We’re in a world that’s becoming increasingly digital and financial institutions are no exception to that transformation.
While the local branch can still directly manage money transactions or help a customer cash in rolls of quarters, more banks are leveraging technology that enables customers to engage with their banks using ATMs and apps for their money management.
This digital transformation is also impacting the security systems of financial institutions, in the form of a robust video management system (VMS) that enables ease of use, cybersecurity, flexible storage—including storage pools and predictive analytics—and video delivery to become just as important for financial institutions of all sizes.
Ease of Use
“What we are seeing is there are many facets to an end user,” said Paul DiBerardino, regional sales manager for Salient Systems. “For example, we have one large financial organization customer with many units within that business—hundreds of them—and, depending on who the end user is and who are we are targeting, it comes down to ease of use on the end user side, they want to click, see live video and retrieve—all at a touch of a button to get to the actionable data that they need.”
“We grew up in a world where we had to wait for things, but today we live in a world where everything is now. Speed is a big deal to end users,” he said.
When operating a VMS in a global security operations center (GSOC) for worldwide investment banks, mobility is a “big key,” something that was particularly critical during the height of the COVID-19 pandemic but remains the case today, says John Nemerofsky, chief operating officer at SAGE Integration.
Adding analytics and access control brings efficiency, especially in situations where thousands of cameras are tied into the same network, he says.
On the retail banking side, the VMS can identify who’s coming in and out of the building using facial recognition, says Nemerofsky, while also providing compressed video at high resolution. The VMS platform can also streamline a bank official’s ability to change passwords across hundreds of locations on the network with a few clicks. Adding a VMS provides “ROI on both people and licensing,” he says, offering control of bandwidth, ease of operation and ease of training.
Of equal consideration for a financial organization is the level of security available within the VMS. They want the strictest requirements: TLS (Transport Layer Security) adoption, end-to-end encryption and the ability to implement specific parameters around cybersecurity.
By offering updates and patches that keep up with the changing needs of security requirements, financial institutions and other customers gain the ability to pivot through the numerous integrations now available through the use of artificial intelligence with their VMS, says Salient Systems President Chris Meiter.
“Not knowing what is going to come up in six months but having a VMS platform that can provide the functionality and the latest and greatest technologies is key for them,” he said.