Originally published in ITWire

Deploying latest generation monitoring technology will make the challenge of securing branches considerably simpler.

While Australian businesses and consumers continue their inexorable migration online – 99 percent of financial transactions now take place digitally and cash is used for just 13 percent of payments, according to the Australian Banking Association – universal digital banking remains a considerable way off.

In the interim, the country’s 4,000 bank branches* continue to provide a vital service to millions of Australians of all ages who need or want to complete transactions in person.

Keeping staff and customers safe

The average customer may not give a thought to physical security when they step into a bank branch. We’re fortunate to live in a safe country, one where robbery remains an uncommon occurrence.

But banks and credit unions, by their very nature, are a target and there’s no room for complacency. Security threats and incidents are dangerous and traumatic for staff and customers and can cause reputational damage for the organisation where the event occurs.

Maintaining a formidable physical security posture is the key to effective deterrence and rapid response the right tools make it easier to achieve.

Leaving legacy technology to do the heavy lifting

Australian banks have room to improve on this front. While they continue to invest billions each year in digital security, to protect the integrity of their systems and prevent customers falling victim to ever-more-ingenious hackers and cybercriminals, many rely on outdated technology to safeguard their physical branches.

These closed architecture solutions limit the types of security devices that can be implemented, the systems they can be linked to and organisations’ ability to scale their operations.

Typically, each branch, location or region operates as a silo. As well as being expensive to administer, this architecture makes it impossible for institutions to adopt a big picture approach to security. Identifying risks that are common to multiple sites and taking proactive steps to mitigate them is difficult. 

Embracing open architecture

Upgrade to an open architecture solution and it’s a different story. Institutions can choose the edge devices and systems that work best for their organisations rather than a wholesale refresh of their hardware infrastructure.

Physical security and business systems can be linked together, on a location-by-location basis or in clusters, without the need for a costly custom integration program.

Upgrades can be delivered far more economically too. Should a new video management system be required, for example, existing hardware assets need not be decommissioned before it can be deployed.

In addition, next-generation solutions, such as cloud applications and connected appliances, can be trialled without disruption to operations. This makes it easier for security departments to derisk the adoption of emerging technologies and obtain buy-in from decision makers.

The Australian banking sector has been a strong adopter of cloud technology for more than a decade as referenced by technology research & advisory firm, ADAPT.  Clearly, the next frontier of technology for the cloud-shift in banking is physical security with sovereign data capability.

Enabling single view surveillance

Another game changer for Australian financial institutions that are yet to embrace is single view security.

Having to sign in to multiple applications and search for data in various different locations, in order to piece together a picture of how an incident unfolded, or is unfolding, is an inefficient security operating model. It can lead to response time delays, the erroneous escalation or prolonging of incidents, and protracted investigations after the fact.

Bring all the organisation’s physical security devices and systems together onto a single unified platform and the challenges and complexities cease.

Operators can maintain an unimpeded, real-time view of activities right across the branch network. Cameras can be monitored, cardholders managed, two-way intercom calls handled and alarms validated from a single, central location. Plus, the ingestion of Industrial IoT data to broaden situational awareness.

Getting on top of cybersecurity

A unified security view has an additional benefit, one that’s difficult to overstate in today’s climate of rising cyber risk.

It’s now possible to implement a single global data protection and privacy strategy; one that encompasses disparate platforms and programs an organisation’s physical security array comprises.

Everything from data encryption and multi-factor authentication to user privileges and retention policies can be standardised and applied across all physical locations. Thereby making it simpler and more cost effective to maintain cybersecurity best practice.

Security customers and staff can bank on

Security will always be a topline priority for Australian banks.

Implementing an industry-leading, unified physical security solution that provides leaders with all the information they need to make smart decisions in a single place is the surest way to strengthen the physical security posture across your branch network.

If maintaining customers and staff safety and the integrity of your brand are priorities for your institution in 2025, it’s an investment you can’t afford not to make.