Leveraging SD-WAN to Solve the Challenges faced by Financial Services Organizations

George Briford | T Business
Silvia Juricic | T Business
Alberto Skendrovic | T Business
Alexander Pawellek | T Business
Anton Petric | T Business
Alex Menneking | T Business
Jens Poeschl | T Business
Lubos Lukasik | T Business
Balazs Horvath | T Business
Alan Stefanac | T Business
Lukas Kausal | T Business
Published:
Categories: Connectivity

Driven by the demands of new-age customers, new technology is helping make banking better, easier, and more innovative. Cryptocurrency apps, cashless societies, and Bank of America’s solar-powered remote ATMs are just some examples of the financial industry going digital.

Customers now want 24/7 business availability on their preferred platforms, leading banks to search for new ways to ensure high customer satisfaction. Not only do clients need access to full product and service information as well as the ability to initiate or cancel transactions of any size, but they also need to able to do this instantly and with comprehensive customer support. However, financial data contains highly sensitive information, exposing institutions to significant risk.

So, how can financial services organizations address these seemingly conflicting requirements of meeting customer experience expectations while also ensuring data security?

It’s simple: SD-WAN.

Let’s take a closer look at how SD-WAN is shaking up the financial industry:

The challenges faced by financial services enterprises

Financial services are going digital to better serve their tech-savvy clientele and stay competitive with the rise of fintech. However, they need to avoid slow and disintegrated networks, as they can create opportunities for security breaches, and lead to both poor customer experiences and frustrated employees. However, organizations cannot develop new networks too quickly, as they need to make sure they meet regulatory standards and security demands. Financial institutions therefore need to future-proof their IT infrastructure to support a secure, cloud-based solution that meets the requirements of the ongoing shift from brick-and-mortar premises to a more flexible digital model.

Solving the challenges with SD-WAN solutions

The right SD-WAN solution can help financial institutions overcome these challenges by providing the combined benefits of WAN optimization, traffic shaping, automation, next-gen firewalls, and more. Your company can benefit from:
 

1. Security and compliance

SD-WAN centralizes network provisioning and management. This makes it easier for financial organizations to implement and maintain network policies across all branches while also ensuring compliance with government regulations.

What’s more, SD-WAN offers both high-end encryption and precise traffic routing across the network. Since traffic doesn’t need backhauling through a central data center, it can be directed from one branch to another without compromising security. SD-WAN’s integrated security can also automate threat detection and mitigation.

2. Flexible service expansion

Providing cutting-edge financial services may be easy in populated areas. But it quickly becomes a pain in the neck when you have to offer the same level of services in less densely populated areas. That’s because you have to rely on just a few employees to provide your essential services. After all, it’s not practical for specialists to keep travelling between these branches.

But not anymore. SD-WAN technology allows you to set up branches even in the most remote areas without affecting your service spectrum. Easily set up a telepresence facility, allowing customers to interact with your specialists without having to go anywhere. Kiosks and ATMs enjoy a larger service base and seamlessly handle all transactions that need a higher level of network access. Branches can also interact with central servers and cloud services, giving them access to information in the blink of an eye.

What’s more, SD-WAN also helps ensure you have the highest security standards and comply with relevant regulations and business policies as your financial institution grows.

3. Branches for the tech-savvy customers

When it comes to finance, customers are more cautious and even the slightest data breach can have a big impact on financial services. But financial institutions also want customers to enjoy a seamless experience in addition to complete security. This requires both convenient services and top-notch security to keep sensitive information secure. SD-WAN lets you do just that. Financial organizations can leverage the technology to create more innovative ATMs and kiosks that allow customers to complete transactions quickly without having to stand in long queues. And even if they need expert help, they can quickly talk to someone via teleconferencing.

What’s more, tech-savvy customers who want to use mobile banking instead of going to a branch can easily complete transactions online with encryption-based SD-WAN technology working away in the background.

4. Cloud-enabled agility

SD-WAN gives businesses access to their networks, helping them use their resources effectively. SD-WAN technology boasts a hybrid network architecture and is therefore not just an excellent cost-saving alternative but also allows organizations to optimize networks for cloud-based applications. While today’s tech-savvy customers prefer services on-demand, cloud offerings can help financial organizations get a step ahead. Put simply, SD-WAN ensures that networks are not only properly optimized for cloud computing but also that they are fully secure and perform extremely well.

Choose the SD-WAN solution provider changing the game for financial institutions

Telekom SD-WAN solutions are helping global financial organizations get the most out of their investment in network operations. We provide value-added services based on the inherent benefits of SD-WAN. After analyzing your current network infrastructure, we suggest managed services that align with your goals. Our service spectrum includes:

  • Infrastructure for your SD-WAN based on our fiber, wireless, and VDSL network.
  • End-to-end SLA tailored to your connectivity needs.
  • Top engineering expertise from our experts who design, manage, and maintain your SD-WAN network.
  • OPEX service model, meaning no upfront investment for customers.

Telekom is happy to answer any questions you might have about planning, implementing, and maintaining your digitalization plans. Get in touch!