In many office buildings and other commercial environments, companies increasingly recognize the importance of a detailed understanding of occupancy. The information these organizations need is not simply how many people are assigned to a particular space but how many are using which spaces and for what purposes. Financial institutions are no exception to the search for detailed knowledge about space usage.
Like any customer-facing business, financial institutions must be mindful about monitoring their occupancy patterns. Banks strive to optimize space usage so employees can work consistently and productively while avoiding frustrating customers with long wait times. Occupancy sensors have the potential to provide data that can help in several ways, and the demand for them is growing quickly. The market is approximately $6.6 billion and may reach almost $11 billion in the next nine years.
It’s important to note that while this article will touch upon both corporate and retail uses of occupancy sensors for financial institutions, AVUITY customers have found the best ROI in corporate real estate applications, and thus AVUITY does not offer a retail solution.
Benefits of Occupancy Sensor Usage in Financial Institutions
Space Optimization and Savings
Using space sensors in corporate offices, financial institutions can track employees entering the building, capturing where they go, anonymously. This data helps determine peak hours and identify popular services and underutilized space.
This kind of insight can significantly impact space planning and office development. For example, a financial institution with ten locations can use sensor technology to collect and analyze data on occupancy and traffic for each. They can use the data for several purposes, including determining the most productive hours for each location. Unproductive locations could be closed down or sub-leased, saving on real estate and operations costs.
Suppose one location experiences a crowded rush each day at opening time. The organization could open earlier to allow a more even flow in the morning. Similarly, the company may save money by closing slightly earlier if the last hour of the day is underutilized.
Banks can utilize sensor data to make technology investment decisions. For example, Wisconsin-based credit union CoVantage learned from space sensors and cameras that many transactions occurred during evenings and weekends while the branch was closed. The credit union invested in connectivity to ensure that remote interactions were secure and convenient.
The parent company can also use sensor data to determine when and where a new office or branch would be helpful and evaluate potential branch closure options. If one of the branches consistently experiences much higher traffic than others, the organization may want to locate a new branch nearby.
Within offices and branches, people patterns captured by occupancy sensors can influence how much space is dedicated to specific services and what the layout looks like. For example, if the loan area is often over capacity, but the insurance services space is never crowded, the bank may want to reallocate space to reflect usage. Similarly, if employees frequently proceed from workstation to a conference room, locating those areas next to each other makes sense.
Employee and Customer Experience Enhancement
Queue management is a vital function for financial institutions. Customers and employees don’t like waiting, but determining whether traffic spikes are outliers or trends can be challenging. Occupancy sensors can help with this analysis by measuring occupancy and providing data over time or between locations.
Bank leadership can respond to occupancy data by adjusting staffing immediately and sending an employee from an area with less demand to help in an oversubscribed department. Furthermore, sensors can make the wait more comfortable by adjusting temperature controls when a space is overutilized. The company may also enhance the customer waiting experience by offering information or consultations to customers waiting in long lines.
Operational Efficiency
Sensors enhance comfort and efficiency by refining temperature and humidity controls, recognizing open doors, and identifying water leaks. These foundational uses contribute materially to a bank’s ability to manage energy usage and cost. The applications range from basic to sophisticated.
In terms of basic functionality, sensors aligned with HVAC systems can adjust the lighting, temperature, and humidity controls for an unoccupied conference room, reducing wasted energy and saving money. The sensor can also direct the HVAC system to adjust the lighting and temperature in a room with higher usage, addressing potential comfort and productivity concerns.
Occupancy data can also inform the building’s maintenance schedule. For example, suppose the typical schedule calls for every conference room to be cleaned daily. Suppose data shows that one conference room is constantly used while another is rarely occupied. In that case, management can redirect resources to attend to the highly used space more often while cutting back on the services for the underutilized space.
The ability to reduce energy consumption is less humble than it sounds, considering that building operations are the source of 27% of annual greenhouse emissions globally, and over half of the energy consumed in the US each year goes to commercial and industrial buildings. A Forbes survey reported that 73% of the US banks it queried believe that their efforts to transition to a green economy and contribute to remediation efforts for climate change will help their organization attract customers and top talent.
Further, it’s helpful for the bank management to understand why employees and customers prefer specific spaces. The reasons may include size or amenities, but bringing awareness to the data can help leadership make changes that enhance the appeal and utility of the less-used spaces. Equalizing collaborative spaces contributes to employee satisfaction, as it reduces competition for scarce resources.
Security Focus
For financial institutions, security is always the most important consideration – whether it’s data security or physical security. Read more about AVUITY’s data security and other factors to consider when implementing a workplace sensor platform in this enterprise scalability case study.
While occupancy sensors are not meant to be a replacement for traditional security measures, they may be useful in identifying areas of the building that are highly trafficked and at what time the traffic occurs. An institution can then use this data to evaluate whether they need to reconfigure that space to be more secure or assign additional security personnel to the area. Occupancy sensors may also provide more accurate and reliable detection of people in sensitive areas than motion sensors, because occupancy sensors recognize the presence of stationary people. However, it’s important to note that they do not transmit personally identifiable information.
Universal Benefits of Occupancy Sensors
While banks have some concerns that differ from those of a company’s typical administrative offices, financial institutions share the standard problems that many companies face, such as the cost and upkeep of space, allocation among departments, response to changes in how employees work, and similar issues.
Space utilization platforms can not only help financial institutions optimize their approach to customer needs but also enhance productivity and lower occupancy costs for the bank workforce. AVUITY sensors can enhance workplace flexibility, reduce energy and upkeep costs, improve security and hazard responses, and increase employee satisfaction through upgraded space utilization.
Conclusion
Occupancy sensors represent a significant opportunity for financial institutions to transform their operations and customer service. By providing real-time, accurate data on space utilization and behavior, these sensors enable banks to make informed decisions about staffing, branch layouts, and service offerings. The benefits extend beyond customer-facing operations to include improved energy efficiency, enhanced security, and optimized workplace management.
As the financial sector continues to evolve in response to changing customer expectations and technological advancements, occupancy sensors like VuAI offer a valuable tool for staying competitive. By embracing this technology, banks and credit unions can create more efficient, customer-friendly environments while also contributing to sustainability goals.
However, leaders should consider privacy concerns and integration with existing systems when planning the implementation of occupancy sensors. These sensors can provide actionable insights to improve customer satisfaction and operational efficiency when properly deployed. Such products will likely play an increasingly important role in shaping the future of banking spaces and services.
