The continuing modernization of Middle East banking is directing to increased video upgrade opportunities for systems integrators, in the region’s finance sector and beyond, according to the latest market-focus eBook from IDIS.
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.
Risk-Averse institutions
The company’s latest guide 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 recognized the need to invest in digitisation and analytics, and to embrace the opportunities of fintech to remain competitive.
They 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, authorities have further tightened compliance, 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.
Centralized monitoring environments
The resulting investments that are taking place in video surveillance are multi-year journeys
The resulting investments that are taking place in video surveillance are multi-year journeys, and institutions have shown themselves willing to commit significant time, manpower, and resources to achieve the best long-term return on investment (ROI) says Dennis Choi, General Manager, IDIS Middle East & Africa.
“Video has been recognized 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,” he says. 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 centralized monitoring environments.
Waste reduction concerns
Banks are also looking to provide the distributed functionality that branch managers and security teams need for dealing with events locally. Project success factors covered in the report include: 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.
Middle East banks are also increasingly 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.
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