We’re in a world that’s becoming increasingly digital — and financial institutions are no exception to that transformation.
While the local bank branch can still hand a customer a stack of paper money or help cash a roll of quarters, more customers are engaging with their banks using ATMs and apps when conducting their money management.
The same is true for larger financial institutions, where technology is leading the way. Having a robust video management system (VMS) that’s built with ease of use, cybersecurity, flexible storage—including storage pools and predictive analysis—and video delivery is equally important.
Here are four ways that financial institutions are transforming the way they do business using a video security management system.
Prioritizing ease of use
Whether the financial organization is a large global bank, or a local bank with a handful of branches, ease of use is a top priority. End users want to click, see live video, and readily retrieve information, all through the touch of a button to get to actionable data.
The idea of simplicity remains paramount for VMS systems and users, whether they are managing a few dozen cameras or a few thousand.
At a time when everyone needs to do more with less, security staffers need to be able to stream their VMS content and watch it from command centers. Other advantages of a VMS for financial organizations are staffing and operational efficiencies using video delivered through a secure web portal with highly encrypted passwords or on a mobile app.
Addressing storage retention
Achieving minimum storage retention requirements is of critical importance to financial institutions. Having video evidence available for a predictable timeframe can be challenging though. Video retention time can be affected by many factors including lighting, level of scene activity, incorrect camera settings and more.
Using a VMS with predictive storage analytics allows financial institutions to receive notifications if a camera will not be recorded for the intended period of time. Storage analytics monitor the storage consumption on a camera by-camera basis. This information is combined with the amount of storage available to determine the estimated retention time. If the analytics determine a camera will not meet retention targets, administrators can act by adjusting camera settings to reduce bitrate, or adding more storage to a pool available to the VMS.
Cybersecurity
On the flip side of ease of use is the level of security available from the VMS. Financial organizations want the strictest requirements: TLS (Transport Layer Security), end-to-end encryption, and password policy control as some examples.
Offering regular updates and patches that keep up with the changing needs of a VMS enables financial institutions to keep software current, which prevents security issues. Utilizing a VMS with the ability to centrally push software updates, reduces the time and complexity of regular patching, making it less costly and more likely an organization will deploy patches regularly. An added benefit from regular patching is staying up to date with the latest features and integrations.
Scalability
Financial institutions need to be able to plan for the future and this includes implementing VMS solutions that can incorporate the latest and greatest integrations. Growing demand for video analytics means that new capabilities are being introduced continuously, so the VMS platform also needs to be able to accommodate these newer complementary technologies.
Scalability also means being able to add more cameras and additional branch locations as the financial business expands while still managing the system as a whole.
Bringing together ease of use, storage retention, cybersecurity and scalability in one package is transforming video security for financial institutions. The most progressive financial institutions are already implementing these solutions into their operations through the use of VMS and seeing them pay immediate dividends.
Reduced system administration, integration of third-party technologies, and better remote access are just some examples of upgrading VMS technology. And, in the financial sector, there’s nothing more important than investments paying off as quickly as possible.
