It’s time for banks to adopt video AI analytics
We live in a digital world where AI and automation have entered every walk of professional life. You can pick any modern industry, and it won’t take long to identify how cutting-edge technologies such as AI, analytics, IoT and machine learning are playing an indispensable role in the growth of business organisations. One of the path-breaking AI innovations in recent times has been the evolution of video analytics, and this technology is extremely crucial for banking industry.
Indian banks can benefit by integrating a powerful AI platform which is supported by dashboards that are not cost exorbitant but capable of resolving various challenges for them. Today, there are advanced solutions available that can provide detailed data-driven insights to help the banks enhance their operations as well as the customer experience. This is enabled by the real time conversion of the visual feeds from CCTVs into analytics. There are multiple benefits that such video AI solutions offer.
Crowd management and safety inside banks
An advanced AI video analytics system can identify the density of people on the premises. In Covid-19 times, maintaining social distancing compliance and tracking of crowd behaviour through the existing CCTV systems is extremely beneficial. Further, the continuous monitoring and ability to smartly detect weapons, suspicious behaviour or unattended objects allows the system to raise an alert and provide crucial early response opportunity.
Monitoring customer experience
Video analytics can help in overcoming the challenge of enhancing customer experience. The intuitive video AI solutions can analyse various customer activities inside the premises. The system can create customer journey map in the branch to provide insights on things such as the average time spent by a customer on a specific counter, the high-density areas or the amount it takes on an average to withdraw cash from the ATM. By factoring in such things, the banks can improve overall performance and customer satisfaction levels.
Banks often carry out on-site promotional activities and AI video analytics will help them understand the impact of such activities on customer engagement. At the same time, activities such as vandalism, defacing of the premises, littering or attempts to manipulate the ATM machine, etc., can be detected and flagged in real-time.
Branch automation through AI video analytics
The automated or self-service branches are not exactly a novel idea, but their need has become much more pronounced today. Video analytics can help in reducing customers’ dependence on staff in banks. In fact, it is easily possible to create completely unstaffed branches by using the technology.
The advanced video analytics solutions offer the option of following set parameters, and sending automatic alerts. In unstaffed branches, the video AI solutions can ensure that the safety measures are followed and customer satisfaction KPIs are met. Facial recognition tools can be used at the ATM kiosks to facilitate card less transactions.
Almost all the bank branches nowadays use CCTVs for surveillance. However, these are used in a very passive manner. Deploying video analytics technology can help banks convert their existing CCTV systems into a smart tool to enhance their operational efficiency and customer delight. The technology is now available and it is only a matter of time before the banking sector adopts it across India.
https://www.financialexpress.com/industry/banking-finance/beyond-cctv-banking-in-the-digital-world/2349431/
