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How Smart Spaces Power Better Banking


Improved connectivity, intelligence, and security for financial institutions

Woman at ATM while using mobile phone

In a world where customers expect 24/7 access to their financial accounts and services, you can’t take chances with your network. A single second can make all the difference between a successful transaction or a lost opportunity.

To remain competitive, financial institutions need the connectivity, intelligence, and security required to support multiple ways to get transactions to their destinations in the fastest, most secure way possible. 

One solution is to build smart spaces to help the business run as efficiently as it can. A smart space combines IoT with action within a physical environment. This means leveraging cameras and sensors to collect actionable data that can help drive meaningful decision-making to ensure a safe and secure environment. 

Smart spaces deliver secure technology that is flexible enough to address customer needs on-demand while operating on a sustainable, cloud-enabled infrastructure. 

Smart banks are built on the cloud 

A cloud-based network and management platform provides the best foundation to build smart spaces.

Underpinned by Wi-Fi 6, the most advanced and robust network protocol, IoT devices can be managed from one location—eliminating the complexity of integrating networks, sensors, and analytics for your enterprise, whether you’re an insurer, bank, or other financial institution.

Additional benefits include:

  • Teams can work more cohesively by utilizing connected data 
  • Deeper insights and analytics 
  • Enhanced collaboration through dashboards 
  • Increase decision speed at bank branches and on multiple devices 
  • Increased response times to outages and other disruptions

These benefits help maintain connectivity and security in an environment where most transactions are conducted digitally. With your cloud-based platform in place, you’re ready to leverage the full power of smart spaces.  

Actionable intelligence for future branches 

Adopting the smart spaces foundation makes it possible to leverage intelligence gathered from connected devices, helping to meet customers’ rising expectations and streamline operations.

With AI and machine learning built in to connected IoT devices, every touchpoint on the network creates rich, useful data that powers new tools and capabilities. For example, smart tellers can guide customer interactions and services while regional hubs can better optimize branch distribution and resource allocation. 

Early adopters can compete by upleveling their service offerings, creating  experiences that are intelligent, personalized and omnichannel. This ensures a consistent customer-focused experience that blends banking capabilities with relevant products and services beyond banking. 

Transform experiences with safety and security built in

Smart spaces help organizations bridge the gap between physical and digital worlds. This ultimately allows financial services organizations to deliver impactful experiences that exceed both customer and employee expectations, while fulfilling  promises of safety and security. Some examples include: 

  • Smart sensors monitoring and adjusting environmental conditions for a safer and more comfortable experience for customers, while boosting management and operational efficiency
  • Smart cameras providing actionable monitoring of movement and capacity across locations for a more secure workspace

These capabilities have the potential to increase revenue, cut costs, make operations more consistent, and improve worker retention, all while meeting constantly changing customer needs and maintaining the security of the network. 

By leveraging IoT to continuously monitor, measure, and proactively take action, organizations can turn any ordinary location into a smart space. Capitalize on smart spaces technology and be prepared for what’s ahead. 

To learn more, visit the smart spaces section of the experiences page or the financial services industry page.

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Posted by

Niomi Langston