Bank Technology News: Union Savings Bank Wins Best Community Bank Initiative of the Year for 3VR/ Fiserv Implementation
Union Savings Breaks Security Barriers, Arrests Fraud
There aren't too many one-of-a-kind, leading edge community bank IT projects, but Union Savings Bank's integration of its video surveillance system with biometric recognition and search software and its Fiserv teller platform surely makes that list.
Return on the bank's investment is being measured in a number of ways. First is against the efficiency and data capture goals set at the outset; the time spent investigating any given fraud incident has been reduced by 75 percent, and the amount of video surveillance captured has increase by a factor of 80. The benefits are also being drawn to the bottom line: The use of the integrated surveillance and recognition system, tied to the Fiserv teller application, an a number of new policies and enforcement actions, all helped drive fraud losses to an all-time low of .0005 percent of assets in 2009, a reduction of 90 percent from the previous year, McNamara says.