The Association of Certified Fraud Examiners reported that organizations lose about five percent of their annual revenues to fraud, putting potential global fraud losses near $4 trillion. With technology driving the growth of fast fraud and creating new opportunities for exploitation of fraud prevention systems, financial institutions need innovative ways to plug any weaknesses in their fraud safeguards to stem the losses banks and credit unions experience daily. Recognizing that technology had a vital role to play in detecting and preventing fraud, while also improving customer experience, Origin Bank set about building the business case for change.
Origin Bank, is a Louisiana-chartered bank that provides a broad range of traditional banking services and is more than a century old. It has more than 40 banking centers located throughout Louisiana, Texas, and Mississippi. Origin Bank is a wholly owned subsidiary of Origin Bancorp, Inc., a financial holding company with assets of more than $4 billion.
To meet modern day challenges and address the evolving retail bank landscape, Origin Bank embraces innovative technology and solutions that boost efficiencies, reduce fraud and enhance service. The organization considers the protection of its clients’ assets to be paramount and strives to deliver a safe banking experience.
Preparing for the future
Randy Bullock, Assistant Vice President and Security Officer, Origin Bank, implemented a comprehensive approach to safety when he took over leadership of the bank’s security and fraud reduction programs. He sought out technology that would help enable his team to gather the intelligence needed to be more proactive with their efforts. The bank chose to standardize on Verint solutions because of its proven reliability and success in the banking and financial services market.
Today, Origin Bank leverages more than 70 Verint NVRs and DVRs, including Verint EdgeVR, across its retail bank network and its corporate offices. EdgeVR is an IP-based network video recorder for large-scale, geographically distributed operations, with hybrid analog/IP capabilities. The bank also leverages Verint video surveillance cameras and is currently upgrading its video monitoring network to an IP-based solution.
“The Verint solutions are extremely reliable,” says Bullock. “We’ve been able to maximize the lifecycle of our surveillance system and demonstrate long-term return-on-investment to our leadership team.”
Security personnel view live and recorded video from their desktops to make real-time decisions using Verint’s Vid-Center, an enterprise NVR interface that provides a complete view of video operations, reducing the cost and complexity of securing large, geographically dispersed organizations. Bullock says this platform provides a closer look at activity across Origin’s branch network, whether located five miles from headquarters or thousands of miles away. Operators can also remotely configure NVRs without visiting each location, reducing travel costs.
Origin also deployed Verint Op-Center, a management solution that allows organizations to monitor, manage, and troubleshoot Verint NVRs from a central location. By adding Op-Center, Origin Bank added centralized capabilities, and reduced the cost and complexity of video system management. From a central console, users can set up and configure NVRs, change device properties and passwords, download firmware, create audit reports, and manage user rights. The solution also enables Origin Bank to rapidly identify potential malfunctions and camera obstructions, with remote diagnostics for large NVR deployments. Now, operators can monitor the health of the entire surveillance network, allowing them to prevent video loss and maximize uptime.
More efficient operations
Since deploying Verint Video and Situation Intelligence Solutions, Origin Bank has been able to effectively monitor security and video surveillance operations across its entire infrastructure in a more streamlined, efficient fashion.
“With Verint, we are well positioned to identify fraudulent activity, improve investigations, and enhance safety,” says Bullock. “And with Op-Center, I can address any potential issues before they become a larger problem. Overall, the solution helps us ensure video recording is continuous and video data is available when needed in an investigation.”
Because of its growing business, which often includes the addition of new branches as customer needs expand, Origin Bank’s video surveillance operations must be able to scale quickly. Verint’s open-platform design allows Bullock the freedom to broaden the video infrastructure easily to keep pace with company growth.
“I am lucky to work with a partner like Verint that understands the challenges I face on a daily basis and works to deliver solutions that allow me to reach my goals,” he says. “We look forward to continuing to work together as we envision the next evolution of our business and our security program.”