How IoT video tech can improve safety and operations for FIs

Financial institutions can better manage occupancy, wait times, and employee health with IoT video intelligence solutions

by AT&T Business Editorial Team

As businesses continue to adapt to working in a COVID-impacted market, Financial Services providers are re-assessing their operations. Banks and financial institutions (FIs) have recently focused on enhancing the traditional brick-and-mortar experience with digital solutions. But as branches reopen, management needs to consider every measure that can help create a safer environment for customers and personnel.

These measures can be an adjustment for both employees and business operations as a whole. Many organizations are investing in technology solutions like Internet of Things (IoT) video intelligence to help them adapt to this “next normal”.

How video technology for financial providers can help create a safer environment for customers and personnel

Surveillance systems are instrumental to bank security, of course. But, advancements in video technology, artificial intelligence (AI), and IoT are creating opportunities that empower FIs to do more with video footage.

These advancements have led to an emerging field we call “IoT video intelligence.” As the name implies, “video intelligence” is the process of applying AI and machine learning to video footage to monitor, automate, and perform functions that help businesses drive efficiencies or otherwise carry out tasks that the human eye can’t handle or minimize the need for human intervention. These systems can be optimized to analyze large amounts of video data on a near real-time basis.

Integrated technology like AT&T IoT Video Intelligence is designed for monitoring and analyzing people, assets, and property. It provides situational awareness and reporting from new or existing video cameras and delivers alerts to help companies make faster, more informed decisions. Financial institutions can use IoT video intelligence to enforce occupancy guidelines, manage queues, and more, helping with increased safety concerns and precautions.

  • Monitor occupancy – IoT video intelligence can use video footage to count and monitor the number of people going in and out of a branch, ATM area, or office. Cameras mounted at the entrances and exits of a building can provide a near real-time occupancy count for a facility, helping FIs better adhere to occupancy and social distancing guidelines.
  • Manage queue count and distancing – In these times, banks might not want customers waiting in the lobby. Many locations are asking customers to wait outside or in their cars until they can be allowed inside. It can be challenging for both employees and customers. But with an IoT video intelligence system, you can enable cameras to monitor lobby areas and to send alerts about queue count and estimated wait times. These alerts can reassure customers that their needs are being addressed and streamline the queue process for your staff.
  • Check employee and visitor body temperatures – One preventative measure an FI can take is stopping customers or employees with elevated body temperatures from entering a branch. An IoT video intelligence system can be equipped with thermal analytics that can scan the body temperature of staff and personnel. This enables facilities to run checks as visitors arrive at entry points.

By adhering to COVID-related safety precautions, financial organizations are accelerating digital transformation through IoT video intelligence. And while these kinds of solutions create new opportunities, the amount of data processing required for many video intelligence solutions can exceed networking architecture.

There is a solution to this problem, and it lies in edge computing.

Edge computing: the video intelligence enabler

Edge computing helps bring computing power closer to the edge of your wireless network (on location) to process data in near real time. How does that help FIs with their IoT video intelligence solutions? Let’s explore how edge computing fits into one of the use cases we mentioned above.

Imagine you manage a bank that uses video cameras to monitor the occupancy of the lobby. This high-resolution video data travels over a public network from the facility to a provider’s core facility or a remote server location for processing. This traditional architecture often does not supply the bandwidth needed for the transmission of these video feeds.

But with an edge computing solution, such as AT&T Multi-Access Edge Computing (AT&T MEC), a new path is formed that effectively cuts the distance the video data has to travel, while separating it from other traffic on the cellular network. AT&T MEC brings the AT&T core network directly to your facility’s premises. In the camera’s case, its data is directed to the on-location server for processing—rather than sent down the traditional path.

Now, the IoT video intelligence solution receives and acts on locally processed, low-latency data. Edge computing enables processing power closer to the network location and shortens the path for mission-critical data. The IoT solutions and devices that are crucial for your operations can now function with ultra-low latency.

Where to begin building your video intelligence framework

Whether you’re building a system from scratch or looking to augment your existing video and camera set up, the first step is aligning yourself with a trusted technology provider. Ideally, you want a provider that can supply the IoT video intelligence tools and applications and design and implement the network required to support those tools. Make sure you have access to professional resources and consultation services that can help address the specific needs of your business.

The world of IoT and video technology can be key to adapting to a post-COVID market. It’s important banks and other financial institutions find the right guidance and support in adopting these innovative solutions.

For more information on emerging technology solutions, check out our financial services page.