08 Mar IDIS highlights emerging video tech applications in market focus eBook
Technology company IDIS has highlighted the increased modernisation of banking in the middle east via a new market focus eBook. One of the latest technology advancements includes video upgrades.
Investments in corporate infrastructure, including security, are being driven by several factors says IDIS, whose Korean-made end-to-end technology has already been used for a number of large-scale banking CCTV upgrades, as well as for smaller, specialist financial sector applications.
As technology continues to evolve in the Middle East, as does the need for high quality integrated technology and security systems; not just for the finance sector but beyond.
The latest guide from IDIS explains the context of structural change in the sector and highlights success factors for security companies and contractors bidding for new projects.
Retail and corporate banks have recognised the need to invest in digitisation and analytics, and to also embrace the opportunities of fintech to remain competitive. Many in these sectors are also responding to wider changes, including diversification of the region’s economies away from oil, bringing with it the need to raise capital on global markets.
At the same time, tighter compliance checks have been enabled to counter cybersecurity risk, money laundering and fraud. For the sector’s risk-averse institutions, compliance with increasingly stringent national, regional, and global regulations is non-negotiable. As a result, the investments in video surveillance are focused on long term goals with institutions willing to commit for a significant time and allocating manpower and resources to achieve the best results.
Dennis Choi, General Manager, IDIS Middle East & Africa, said: “Video has been recognised as one of the key risk reduction measures and systems integrators and consultants who can deliver best-fit solutions, with the most proven technologies, stand to win major, ongoing contracts.”
Explaining sector requirements in detail, the IDIS eBook points out that while compliance differs between states, in most countries regulations now cover live streaming, retrieval of footage, system administration, and management and control of entire estates (including ATMs) from centralised monitoring environments. Banks are also increasingly looking to provide the distributed functionality that branch managers and security teams need for dealing with events locally.
The report also covers factors that can contribute to success including providing smooth migration paths with uninterrupted monitoring and recording; reducing storage and bandwidth burdens; understanding the latest developments in multi-task VMS and AI-enabled analytics; ensuring redundancy, resilience and failover; satisfying sustainability and waste reduction concerns; and offering fairer pricing structures.
The report also notes that Middle East banks are also looking for assurance that their video solution and VMS will allow integration of third-party tech, helping in the move away from siloed systems.
The Middle East banking e-book is available as a free, one-click download on the IDIS website.