Home News Financial institutions set to benefit from video-driven analytics and insight thanks to March Networks’ Searchlight4

Financial institutions set to benefit from video-driven analytics and insight thanks to March Networks’ Searchlight4

by Brian Sims
Detail of the new March Networks Searchlight4 for Banking security solution

Detail of the new March Networks Searchlight4 for Banking security solution

March Networks – a specialist when it comes to intelligent IP video surveillance for financial institutions – has introduced the Searchlight4 for Banking. This new, video-based business intelligence solution provides banks with “exceptional insights” into customer service, operations and marketing, helping them improve performance and win new business.

Importantly, Searchlight4 for Banking delivers powerful search and investigation capabilities that enable financial institutions to reduce the costs associated with ATM skimming, cash harvesting and other fraudulent activities.

In recent times, most banking organisations have invested significantly in video surveillance systems to ensure the security of their customers, employees and assets. Many, of course, have taken that investment programme still further by adopting software applications that combine recorded video with ATM and teller transaction data, in turn making it easier to investigate suspicious transactions.

Now, Searchlight4 for Banking extends the benefits of integrated data by incorporating intelligent analytics – including people counting, queue length and dwell time – from March Networks’ MegaPX indoor analytics dome camera.

Conveniently accessible via the software’s browser-based dashboard, Searchlight4 provides financial institutions with a complete view of their retail banking business using customisable reporting tools that enable them to:

*Improve customers’ experience and optimise staffing

Searchlight delivers metrics on customer experiences, including waiting times and the number of people in line at cashier stations or ATMs. Managers can easily run reports to analyse and compare data from one or multiple locations and use that information to optimise staffing or otherwise identify where more training is needed.

This knowledge is absolutely key to branch performance as customer experience is the most common reason consumers give for opening and closing accounts ahead of other issues like fees, rates, locations and convenience (Ernst & Young’s 2014 Global Consumer Banking Survey).

*Enhance fraud defence and cut investigation costs

Searchlight enables bank managers to identify potential fraud and reduce investigation times considerably with integrated video, audio and transaction data plus the ability to search across multiple sites on a simultaneous basis.

Managers can easily view statistics on which branch, teller or ATM has the most withdrawals or deposits over a certain amount, for example, and pull up the recorded video for further review.

In addition, the software can proactively alert managers or investigators to suspicious activity at an ATM which could indicate skimming or cash harvesting.

*Assess financial services and promotional successes

Measuring how well a promotion is working in a branch – or seeing if its been executed correctly across the organisation – can be invaluable to marketing teams.

Searchlight delivers visual auditing capabilities and sophisticated metrics on customer dwell times. Staff can use the software to assess how long a potential customer waited to speak with a financial services advisor or if promotional signage is having the desired impact.

If one branch is outperforming others, bank staff can use Searchlight to uncover the reasons why and make adjustments at other locations.

*Enhance security and operations

With Searchlight, authorised managers and security/operations staff are able to remotely spot-check branches from any networked location and duly assess customer activity, maintenance regimes, policy compliance and overall operational efficiencies.

The March Networks software provides detailed reports on a variety of events, such as when a safe is opened, and makes it easy to review suspicious activities using synchronised video and audio.

“Searchlight extracts relevant information from vast hours of recorded video and data and turns it into effective business intelligence,” explained Net Payne, chief marketing officer at March Networks.

“This solution affords financial institutions the insights they need to improve customer service and overall performance, and also allows them to leverage investments they’ve already made in video surveillance by extending the value it delivers to the benefit of additional groups within the organisation.”

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