Leveraging Interoperability for Unique Applications in the Financial Industry

March 3, 2020 by ONVIF

By Alex Johnson, Senior Director, Analytics and Strategy, Verint

Comprehensively securing a financial institution involves many steps and considerations, as there are numerous factors banks and credit unions must take into account that go far beyond traditional security. With an evolving risk landscape, complete with fraudsters getting smarter every day, it is paramount that these facilities are able to implement intelligent security solutions in an efficient and cohesive manner.

This is where open standards, like those set forth by ONVIF, come into play. These standards eliminate complications that come with customized camera integrations, giving banks and credit unions the flexibility to choose the kind of camera they want or need for different applications. If one vendor is unable to address every individual situation, ONVIF helps ensure interoperability with other devices and improves the speed of integration.

For example, financial institutions are made up of many distinct areas, such as the lobby, teller window, ATM, drive-thru teller and parking lot. Each of these environments must be monitored at all times given the risk they could present to the safety of the facility, but that might not be easy to achieve with just one or a few traditional devices. These unique utilizations require a solution tailored to the particular setting, and open standards allow financial institutions to choose a camera that best suits the application rather than being locked into a single-manufacturer agreement, which might not address all of these needs.

Additionally, ONVIF is especially beneficial for smaller banks and credit unions that don’t necessarily require a considerable amount of cameras for their facility. In this case, they’re more concerned about the effectiveness of the devices and the ability to use them right out of the box, rather than a relationship with a specific vendor. Rather than having to invest time and effort customizing each camera, ONVIF contributes to an enhanced ease of deployment and enables these entities to efficiently implement their desired solution.

Interoperability is crucial to an organization’s security strategy in any industry, but in the financial market in particular, banks and credit unions can take advantage of open standards to integrate various types of unique applications. This then allows them to ensure that all of their devices and technology systems are communicating and working together to help them achieve their overall security and business goals – regardless of manufacturer.

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