Privacy Settings
By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy and Cookie Policy for more information.

Video Analytics in Banking | How AI is making cameras smart

The banking industry has seen significant technological advancements, from the deployment of ATMs to the release of mobile banking. Now, AI-powered video analytics is the latest innovation, analyzing video footage in real time to improve planning, optimize operations, and enhance security. Read on to learn more about the future of banking with AI and discover the vast solutions of AI video analytics in banking.

Published

June 4, 2024

AI in Banking

The banking industry has undergone significant transformations over the past few decades, driven by technological advancements and the dynamic needs of customers. Remember the last time you used your phone to make a quick transfer or checked your account balance from the comfort of your home? These moments exemplify just how far banking technology has come. From the introduction of ATMs to the rise of online and mobile banking, each innovation has been designed with you in mind, aiming to enhance your convenience, security, and efficiency. In recent years, a new wave of technological development has emerged, promising to revolutionize the sector once again: video analytics powered by artificial intelligence (AI).
Video analytics in banking has transformed the way financial institutions operate, with AI making cameras smart and enhancing security measures. This cutting-edge technology leverages AI to analyze video footage in real time, enabling banks to detect fraudulent activities, optimize branch operations, and enhance customer experiences. Prominent banks around the world are already utilizing AI video analytics to streamline their operations, increase efficiency, and provide a higher level of security and service to their customers.
As the financial landscape continues to evolve, banks must keep pace with technological developments. By embracing the multitude of benefits offered by AI video analytics, banks can transform their operations, making them more secure, efficient, and customer-centric.

Online Banking Features

AI in Banking

AI has been transforming banking operations for years, even before it became a mainstream technology. Prominent banks worldwide have been leveraging AI to streamline an array of processes for a while now with Generative AI (Gen AI) being at the forefront of these applications. Take the Bank of America as an example, its AI-driven virtual assistant has facilitated over 2 billion client interactions since its launch in 2018. Moreover, The McKinsey Global Institute estimates that Gen AI could add significant value to the banking sector, with an annual potential of $200 billion to $340 billion. While Gen AI offers personalized services and improved customer service, AI video analytics can further optimize operations and enhance security measures in banking.

What is AI Video Analytics?

Video Analytics (VA), also known as video content analytics or video analysis, involves using computer algorithms and AI techniques to analyze video content for specific purposes. It automates the extraction, interpretation, and understanding of data from video streams. By integrating computer vision, machine learning, and pattern recognition algorithms, video analytics generates actionable insights from large volumes of video data.

Difference Between Video Analytics and Gen AI

Gen AI focuses on creating new content such as text, images, and music, whereas video analytics interprets existing video footage to extract useful information. They employ different technologies, such as Natural Language Processing (NLP) for Gen AI and computer vision for video analytics.

The key difference between NLP and computer vision lies in their focus: NLP deals with understanding and generating human languages, such as in the case of chatbots used by banks to interact with customers, while computer vision interprets visual data from the world, such as images and videos. Video analytics leverages computer vision to analyze video streams and extract meaningful data, enhancing security, operational efficiency, and customer insights in various industries, including banking.

How can AI video analytics improve banking operations?

Planning

Fraud Detection

Identifying and preventing fraudulent activities is critical in the banking sector. AI video analytics provides robust fraud detection by monitoring and analyzing video streams in real time to identify suspicious activities. Using computer vision and machine learning, it detects anomalies such as unauthorized access to ATMs, unusual customer behavior, and tampering with security systems. These systems can quickly flag potential fraudulent activities for further investigation. By providing real-time alerts and detailed insights, AI video analytics aids banks and financial institutions in planning and implementing effective fraud prevention strategies to protect customer assets and maintain security. 

Operational Efficiency

Optimizing Branch Operations

Bank branches can sometimes be hectic and inefficient, leading to long wait times and frustration for customers. AI video analytics offers a solution by optimizing resource allocation and enhancing customer experience. By analyzing foot traffic and customer behavior, AI systems can accurately predict busy periods and ensure adequate staffing levels. These systems also identify bottlenecks and suggest layout improvements, facilitating smoother customer flow as well as offering queue management solutions for busy bank locations. Ultimately, AI video analytics transforms bank branches into more efficient, organized, and customer-friendly environments.

Security 

Ensuring safety and security in banking is essential for protecting customers, employees, and assets. Bank management must enforce strong safety measures across branches and ATMs. AI video analytics can help by providing real-time insights and alerts for suspicious activities like loitering or unauthorized access attempts, preventing security breaches. Additionally, advanced AI models can detect signs of violence and quickly alert authorities, enabling swift intervention and de-escalation of potentially dangerous situations.

Isarsoft Perception Anomaly Detection

Why Banks Choose Isarsoft Perception

As banks increasingly adopt AI video analytics to make use of these improvements, it becomes crucial to select the right software provider to meet their specific needs. The right provider will not only offer advanced technology but also ensure seamless integration and customization to align with the bank's objectives. 

Isarsoft Perception offers a state-of-the-art AI video analytics platform that:

  • Automatically Anonymizes Camera Streams: Ensures the privacy of individuals by automatically anonymizing camera footage, protecting personal data from exposure.
  • Ensures GDPR Compliance: Adheres to all relevant privacy policies, including the General Data Protection Regulation (GDPR), helping banks meet their legal obligations regarding data protection.
  • Processes Data in Real-Time: Analyzes camera feeds live and delivers key performance indicators (KPIs) immediately, enabling banks to make timely, data-driven decisions.
  • Maintains High Information Security: Conducts regular internal and external security checks to ensure robust protection of sensitive data, safeguarding against breaches and unauthorized access.
  • Integrates Seamlessly: Offers extensive compatibility with Video Management Systems (VMS) and Business Intelligence (BI) systems, allowing smooth incorporation into existing security and operational frameworks.
  • Delivers High Accuracy: Provides highly reliable data through sophisticated computer vision and machine learning algorithms, essential for detecting anomalies, optimizing operations, and enhancing security.

Future Directions

Looking ahead, the future trends in AI for banking will focus on enhancing customer experience and operational efficiency. Imagine AI video analytics that can flawlessly analyze customer moods and predict their needs through advanced sentiment analysis. Additionally, AI is poised to fully automate customer onboarding and KYC processes, significantly reducing time and effort for both customers and staff. This automation will allow banks to allocate human resources to more critical tasks, improving overall service and efficiency while maintaining high standards of security and compliance.

More About Isarsoft

With Isarsoft Perception, your camera systems become part of your business intelligence. Whether the goal is to increase efficiency, customer satisfaction, or safety, Isarsoft Perception provides the insights needed for informed decisions.

The Isarsoft Perception Dashboard

References

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Optimize your business processes.

Improve business processes with video-based business intelligence from Isarsoft.

Explore More Publications

Detention center surveillance camera

Enhancing Security in Detention Centers with AI Video Analytics

As detention centers, including prisons and mental health institutions, face ever-increasing security challenges, the need for advanced surveillance solutions becomes critical. Can AI video analytics provide an answer, not just in augmenting security measures but also in creating safer environments for all? This article delves into the capabilities of AI video analytics in revolutionizing detention center security by offering sophisticated solutions to monitor, detect, and prevent potential threats.

Learn more
Traffic Congestion

Traffic Management During Peak Times: Best Practices and Solutions

With warmer weather, more people are hitting the roads to participate in many events happening in the city. All these activities are causing an increase in road traffic and many regions are expected to face increased traffic congestion requires effective traffic management. In this article, we will explore effective traffic management in peak times. 

Learn more
The Role of Video Analytics in Crisis Management at Airports

How Video Analytics Manages Crisis at Airports?

Crisis management is a critical aspect of airport operations that involves preparing for, responding to, and recovering from emergencies. Given the high traffic and the complex environment of airports, the ability to manage crisis effectively is essential to minimize disruption and ensure passenger safety. In this article, we will deep dive into how video analytics software affects crisis management in airports.

Learn more