Bank security with IoT backed AI and ML Technologies

Bank security

In this blog, we will talk about the major bank security concerns, AI-ML based solutions, their components, and advantages.

Over the last decade, a number of changes have been taking place with respect to artificial intelligence and machine learning based technological advances, especially in the field of internet of things (IoT) security. According to Markets and Markets research, The global IoT in BFSI is expected to reach USD 2030 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 52.1%.

It is no secret that people get attracted to stores and businesses that are digitally advanced, however, when businesses can provide actual productivity and security to customers while being more attractive, it adds to the charm of the organization, giving it a comparatively better sale and loyal customer following.

When it comes to banks, this change from conventional to modernized IoT solutions based on AI and ML technologies brings a promise of better bank security to the money and assets of clients that have been entrusted to the bank. Not only does it improve customer’s confidence in their respective banks but also invites others to get connected with it. From the protection of monetary transactions to the vigilant surveillance of the internal and external environment of the branch, these bank security surveillance systems provide overall security for the comfort of the customers, and yet, these smart solutions are not limited to these benefits.

Banks in India, a little slow in this procurement, are moving towards transforming themselves into a more digitized form of enterprise, for a more secure and productive performance.

Banking Security Concerns

Banks and other financial institutes are one of the most threatened industry, when it comes to theft, break ins or internal pilferage. Being such storehouses of sumptuous monetary assets, banks can no longer maintain security with their traditional surveillance systems.

Having the responsibility of multiple branches and ATM units, banks require security solutions that allow them to  monitor the operations of all their sites simultaneously, while at the same time having the ability to modify the environment according to the probable risk and situation. 

  • ATM security

ATM units are spread over large distances, even found in remote areas where not a lot of traffic can be seen, especially at night. This makes these units prone to being tampered with, keeping in mind that remote or not, they still have quite a sum of money stored in them at most times. ATM theft, as we all know, is a frequently occurring instance in a place like India. Banks today, feel it especially necessary to not only protect these units in times of threats but also monitor these sites 24*7 to prevent these situations from occurring at all.

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Bank security
  • Branch security

When we mention a bank, we usually refer to the particular branch we’re most acquainted with. Which is to say, that for customers that deposit or save their money through a bank have a sort of personal relationship built on trust and sense of security. However, if this security is lost, a bank can lose a large part of its clients. As an entrusted station of the client’s life long savings, banks have to necessitate the use to security guards and CCTV cameras to ensure the safety of everything and everybody. However, with the evolution of everything in the society, including ways of intrusion and theft, banks too need an upgrade on their employed systems.

AI and ML enabled solution

AI and ML based security solutions have brought a wave of freshness into the scenario, not only allowing employers to safeguard their capital and assets but at the same time procuring the best results from within their collected data, to provide people with security and improved operations.

Artificial intelligence and ML based algorithms allow users to turn their big and unstructured data into something more valuable. Applying automated analytics and deducing operational insights, these solutions bring productivity to the forefront, allowing enterprises to get an insight into their pain points by providing structured graphical information for a better understanding of all the miscellaneous data collected over time.

Components of AI and ML enabled solution

  • Cameras

  Internet protocol (IP) cameras, as an integral part of the AI and ML surveillance solution, send real time footage over to the user accessible platform to view and retrieve, while at the same time being equipped with facial and object recognition facilities. In case any unauthorized entry is detected, alerts are automatically sent to be validated by authorized users.

  • Sensors

Smart sensors send real time alerts and notifications as per the user’s specifications, like that of motion detection, unauthorized entry, improbable vibrations around important equipment, rise or fall in temperature levels beyond accepted limit or presence of any harmful gases or smoke in the environment which can be dangerous to the assets as well as the personnel present. 

  • Actuators

Not only do these smart devices send notifications and alerts in times of panic, but also carry through with reactive measures to bring the situation under control. From water sprinklers to two way audio system used by the authorized personnel to connect with the intruder, the AI and ML based solution allows users to bring the situation under control and empowers the enterprise to react to a situation on its own.

  • Video audits
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Just recording and viewing of recorded footage and data via smart devices is enough neither for securing the premises nor for improving the overall efficiency of the organization. The banking surveillance system analyses the data collected, providing the organization better insights into not only their own internal productivity but also the customer’s interests and demands, allowing them to provide personalized solutions to the clients.

  • Cloud platform

The IoT based platform allows the authorized user to monitor any site at any point of time, from any place, as long as there is the availability of an internet connection and access to the network. This cloud-based platform stores all the data recorded, which can be retrieved in the future.

Benefits of AI and ML in bank security

  • Facial Recognition

The IoT based monitoring system equipped with IP cameras facilitate the organization with facial recognition abilities, increasing the chances of an intruder getting caught.

  • Object Recognition

The smart cameras can also recognize the presence of any unauthorized object in the premises, sending alerts to authorized users for the same.

  • Motion Detection

Motion detection sensors alert the surveillance authority in case of motion in any area which is either restricted or should not have any personnel working there at those particular hours.

  • Banking fraud detection

Other than protection from intrusion and theft, these IoT based solutions also reduce the possibility of cyberattacks by providing safe and secure networking.

  • Customer retention

The collected data of customers allows the system to understand their personal transactional journey, getting notified if a deviation in their routine takes place.


IoT based banking surveillance solutions for the bank security, equipped with AI and ML technologies, empower the financial institutions with improved security along with efficiency in operations. The data analytics applied, provides users an insight into the customer’s needs, allowing the providers to send customizable offers to satisfy the clients while at the same time making their premises more secure. The concurrent monitoring of multiple sites from a single cloud platform that not only stores data but also analyses it to provide actionable insights, creates an environment of security and comfort for customers as well as employees.

Experienced Professional with a demonstrated history of working in startups & conglomerates. Skilled in Operations, E-commerce, Customer Experience, ABM Marketing, B2B Marketing, B2B Brand Positioning, Customer Relationship Management (CRM), Market Research, and Management.