Security and safety are important issues to every organisation. That said, the banking and finance industry faces unique challenges when it comes to security. Risks such as theft and fraud are real threats that deeply affect the financial industry’s customers and employees and the public in general.
The question is, how do financial institutions effectively safeguard their assets and customers?
In addition, financial organisations are also looking to technology such as real-time analytics and surveillance to help boost customer service, to alert managers when wait times are longer than usual or to bolster security when a location becomes crowded. Attention to these details can make a real difference for financial institutions in terms of elevating customer satisfaction as well as enhancing safety.
Using technology that pushes the envelope and that incorporates open platform and customer-centric functionality is critical today when it comes to protecting financial institutions.
One answer is by utilising a system that provides comprehensive video coverage with a panoramic view of common areas. This delivers real- time situational awareness that can be combined with analytics software to yield business intelligence
Panoramic technology should be in place to monitor public areas where customers utilise financial services such as ATMs and safety deposit boxes as well as at conference rooms and lobbies within a bank. The technology should also be deployed in corporate offices and cash counting facilities. This kind of surveillance goes beyond merely recording events into the territory of detecting potential issues.
Early detection is key. Often companies aren’t alerted to an incident of fraud or theft until after it occurred. We now have innovative data analytic softwares that work with panoramic surveillance to enable organisations to take preemptive action as well as carry out timely incident resolution.
Analytics applied to surveillance data can yield findings that enhance fraud protection, improve critical detection and strengthen security measures.
To stay ahead of the game, end users at financial institutions should be able to access real-time security at a click. Applications that can be accessed via a Web or mobile app allow security managers to view what is happening 24 hours a day, even from offsite locations.
Fortunately emerging technology, such as video analytics and panoramic cameras, are now able to deliver on all this. These technologies allow more information to be collected and analysed so that the data is used effectively.
Building A Solution For U.S.- based VyStar Credit Union
VyStar Credit Union in the United States is one of these organisations in search of a cohesive solution.
VyStar Credit Union was originally founded in 1952 as Jax Navy Federal Credit Union to serve the civil service and military employees and their families at Naval Air Station in Jacksonville, Florida. Today, VyStar has grown to become one of the largest credit unions in the nation, serving more than 500,000 members nationwide with 118 remote ATMs and 51 branches.
James McDonald, VyStar Credit Union Security Operations Manager, oversees the organisation’s security. McDonald and his team are housed in security operation centres in two main campuses, where they receive information from all branches.
For McDonald and his team, the challenge is that video data must be pooled from all branch locations into one centralised system; this centralised system then sends out alerts of potential threats to managers and provides analytics that alert tellers if lines become too long. This system must also be able to work seamlessly with point-of-sale software.
To answer this challenge, McDonald had previously looked into 360-degree video technology when it was first introduced in the market. The cost then was prohibitive. It remained so for years.
Nevertheless McDonald continued to track the development of the technology over the years. Eventually McDonald asked integrator Stanley Convergent Security Solutions for a demonstration of the Oncam 360-degree video camera with advanced dewarping technology.
McDonald chose Oncam because of its open platform camera technology, its extensive experience in the financial sector and its performance in delivering a clear picture of an institution’s daily traffic and in after hours monitoring.
“I envisioned that the cameras would provide us with the ability to see both sides of the teller line simultaneously, which will improve our understanding of the entire scene as it unfolds,” McDonald said.
After careful consideration, VyStar chose the Oncam Evo-05 360-degree camera to be deployed in seven branches. In each branch, two cameras are installed above the teller line, one in the lobby and one in the ATM vestibule.
Based on open-platform technology, Oncam works seamlessly with VyStar’s Verint Security Intelligence Solutions and video management system (VMS), ensuring interoperability. With Oncam, McDonald’s team enjoys the flexibility of being able to scale up the size of the network as needed to accommodate the growth of the financial institution. The system is streamlined for large-scale, geographically distributed operations with hybrid analog and IP capabilities.
Using VyStar’s VMS together with Oncam video technology, McDonald’s team is now able to manage video surveillance and data capture across VyStar’s branches.
Implementing 360-degree coverage has allowed VyStar Credit Union to do more with a single camera and have better situational awareness across branches. It has also reduced bandwidth usage.
“Before the upgrades, we had standard analog cameras in place and it took four to five devices to accomplish what we’re now doing with one Oncam 360-degree camera,” said McDonald.
Video data gathered from Oncam Evo- 05 cameras is managed and evaluated
at the security operations centres at two different locations. “Since the Oncam video data is running on the edge with our existing solution, which reduces bandwidth needs, we’re able to get the complete megapixel capability out of the Oncam cameras,” McDonald said.
The use of the Oncam technology lets VyStar drive efficiency across branches by alerting managers when branch traffic increases. “With the footage we gain from one Oncam 360-degree camera, we tap into a complete situational overview of how the busy the branch is, and are able to better address staffing levels, thereby enhancing our ability to deliver exceptional customer service,” McDonald said. “The functionality of the video data reaches far beyond simply being a security tool.”
Multiple teams utilise the financial organisation’s video data to address emerging threats to the safety and security of staff, customers and assets. These teams include the physical security, management and personnel teams, as well as the fraud department. Management can use the technology to search through footage and locate persons of interest at various locations, and address any red flags or suspicious activity, as well as identify clips that can be used in an investigation.
Since deploying Oncam 360-degree technology, VyStar Credit Union has been able to effectively monitor security and surveillance operations across its branches in a more streamlined, efficient fashion. “Oncam’s surveillance technology is ideally suited to the financial sector, allowing security teams to truly integrate video streams from the open-platform cameras to existing video management systems,” said Jumbi Edulbehram, Regional President – Americas, Oncam. “This allows officials to pinpoint incidents quickly in an effort to streamline investigations and be alerted to emerging threats. VyStar has been a great partner in this effort.”