Three use cases for smart spaces in financial institutions

In the wake of recent events and trends, banks have been challenged with both maintaining credibility and continuing to deliver on their customers’ evolving needs. Given additional scrutiny and constantly evolving expectations on service and support, banks and their customers can greatly benefit when they properly leverage “smart” capabilities that elevate the customer experience and improve overall operations.

So, what’s the best way for these institutions to move forward? Banks can work smarter by investing in smart technologies and spaces, built on reliable and scalable modern network infrastructure. In fact, forward-thinking financial organizations are already well on their way toward creating smart spaces.

According to Cisco, “Smart spaces deliver secure technology that is flexible enough to address customer needs on-demand while operating on a sustainable, cloud-enabled infrastructure.” That flexibility is key for financial institutions, as they continue to forge forward and meet new market realities. Smart spaces are physical locations equipped with networked cameras and sensors to give organizations secure, timely and pertinent information about the condition of those locations and how they’re utilized. 

Three use cases for smart spaces in financial institutions:

1. Discovering the impact of foot traffic in branches: Based on evidence gathered from cameras and transactions, CoVantage Credit Union managers found that a continuously increasing amount of business was being done after normal business hours. Their members apparently appreciate opportunities to conduct transactions, apply for loans and conduct other banking business on weekends and evenings. Through these findings, the credit union concluded that connectivity is more critical than ever to financial services, as witnessed by the fact that so many CoVantage customers choose to do their banking remotely, rather than in a typical branch setting. “We actually do a lot of business after five o’clock,” CoVantage IT manager David A. Cooper says. “Having reliable connectivity online and at our offices is critical to our success.”
2.  Enhancing physical safety and security: Through the use of cameras and sensors, financial organizations can help stave off robberies, theft from ATMs, help prosecute ATM fraud and enforce protections of restricted areas. With video analytics assessing foot traffic, based on data gathered from smart cameras and sensors, banks can check on foot traffic in restricted areas — for example, not every employee should have access to vaults and safe deposit boxes. Smart cameras placed in parking lots can help authorities with license plate recognition. Financial institutions clients can use the camera as a license plate reader for an added sense of security and accountability in their parking lots. Further, banks can more closely monitor possible fraudulent or criminal activities around ATMs. Cameras and sensors can also detect movement after normal business hours, and monitors can set the appropriate alarms to help prevent theft and robberies, delivering actionable monitoring of movement and capacity across locations for a more secure workspace.
3.  Delivering actionable intelligence for operational efficiency: Adopting the smart spaces approach means that it becomes possible to leverage intelligence and data gathered from all connected devices within an institution. With machine learning and artificial intelligence applied to connected IoT devices, every transaction or interaction that occurs on a given organization’s network can create actionable intelligence that can be used to improve operational efficiencies. According to Cisco, “Smart tellers can guide customer interactions and services while regional hubs can better optimize branch distribution and resource allocation. Early adopters can compete by up-leveling their service offerings, creating experiences that are intelligent, personalized and omnichannel. This ensures a consistent customer-focused experience that blends banking capabilities with relevant products and services beyond banking. ”  Further, environmental sensors enable more efficient use of power and cooling in financial data centers. Sensors can be used for temperature and humidity, door opening/closing, and water leak detection, helping institutions react appropriately when environmental conditions impact or threaten equipment performance while helping to eliminate downtime and business disruption.

The adoption of smart spaces for business

The business world, regardless of industry or vertical, has begun to adopt smart spaces at an ever-increasing rate. Be assured that financial institutions are either adopting, or investigating, increased use of smart technologies in their locations. According to Market Research Future, the market valuation for the smart spaces market will reach USD $5.6 Billion by 2030, growing by a healthy 14.5% CAGR for their forecast period (2022–2030). 

Mordor Intelligence is even more bullish, calling for a worldwide boom as the “Smart Office Market size is expected to grow from USD $45.45 billion in 2023 to USD $85.98 billion by 2028, at a CAGR of 13.60% during the forecast period (2023-2028).” The analysts at Mordor further clarify that growth projection by amending, “The United States is one of the early adopters of emerging technology across the world, including the internet of things (IoT), which is incorporated in several industries, including intelligent offices. The technological advancement in the IoT field, particularly for offices, coupled with the rising need for security and safety systems, is anticipated to propel market growth in the United States.”

How Spectrum Enterprise can help

Financial organizations can gain valuable insights into physical and digital environments with Spectrum Enterprise smart space solutions. These smart space solutions are designed to work together to help you minimize disruptions, reduce unnecessary costs, maximize resources, manage accessibility and improve the experiences of customers, management and staff.

Managed Network Edge power smart space technologies, acting as an all-in-one, modular networking solution. Delivered over the Cisco Meraki platform, Managed Network Edge is purposely built to easily connect and configure modern network services such as security, routing, WiFi, SD-WAN, remote access, smart cameras and environmental sensors. 

Managed Network Edge with cameras features encrypted solid-state storage to keep footage from getting into the wrong hands. Beyond security, motion sensors in the cameras streamline monitoring of equipment, customer waiting areas, deliveries and a diverse range of other applications. Available to meet every video monitoring need including indoors, outdoors and infrared for areas with poor lighting, Managed Network Edge with cameras comes with an intuitive, web-based portal that provides a single pane of glass for simple camera monitoring, management and operation.

Find out more about Managed Network Edge can help your financial institution take advantage of smart spaces technology today.