Guest Column | February 11, 2014

4 Reasons Why Integrators Should Focus On The Banking Vertical

By Stephen Joseph, Business Development Manager, Axis Communications

February is the month of heart-shaped chocolates and hopeless romanticism. Below are four reasons to fall in love with the banking vertical:

1. Diamond in the rough. The banking and finance industry has one of the lowest convergence rates from analog to IP video surveillance, which means that there is a lot of opportunity. Despite the obvious irony being a financial institution, most banks don’t have the budget for large-scale investments in security systems. The main reason is that they typically already have video systems in place. Instead of a forklift all-IP upgrade strategy, they are looking to IP savvy system integrators to recommend managed migration paths to implementing future technology solutions.

2. Single and not loving it. Banks have been locked in to proprietary systems for years. Now they want out. Banking on open, IP-based solutions is a long term investment strategy that will allow for integration and interoperability that will pay dividends now and in the future.

3. Long-term commitment. Banks are looking to build long-term relationships and partnerships with vendors and integrators as they lay the foundation for the future. Since most institutions will look to take a gradual migration approach, business opportunities won’t just be one and done, but instead continue for years.

4. No longer saying “If it's not broken, don't fix it.” This used to be the general feeling at financial institutions but with shrinking staffs, they're starting to look to smart technology solutions to fill the gap. Today's emerging IP video solutions allow end users to benefit from their initial investment more effectively with TCO (total cost of ownership), which is a benefit that's steadily decreasing with traditional analog solutions.