The financial industry is one that must always stay on its toes when it comes to security.
Banks and credit unions face unique challenges that incorporate compliance requirements, while the risk landscape is constantly evolving and includes more threats than ever before. Throw in the effects of a global pandemic and it becomes crystal clear why a proactive approach is necessary.
Sharing best practices and technology solutions that can help achieve this goal is paramount, which is what Verint has aimed to do with its Security’s Virtual
Experience webinar series. In two recent editions, representatives from leading banks and credit unions provided real-world examples of how they’re navigating both typical security challenges, as well as new threats related to the impact of the coronavirus outbreak.
Risk mitigation is always top of mind for credit unions, so it’s no wonder most are prepared to respond to any change—even the most unprecedented. As credit unions across the world have moved toward reduced staffing and lobby changes to reflect current societal norms, having a security system in place that is poised to respond to evolving threats has proven exceptionally valuable.
Webinar speakers discussed how this type of security solution typically possesses five qualities:
1. It is operational and designed/functioning properly.
“It is absolutely critical to ensure oversight of the system that you maintain is happening,” said Amie Reilly, Security & BSA Compliance Officer at Visions Federal Credit Union. “We’re constantly working with Verint on the health and well-being of our system and making improvements and enhancements as they come along.”
2. It is cyber secure.
“Convergence of IT and security is definitely a frequent topic of discussion,” said John Micue, Security and Safety Officer at Tinker Federal Credit Union. “We need to make sure the equipment we’re putting in is solid, will work well, and can be secured.”
3. It is fully resilient and serviceable.
“It has proven extremely helpful to maintain a standardized system with regard to keeping everything moving forward and keeping technology on a constant forward-moving path,” said Reilly.
4. It gives you the right tool for the job.
Kim Hodgkin, Manager, Corporate Security at Delta Community Credit Union, worked closely with Verint to leverage analytics on ATM cameras for skimming concerns. “It’s so much better than having branch managers look at a week’s worth of video and try to figure out what happened,” he said.
5. It ensures business continuity and reduces opportunities for fraud.
“Technology is key,” said Micue. “We try to find ways to leverage existing systems for more than just security—to also help with fraud and with branch operations.”
While credit unions possess specific demands for security and business continuity, today’s leading banks must also contend with similar challenges and leverage efficient technology solutions to mitigate risks.
For City National Bank and Citizens and Farmers (C&F) Bank, moving forward after the effects of the pandemic involves internal collaboration and effective communication to establish a cohesive strategy. “There has to be a shift in thinking: How do I ensure I'm using good judgment to do the best for the customer and the bank to prevent fraud and other risks, such as robbery?” said Dollie Kelly, Vice President of Security and Retail Operations at C&F Bank.
Both bank representatives emphasized the need to focus on how customers are treated as they enter a branch post-pandemic. “We want people to feel safe and secure,” said Mary Charles, Vice President Security Officer/Sr. Fraud Investigator, Certified Fraud Examiner, City National Bank. Kelly commented on how this includes a friendly, helpful approach, ensuring eye contact and treating the customer like a person.
For both restarting operations after the pandemic and mitigating common industry risks, Kelly and Charles agree that technology is another essential component. An intelligent and comprehensive system is especially valuable in giving operators the ability to see all branch locations remotely and on any device, enhancing overall security.
“I have the ability to receive emails that tell me if I have camera outages, power issues, any kind of security issue—I get a notification,” said Charles. "This gives a sense of security for our branch employees knowing that we can pull video at any time.“
As the industry risks and demands will continue to change, so too will leading branches as they modernize operations and security solutions. “I think what we’re going to see is the trend of the universal branch,” Kelly said.
Check out all of Verint’s on-demand Security’s Virtual Experience webinars here
and stay tuned for what’s to come!