Financial Institutions are facing a shift in banking services, creating a need for modern networking with future-proofed SD-WAN infrastructure.
Financial institutions are experiencing a shift in how customers use banking services. Once a fully operated brick and mortar business, many banks and credit unions are now facing a decline in face-to-face operations and an increase in mobile banking.
Customers today prefer services that adapt to an on-the-go lifestyle – mobile banking, smart ATMs and virtual appointments. Customer trust and retention depend on whether the financial institution can provide the digital capabilities demanded, while also protecting customer privacy and personal information.
This shift is creating networking challenges for financial institutions with regard to how they offer banking services through cloud applications. This means if you cannot evolve and give the people what they want, customers will leave and find an institution that can.
SD-WAN For Financial Institutions
It can be a difficult task to implement a future-proof IT infrastructure that can support the needs of digital banking while staying atop regulatory mandates and security concerns. SD-WAN can help financial institutions build a flexible infrastructure foundation that can help grow your digital footprint and support increasing customer demands.
Supporting Cloud Services
As banking shifts to digital services, financial institutions are adding new cloud-based solutions to support customer needs. Online video, voice and cloud applications have positive end-user impact, but can be a challenge for businesses to manage and support due to their bandwidth-intensive, high-availability demands. Here’s how SD-WAN can help combat these challenges:
Eliminate Bandwidth Constraints
Cloud and hybrid environments are bandwidth intensive and can easily create jitter and latency within other services. Additional bandwidth can be expensive, especially if an organization is trying to expand their MPLS through geographically dispersed locations. And sometimes, extra bandwidth isn’t readily available that can support business-class performance. SD-WAN helps organizations get the most out of their low-cost bandwidth by optimizing link performance with per-packet steering and on-demand remediation.
High-availability is critical to the modern on-demand customer. Downtime can create customer distrust and negatively impact business. SD-WAN aggregates broadband internet, LTE and MPLS circuits in a single platform for redundancy and failover options to protect against network outages. This gives you the necessary bandwidth to build an infrastructure that can actually support the innovative mobile solutions your customers want.
Stronger Network Security
When it comes to financial institutions, security is a top priority that can pave the way for future growth. SD-WAN creates a shield around the network regardless of location or connectivity. SD-WAN is compatible with industry-leading security services to create a network-based firewall to secure all incoming traffic – whether it’s from a remote employee, customers logging in at a branch location or employees at headquarters.
As the digital sphere continues to evolve, financial institutions need to align their services with customer demands. While this can be a challenge, SD-WAN can help by making it easier to create an agile network that can adapt to organizational changes and future growth.