2 minute read
By Matt Tengwall
Posted in Customer Engagement
As we recently completed the first half of 2019, it's a good time to step back and look at the way the financial industry is evolving. The role of technology has continuously expanded and become more impactful, with banks and credit unions embracing the digital transformation and leveraging the latest innovative tools to enhance operations.
The threats facing financial organizations have also continued to evolve, forcing these institutions to figure out the best way to strengthen risk management across domains by simplifying, automating, and modernizing their security and fraud operations. We've seen various trends and technology advancements influence this goal over the years -- so what can we expect from the rest of 2019?
CEOs of the nation's largest banks have agreed that cyber risk is one of the biggest risks the financial system faces. In a recent report, 67 percent of financial services companies surveyed reported an increase in cyber attacks over the past year.
The good news? As cybersecurity awareness increases, so too will the measures taken to improve the security of physical systems -- this year and beyond. Manufacturers are now keeping cybersecurity top-of-mind, incorporating techniques such as encryption and third-party vulnerability testing throughout the entire product development process.
Additionally, companies across the industry will come together to address this concern collaboratively, creating solutions that combine multiple components to establish a multi-layered cyber defense strategy.
Advanced Video Management
The growing cyber risk that financial institutions must contend with -- as well as the traditional risks still in play, such as robberies, ATM skimming, and fraud -- makes it imperative that these organizations take advantage of intelligent technology solutions that help them identify vulnerabilities in real time.
The second half of 2019 and years to come will demonstrate the importance of an advanced video management system (VMS) that enables banks and credit unions to quickly find the data needed to eliminate risks while increasing productivity. Because time is of the essence more so now than ever before, today's best VMS solutions can enable financial institutions to cut down on time spent trying to navigate the system and instead streamline the user experience.
For example, fraud investigators face a myriad of cases at any given time -- investment in an advanced VMS can quicken the investigation process and deliver the situational awareness and intelligence that today's banks require.
Gone are the days where security devices and systems operate in silos. The hyperconnected world, empowered by the Internet of Things (IoT), is driving new efficiencies for the banking market -- allowing organizations to implement integrated, end-to-end solutions across the enterprise.
This convergence begins on a larger scale, unifying cyber and physical elements, but also relates to merging individual technologies, such as IP cameras, video surveillance analytics, face recognition, real-time alarms, and more.
In addition to security, banks and credit unions can also turn to unified technology to enhance customer engagement through the ability to analyze customer activity and improve business operations where necessary.
These trends will continue to impact the industry the rest of this year and well into the future, as financial institutions strive to take their technology solutions beyond simply recording footage by increasing business efficiency, ensuring strong cybersecurity, enhancing customer service, and heightening intelligence.
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