The Rise of Video Analytics in Banking Sector and its Potential to Secure Future

In the last few years, the banking sector has been in the process of digital transformation. New technologies are changing various aspects of banking operations. Video analytics is one such technology that is bringing the biggest advancements. Video analytics is transforming the way banks track security, improve customer experiences, and streamline operations by taking advantage of artificial intelligence (AI) and machine learning. 

According to the latest report published by Allied Market Research, the video analytics in banking market is expected to exhibit a remarkable CAGR of 24.7% during the forecast timeframe. 

AI-powered video analytics enhances the security of banking operations:

 Video content analytics platforms, which are integrated with artificial intelligence (AI), are now able to process live or recorded video data to identify individuals or objects, extract them from raw data, and classify them. The systems allow for the separation of different kinds of video content to make it simpler, faster, and more focused on the outcome.

It is quite common to hear that an automated teller machine (ATM) or a branch has been broken into or robbed at a point in time when the camera systems are either malfunctioning or have been tampered with. Even in cases where normal CCTVs are in use, it is very challenging and time-consuming to identify a suspect, especially when attempting to identify an individual who has stolen money from an ATM, etc.
Furthermore, the effectiveness of regular CCTVs in optimizing operations or crowd management within branches is often hindered by their inability to monitor individuals on the live stream or to review the stored video data later. This is the primary reason why banks are increasingly turning to video analytics solutions based on CCTV.

Similarly, it may be able to detect potentially harmful objects and bring them to notify by alerting the security staff. The potential and advantages of AI-powered video content analytics systems for CCTVs are vast.

The use of video content analysis enables banks to gain insight into customer behavior at branch offices or ATMs. A heat map of customer behavior would be generated by the system, and a review of the data can identify issues, such as counters where customers are spending more time than usual. Advanced CCTV-based analytics can detect customer sentiment through facial gesture analysis.

The CCTV-based video analytics platform would monitor all feeds 24/7 and issue alarms on situations or actions as needed. In the marketing field, banks can use video analytics to generate insights on in-premise promotions and sales teams. For example, automated self-service branches and kiosks have become increasingly popular in the post-pandemic by using video analytics technology. These branches can be optimized and safeguarded with ease.

Collaboration in video analytics in banking market:

IBM has partnered with Cisco to develop an integrated video analytics solution specifically designed for the corporate banking sector. This collaboration combines IBM’s AI-powered video analytics with Cisco’s video surveillance technology. The new solution allows banks to analyze live video feeds, identify security threats, and improve fraud detection. By connecting video analytics to network infrastructure, this new partnership provides financial institutions with a comprehensive security solution.

On the other hand, NVIDIA, a global leader in artificial intelligence (AI), has teamed up with Genetec, a video management system provider, to make available advanced video analytics solutions to the banking industry. By using NVIDIA's GPU technology and AI platforms to analyze real-time video data, the Genetec video management system enables banks to detect deviations, identify suspicious activity, and improve security operations. This partnership enables banks to utilize the power of artificial intelligence (AI) and deep learning to provide global video analytics.

Moreover, Hikvision, a prominent provider of video surveillance products, has partnered with Agent Vi, a leading video analytics software provider.  This collaboration enables banks to take advantage of Hikvision's high-quality video surveillance cameras and combine them with Agent Vi's advanced video analytics software. The solution allows banks to detect suspicious activities, identify cyber security threats, and optimize resource allocation.

Therefore, by using the capabilities of AI, deep learning, and digital process automation (DPA) software in banking, financial institutions can strengthen security measures, improve customer experience, and optimize operational efficiency. The global video analytics in banking market is expected to play a vital role in defining the future of bank operations.

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