Why Are the Biggest Banks Moving Video to the Cloud?

Large banks with local branches around the globe or throughout the country continued to struggle with security system management. Two of the biggest challenges the biggest banks face is shrinking budgets and minimal IT resources. Plus, banks seek to free up any IT resources for core business activities. As a result, many large banks are moving functions to the cloud to address these concerns.

Dealing with Modern Challenges

Large organizations with billions of dollars in savings, investments, and revenue must focus on optimum security in banking. However, many large banks found themselves using legacy solutions to attempt an integration of their physical security systems. This siloed approach leads to security issues, such as cyber threats, and banks realize the need to use analytics to improve operations. A global view of security is critical to leverage data and provide a consistent level of security to all branches.

Unified Systems Matter

With the challenges banks face in mind, unification is the solution to provide the highest level of security with central monitoring and greater control over managing physical security systems at each branch. Plus, unified systems help the security team and law enforcement during investigations. Disparate systems require additional labor and are prone to inevitable human error. A unified system eliminates the need to search through hours of video from various cameras to collect footage.

Migrating to the Cloud Helps

A cloud-based video management solution (VMS) is scalable and reduces upfront ownership expenses. Also, a cloud-based VMS does not use recording servers to protect dispersed locations without planning or investing in complicated infrastructure. Moving to the cloud eliminates buying, maintaining, or decommissioning equipment, saving time and money for overworked IT teams. An added advantage is banks can reduce the cost of floor space and utility costs by investing in a cloud VMS.

Scalable Solution

Scalability is crucial in the banking industry, where conditions are constantly evolving. A cloud-based VMS makes it simple for banks to scale the system based on branch activity. As a result, banks never over- or under-allocate resources by paying for the cloud storage they use. In addition, if a branch needs to make changes, a camera is easily added or removed to meet current needs.

Consider Cybersecurity

Finally, moving to the cloud is an excellent way for large banks to secure video data against cyber threats and associated losses. For example, if a bank’s video footage is stored on the premises, tampering and hardware failures are both possible. Also, the data center maintains three local copies of all data, so cloud solutions ensure no losses of crucial information that could help banks maintain security. As a result, banks also improve their brand reputation and relationship with customers by offering the highest security protocols.

The large banks are all moving video to the cloud for good reasons. Besides improving efficiency and saving money, banks maintain the highest levels of security by keeping video in the cloud. Plus, banks always have access to crucial data to make necessary changes and pursue losses, empowering them to become more profitable and trustworthy in the future.