Internet networking firm Cisco Systems and CTV firm NICE Systems are working on what they call a “Branch of the Future” framework.
This seeks to introduce Internet Protocol (IP) networks into bank branches to shorten queues, reduce costs, enhance security and improve customer satisfaction, the firms say.
The NICE contribution is based on the company’s solutions for extracting insights from interactions through content analytics that improve business and operational performance as well as enhancing security, it is claimed. The offering extends across three areas of retail banking – security, marketing and operations – and across every touch point, including the teller’s counter and the ATM.
The NICE-Cisco collaboration will accelerate what the firms describe as the growing trend of rolling out advanced applications for retail banking, based on a converged voice and video IP infrastructure. This provides potential, the firms add, for synergies between physical security and in-branch marketing, and offers the central office a real-time 360-degree view of every branch’s operations and customers.
This collaboration supports a trend is observed in Datamonitor’s report, ‘Network synergies in branch renewal’. Daniel Lessner, Financial Services Technology Analyst at Datamonitor, said: "A more united approach to branch renewal could graduate functions such as video surveillance from their traditional position as pure cost centers to adding value back into the business. For example, CCTV footage of branches could be used to analyse branch utilization or customer service levels in real time."
What they say
Jordi Ferrer, Retail Banking Business Development Manager, Cisco Systems Europe, Middle East and Africa, said: "Retail banks are placing new emphasis on delivering adequate products and services through the most appropriate channels whilst cementing customer relationships. A single view of customer interactions and behaviors is a key factor in achieving a multichannel vision".
"Together Cisco Systems and NICE deliver the insight needed to gain maximum profit from the retail banking branches of the future, while delivering truly cohesive, consistent multi-channel customer service and security to their customers," said Koby Huberman, Corporate Vice President, Business Development and Strategic Alliances at NICE. "Bringing voice and video onto a common IP network offers major potential in everything from physical security to in-branch-marketing, and enables retail banks to extract the maximum value from of their investments."
