address the changing business landscape and the remote work environment. Although the number of technologies saw increased demand, cloud services experienced the most significant jump. According to research by industry analyst Canalys, the amount spent by organizations on cloud infrastructure and services rocketed by one-third, increasing to $142 billion from the $107 billion recorded in 2019.
While banks have been traditionally conservative and later stage adopters of certain technologies like the cloud, these organizations have still moved forward with deploying a hybrid approach. Banks have taken small steps, if you will — embracing the cloud for mobile banking functionalities and customer engagement. And why not focus on these areas first? In retail banking environments, faster payments, improved customer engagement and service, and more responsive mobile services kept banks connected with their customers.
But now is the time to move past these early stages. Video surveillance is the largest generator of data in any business environment but even more so in the financial services industry. Banks rely heavily on video surveillance to reduce fraud, improve customer service, and enhance training, and leverage information collected from video systems to enhance investigations.
Video is crucial to banking operations, and therefore, the time is now for banks to optimize the value of video by leveraging cloud services to enhance it. With a shifting risk landscape and progressing threats, financial institutions must plan for today and look at innovative, yet proven, technologies and solutions. As new trends and strategies emerge and take precedence, security leaders should stay prepared and continuously work to gather as much data and intelligence as possible to modernize, simplify, and automate their business.
Most financial organizations are looking to leverage technologies to achieve common goals and moving forward, banks need to consider how these efforts can be significantly affected by the power of cloud services. And with a return to “normal,” we have reached a crucial crossroads in the financial sector in its relationship with cloud technology – it is now down to leadership to steer the industry’s transition to the cloud and break down long-standing barriers.
So how can leaders embrace the benefits of new technologies like cloud and sell it to senior leadership? Here are some advantages and uses to consider.
Get value
Moving to the cloud reduces the total cost of video and provides long-term scalability. Unlike on-premises solutions, a cloud solution protects data and dispersed branches without the need for investing in on-site infrastructure. It also offers central monitoring capabilities and makes it easy to add a camera or change configurations, simplifying scalability and manageability. The cloud allows banks to scale their system as the individual needs of their branches evolve. Banks can avoid the over- or under-allocation of planned resources by paying only for the amount of cloud storage they use
Moving to the cloud also means banks don’t have to purchase, maintain, or decommission equipment after reaching end-of-life. Upfront hardware investments are significantly reduced. By eliminating recording infrastructure, financial institutions can reduce how much they spend on heating, cooling, and rackspace. This benefit can be particularly significant for branches in cities with expensive real estate. When you consider how much a branch pays per square foot in New York City, for example, removing the need for a dedicated server room can represent huge savings.
Get smart
To help banks predict and identify threats, cloud-based services can help them realize positive security and fraud reduction outcomes beyond the traditional sphere of security and safety and focus on solving real-world problems. When combined, cloud and video intelligence is a highly valuable solution.
For example, stakeholders can use video analytics to identify a fraudster that visits multiple branches. Loitering detection is another use case; if someone stands at an ATM for a long time, the system can notify the appropriate stakeholder. While the situation could be anything from ATM skimming to someone getting out of bad weather, having access to this kind of information drives an appropriate response.
Get secure
When you think of a video system, cybersecurity may not immediately come to mind. But the two are now intertwined. Bad actors have begun using more sophisticated methods to gain access to networks, data, and assets. As more physical security devices become IP-enabled, encryption and vulnerability testing are essential. Banks must install regular updates and firmware, and practice proper password hygiene as with any networked device.
A cloud service can enhance data protection versus an on-premises solution. First, well-known cloud providers, like Verint, have stringent security measures to protect data being transmitted and stored. And it makes sense because their business is based on cloud and data storage and depends on the security of data. Additionally, cloud service providers incorporate strong security protocols, including vulnerability testing, encryption, and secure password etiquette to ensure the data they have promised to keep is protected.