March Networks®, a global provider of intelligent IP video solutions, is helping banking organisations understand how they can use business intelligence drawn from video, analytics and transaction reporting to implement strategy, gain tactical and operational insight and facilitate effective decision making . More than 450 banks and financial institutions currently use March Networks IP video solutions worldwide.
In a topical webinar, now available for replay on the Banking Technology website, Ely Maspero, March Networks’ IP Video Management Solutions Product Manager, highlights the growing relevance and popularity of analytics and industry-oriented reporting tools. They have become so useful to banks that an investment of $1 in analytics resulted in an ROI of $13 in 2014, representing growth of 18% since 2011.
Video and analytics are increasingly being used together, not only to provide data on specific ATM-related fraud, but also to deliver meaningful insights into bank branch performance to help improve customer relations, reduce waiting times and increase the effectiveness of in-branch marketing activities. The main driver of business intelligence software market growth is operational efficiency according to 61% of those surveyed by Technology Business Research at the end of last year.
Financial institutions can be vulnerable to different types of fraud, from cash trapping and card skimming through to the more extreme use of explosives. While ATM fraud incidents fell by 26% last year, related losses did increase by 13%. The combination of video and analytics can speed investigation times and identify at-risk ATMs to help reduce prevent fraud.
From a marketing perspective, video and analytics can be used to help banks maximise their up-selling and cross-selling opportunities by analysing staff and customer behaviour. Multiple banking departments can use the powerful combination across all aspects of client relations to help them move from a product-oriented business model to a customer-oriented model.
“Most banks today are using video surveillance to help reduce losses and better protect customer assets,,” said Ely Maspero, “but the combination of video, analytics and transaction data can target more than loss prevention Video-driven business intelligence can provide banks with valuable information on the behaviours and habits of customers and staff, helping banks refine and improve their in-branch services. This webcast highlights the many opportunities that today’s video analytics can provide, including reducing vulnerabilities and improving the customer experience to help build brand loyalty and increase revenues.”