It’s high time banks tighten their Energy Management

It’s high time banks tighten their Energy Management A pound invested in energy efficiency buys seven times more energy solution than a pound invested in nuclear power.

Banking firms, like other businesses, need the support of energy analytics to be able to optimise operating costs. But the energy management systems that they apply can't be obsolete. It should be modified to provide practical facility management.

Millions of dollars are spent annually for the energy required to run a banking network. Banks spend up to 40-80% of its overall consumption on its branches, data centres, and ATMs. Although banks manage to address the consumption in data centres and head offices, branch offices still remain out of their control.

This is mainly because: The branches are spread across locations too much to take steps for energy efficiency.

It is difficult to apply a common energy saving strategy for all the branches as the branches, located at diverse locations, have operating schedules that suit the local formats.

Integrating an energy management system (EMS) is a huge challenge if the branch spaces are not owned by the bank. Even if it is owned, there are too many stakeholders involved to be on the same page easily.

The designs of most energy efficiency infrastructure do not suit smaller set ups.

There are companies that recognise the banking industry's operational challenges and offer high-impact energy management services to meet such challenges. Wipro EcoEnergy, for instance, customises an energy saving solution for identifying savings opportunities. By saving energy costs, banks can optimise its staff's comfort, better serve the customer, and bring more profits.

To set and achieve energy efficient targets, banks need energy management platform that can provide real-time interventions so that they can reduce emissions and also save costs considerably.

For modern banking, with its increasing energy usage and network expanse, comprehensive energy analytics is all the more essential. So, it is no more an option for banks to upgrade their EMS, but an urgent need, if they want to ensure hassle-free and secure operations.

HVAC is the biggest cause of energy drain, but is also controllable, so can also be the fastest way to save energy costs. Banks can integrate into their systems sensors to monitor all energy consumption sources.

As a step towards higher energy efficiency, banks can do away with split heating and cooling or HVAC. Instead, they can use a centralized energy management system, which will help them monitor as well as seamlessly gather data of each location. With this, facility managers get a control over the performance of every split system, and alerts in case of an equipment problem.

Getting visibility -- onsite as well as remotely – of an energy system is possible by getting installed internet driven EMS. A dedicated monitoring team can track the banking firm's energy consumption in real time and take quick measures to keep it within the set budget.

The constant watch enables the administration to immediately start corrective measures for any anomaly it detects before it leads to mechanical malfunctions.

Remote monitoring also ensures that the energy saving system is being made optimum use of and is helping in saving energy and costs as expected.

An upgraded EMS also means automation, which naturally speeds up processes and provides a boost to the staff's productivity. It also cuts down energy consumption and, as a result, the overall costs.

Energy efficiency also involves elimination of paperwork and maximum use of technology. This reduces the time and costs involved in gathering, analysing, and disseminating data for efficient processes. The cost of a bank's support function (e.g IT) can be brought down significantly by clustering or centralising them in specialised centres with lower labour and real estate costs.

Companies which offer services to tackle energy management challenges create a strong analytics framework to help banks discover energy saving insights. The challenges arise out of the diverse consumption patterns and conditions of branches at various sites. A comprehensive analytics-driven platform with a rich database simplifies the process by helping overcome the complications.

While on one hand compliance with the environmental regulation is weighing on the banks, on the other hand, they also have to deal with the rising prices. By adopting an efficient energy management system, banks can now achieve both.

As I discussed above, a strong control over bank branches' energy usage helps bring down equipment downtime, which in turn reduces further operational disruptions. This gives the bank a competitive edge by enabling it to reduce carbon footprint. This again gives a boost to its brand image as an environmentfriendly bank.

Source: Wipro EcoEnergy