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Digital Banking

How branches are embracing next gen technology

Technology is continually advancing as every industry deals with unique challenges. Banks and financial institutions are no exception. Banks are dealing with automation, regulation, digitalization and disruption to meet with the needs of customers. The traditionally slow moving industry is now changing rapidly.

How branches are embracing next gen technologyImage via iStock.com


| by Bradley Cooper — Editor, ATM Marketplace

Technology is continually advancing as every industry deals with unique challenges. Banks and financial institutions are no exception. Banks are dealing with automation, regulation, digitalization and disruption to meet with the needs of their customers. A traditionally slow moving industry is now changing rapidly.

Stephen Joseph, segment development manager, banking and finance, at Axis Communications discussed how next generation technology is impacting banks during a panel at ATMIA held from June 23 to 25 in Las Vegas.

Banks, he said, are increasingly using not just individual solutions but integrated solutions.

Joseph said an example is a security system that uses access control, video, analytics to detect strange behavior and sound systems to deter criminal behavior or delivering security alerts. All these tools will work together to create a more effective system.

Analytics is key for all of these integrated solutions and for individual solutions, Joseph said.

"It's all about measuring and knowing, seeing greater need for analytics," Joseph said "With analytics, you can have products and solutions do things when not being actively used."

On another level, branch transformation is also powering a lot of innovation. However, in order to succeed with branch transformation, banks need to focus on operational and customer efficiency.

Joseph said banks need to, "optimize staff and space utilization" for operational efficiency and "know customers" and know how to lift their moods to improve customer efficiency.

However, some of these new technologies can raise challenges, such as ATM vestibules. During the pandemic, many banks began to utilize ATM vestibules to offer services separate from the branch. But this could lead to issues such as loitering, sleeping or people getting too close to others and skimming.

In order to address these challenges, Joseph recommended integrated solutions that can examine customer behavior to set off alerts such as loitering alerts or audio reminders for customers to calm down if it detects angry speech. Or it could even send an alert when there are too many people in a space or when someone is sleeping in the vestibule.

The key element for all of this technology is, as always, to create a better customer experience.


Bradley Cooper

Bradley Cooper is the editor of ATM Marketplace and was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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