No two financial institutions are alike, but they do share one common goal: to protect their customers’ assets. After all, when customers sign on with a bank or brokerage, they are—in a sense—handing over their life’s savings. And with fraud and theft on the rise, financial institutions are finding it more challenging than ever to earn and maintain their customers’ trust.
However, new technologies are enabling a variety of multi-level security options. Mobile devices and printers, along with Internet of Things (IoT) solutions, are offering financial institutions a new level of visibility into their operations. This enhanced asset intelligence is a new way of doing business, and as a result, financial institutions now have the information they need to make informed decisions, which allows them to protect and serve their customers like never before.
Here are some ways the financial sector is using the IoT:
Streamlined access control
“Intelligent” cards can control access to facilities or restrict entrance to certain areas within the building. And with print-on-demand (POD) technologies, they can be made in an instant, allowing financial institutions the opportunity to control visitor access on the spot.
Smart cards enable officials to track personnel, confidential materials and high-value assets in real time. And since the data gleaned is automatically recorded and analyzed, financial services organizations can leverage the insight with minimal disruption to their day-to-day operations.
Empowered security personnel
Mobile technologies—like cell phones, laptops, tablets and even two-way radios—can all be connected, facilitating communication between financial services employees. This convergence of communications is especially beneficial for security personnel. When there’s a breach, they can let everyone know instantly, request the backup they need and ensure the facility is on lockdown.
The same POD technology that’s helping secure the premises can also offer customers more convenience at their local branch. Now, when a customer comes into the branch looking for a replacement for a lost or stolen card, they can get one right then and there—no more waiting two weeks for it to arrive in the mail.
To learn more about how connectivity is changing financial services organizations, download the industry profile below.