A visitor management system (VMS), which digitizes and automates the task of managing visitors, can be useful in various industries. One of them is the financial service sector.
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visitor management system (VMS), which digitizes and automates the task of managing visitors, can be useful in various industries. One of them is the
financial service sector where end users are striving to meet compliance requirements and provide a better visitor experience. This article takes a closer look at how cloud-based VMS can benefit financial service providers, based on a whitepaper by acre.
A VMS makes visitor management digital and automated. As opposed to conventional pen and paper-based solutions where visitor names may be illegible and tracking visitors inside the premises is difficult to achieve, a modern VMS addresses these challenges and makes visitor management more efficient and secure. Meanwhile, stronger demand for VMS is driving its growth. According to MarketsandMarkets, the VMS market is estimated to grow from US$1.6 billion in 2023 to $3 billion by 2028, at a CAGR of 13.7 percent.
Visitor management systems can benefit various industries, including the financial services sector. According to a whitepaper by acre, VMS is increasingly considered as essential – a sentiment shared by 64 percent of banking companies and 62 percent of insurers. Seventy-two percent of insurers and 56 percent of banking firms, meanwhile, agree with the notion that VMS has gained importance in tracking visitor data and identifying high risk personnel since the pandemic.
In terms of the type of VMS most used by financial services providers, cloud-based VMS stands on top of the list, with 41 percent of banking firms and 32 percent of insurance companies utilizing one, according to the acre survey. This is understandable due to the larger cloud migration trend. Video surveillance and access control, for example, are both moving to the cloud which offers various benefits including reduced upfront expenditure, remote monitoring capabilities and scalability. Clearly, VMS is also catching up with this trend.
Benefits for financial service providers
As for the reasons why financial service organizations opt for cloud-based visitor management systems, most respondents from the acre survey cite the following: meeting compliance requirements (with 41 percent of banking firms highlighting this), supporting a positive visitor experience (cited by over 40 percent of both banks and insurer), and improving time and efficiency. Below, we take a closer look at each benefit.
Meeting compliance
Indeed, banks and insurers are faced with stringent compliance requirements, especially in the area of
data privacy amid increased cases of fraud and identity theft. In this regard, a cloud-based VMS can help. “With a cloud-based VMS, compliance documentation can be integrated seamlessly into the visitor check-in process, and customized as needed. Data privacy requirements can be adhered to digitally and automatically either ahead of a visit with pre-booking functionality or immediately on arrival,” the whitepaper said.
Supporting a positive visitor experience
A cloud-based VMS can also help boost the visitor experience. “The use of swift and customized check-in processes offers complex features that tailor the experience and provide an intuitive user interface, enhancing first impressions. Customized badges with visitor details can be printed on arrival to make check-ins quick and simple, plus, notifications via email and SMS can be delivered and received between hosts and visitors,” acre said.
Improving time and efficiency
A cloud-based visitor management system can help make the job easier for financial service provider staff. Attending to visitors one by one indeed can be tedious and strain company resources. Automating the process can free staff to do the more important task at hand. “A cloud-based system offers numerous efficiency features. For instance, a dedicated portal for contractors where necessary multimedia, licensing and insurance documents can be uploaded without the input of reception personnel. Cloud technology is also easily integrated with applications such as DocuSign and Office 365 to further enhance efficiency,” acre said.
Challenges to overcome
Despite their increased popularity, cloud-based visitor management systems continue to face certain challenges. According to the whitepaper, the challenges especially come from financial users’ perception that cloud-based VMS is “too complicated,” “not secure,” “too expensive” and “impersonal.”
“Although the diverse use of cloud-based visitor systems demonstrates a clear appreciation, there were some mixed perceptions of them during the decision-making process from a portion of our respondents,” acre said, adding more information and education may be needed to dispel users’ doubts.
“It may be surmised that as cloud-based systems are used mainly for visitor tracking, some financial services companies simply don’t consider them for their security procedures, or do not take advantage of customization tools that make the visitor experience more personal. If they are perceived as complex, there is perhaps a lack of information provided on the ease of integration of cloud-based systems or a perception that tech-related business solutions fall only within the remit of IT departments,” the whitepaper said.