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Finance industry shows interest in video analytics

Quadrant Security Group : 06 June, 2013  (Technical Article)
Results of a focus group session on security technology indicate increasing interest from the finance sector in advanced video surveillance technology
Finance industry shows interest in video analytics

According to a focus group session - held as part of the inaugural Security Technology Experience (STE) – adapting to changing security threats is the biggest driver behind the investment. And while investing in high definition, integrated IP CCTV technology is a key priority for the sector, largely to enhance forensic security measures, interest in predictive technologies is also high.

The STE saw leading UK and international banking/finance businesses exclusively invited to learn about and experience new and emerging security technologies.

55% of focus group participants said investment in intelligent video analytics is likely in the next 12 months. Enhancing capabilities such as motion detection, object tracking, object classification and behaviour recognition appealed in terms of addressing changing security threats and also in relation to optimising existing internal data systems.

Improving customer experience through video surveillance biometrics also emerged as a predicted trend. According to the focus group session 45% are thinking of investing in this type of technology – particularly facial recognition – with 27% citing enhanced customer experience, from recognising VIP clients to improving staff clearance protocols, as a key driver.

Finally it emerged that 20% are likely to invest in advanced audio analytics, designed to support video surveillance solutions by integrating sound type and pattern recognition capable of, for example, alerting security teams to escalating noise levels that may indicate a potential threat.

The Security Technology Experience was organised by Quadrant Security Group (QSG). Phil Doyle, Managing Director, said: “The purpose of this event was to bring strategists and decision makers from the banking and finance sector together with security technology specialists and share knowledge and experience. It also provided an ideal focus group opportunity to get a sense of sector thinking for the months and years ahead.

“Unsurprisingly enhanced surveillance capabilities to address changing and increased security threats came out as a priority. But the fact that interest was also relatively high in terms of data system integration and improved customer experience also showed that the sector is starting to think outside the box in terms of security technology strategy.”

While interest in security technology was high, the session also revealed key barriers to investment. Across all types of technology discussed, budget was a barrier for at least 40% of the group. But the focus group results also suggested a ‘wait and see’ philosophy within the sector, with participants expressing a belief that many emerging security technologies needed more time to prove their value and effectiveness.

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