Intelligent video solutions help banks improve security in lots of ways, from recognising ’unwanted’ individuals on a list of interest to monitoring ATM and counter transactions. That’s not all though – used right, intelligent video also gives new insights into how customers use services, helping branches to optimise staffing levels; reduce waiting times; deliver great experiences; and foster customer loyalty for the long term.
While more transactions than ever are conducted digitally, nearly all banking customers still attend branches to withdraw cash and to conduct other transactions – either using ATMs or banking counters.
Most transactions are completed successfully with no issues, delivering a great service to the customer. However, there are exceptions, and these can cause significant headaches and costs for banks. This is a growing problem, with complaints increasing by 26% between December 2015 and December 2016 according to the Financial Ombudsman in the UK.
Key branch banking challenges
A very small percentage of ATM transactions result in disputes where the customer questions whether the transaction has been carried out as requested. For example, a customer might complain about ATM machine withdrawals, or it appears to swallow the customer’s card.
In other cases, ATMs can create vulnerabilities for banks in terms of fraud and robberies. This is the case where criminals distract customers at ATMs in an attempt to take their cards or cash from them, or to discover their PIN number for use at a later date, for example. Additionally, criminals and fraudsters may also attempt to conduct bad transactions at banking counters, where a vast quantity of paperwork and cash changes hands each day.
Delivering better outcomes for banks and customers
Intelligent video surveillance technology has a key role to play when it comes to improving customer experiences and reducing banking security risks. These kinds of systems not only provide crystal clear images of people using ATMs and conducting transactions – helping to identify potential fraud and theft. They also provide a wealth of additional video data that can help banks to identify security threats in real time, and to streamline the process of resolving customer disputes.
For example, Deep Learning technology built into smart cameras can show if someone was looking over a customers’ shoulder while they used an ATM. This can corroborate a customers’ version of events, as well as helping the bank to identify the potential fraudster or criminal. Smart video equipment connected to cameras also stores associated data, such as the time an ATM or other transaction took place, which helps to show that a customers’ version of events is true and accurate – leading to a faster resolution and a better service experience.
Smart cameras can also show sudden movements, which allows banks to identify violent robberies at ATMs and outside branches, and to intervene to help customers in real time. These kinds of technologies all help to protect customers, as well as ensuring that security risks are minimised in bank branches.
Converting video data into business insights
While intelligent video has clear benefits for security and customer service, it can also provide new insights that help banks improve their future success. For example, ‘queue detection’ technology built into surveillance cameras can be used to trigger alerts when lines get too long, prompting branch teams to open new counters or to add new ATMs if space allows. Additionally, ‘people counting’ can be used to see which areas of the branch are visited most by customers, allowing promotions and information to be displayed more effectively in branches.
As an extension to this, intelligent video could be used to understand which transactions customers typically conduct in branch and to ensure that these services are available digitally. This kind of strategic insight can ultimately help banks to reduce their in-branch traffic and to increase their operational efficiency.
Hikvision intelligent video solutions are empowering banks to transform their in-branch operations, improve their security and enhance customer service based on faster dispute resolution. To find out more about how your branches could benefit from partnering with Hikvision, visit Banking and Finance or contact firstname.lastname@example.org.