Leveraging SD-WAN to Determine Business Challenges for Financial Service Organisations

Leveraging SD-WAN to Determine Business Challenges for Financial Service Organisations

New technologies in financial services are being driven by new-age customers. They make banking easier, more efficient, and more innovative.?The financial industry is moving towards digitisation thanks to the influential?factors of cryptocurrency, cashless societies, and Bank of America's remote solar ATM.

Customers need 24/7 access to their preferred platforms and leading banks in order to guarantee high customer satisfaction.?Not only do clients need to have access to all product and service information, including the ability to cancel or initiate transactions of any size, they also need to be able provide comprehensive customer support and this must be done instantly.?Institutions are at risk of being exposed due to financial data containing highly sensitive information

So, how can financial service organisations balance these seemingly contradicting needs of satisfying customer expectations and securing data?

SD-WAN is your answer.

Let's look closer at SD-WAN in the financial sector:

Financial service enterprises face several challenges

Many financial service organisations are undertaking their digital transformation to better serve tech-savvy clients and remain competitive in an age of fintech start-ups.?They must avoid slowing down and disintegrating networks, which could lead to security breaches, poor customer experiences, and frustration for employees.?However, organisations cannot build new networks too quickly as they must comply with security and regulatory requirements.?Financial institutions must plan for the future and ensure that their IT infrastructure can support a cloud-based, secure solution that is flexible enough to meet the changing needs of customers.

Solving the problems with SD-WAN solutions

Financial corporations face many challenges when it comes to finding the right SD-WAN solution. It delivers a combination of traffic shaping, optimisation, automation, next generation firewall, and other benefits.?Your organisation can greatly benefit from:

1.?Compliance and security

SD-WAN centralises network provisioning and management.?This allows financial institutions to easily implement and manage network policies across branches, while also complying with regulations.

SD-WAN also offers fine-grained traffic routing and high-end encryption throughout the network.?Traffic does not require backhaul through a central data centre so it can be directed to any branch without compromising security.?The integrated security of SD-WAN can automate threat detection, mitigation and prevention.

2.?High flexibility and service expansion

It is easier to provide cutting-edge financial services in densely populated areas.?Although, it can still?be a hassle when you need to provide the same level services in areas with low population.?This is because?you can only rely on a handful of employees to provide essential services, as it is impractical for them to have specialists now and then.

Not anymore.?SD-WAN technology makes it possible to establish branches in remote areas, without affecting service spectrum.?It is easy enough to set up a telepresence service, which allows customers to communicate with specialists from anywhere in the world.?ATMs and kiosks can easily expand their service range and handle transactions that require a higher level network access.?Branches can also communicate with cloud services and central servers, giving them instant access to information.

This is not all. SD-WAN helps you to maintain the highest security standards and conform with regulations as your financial institution expands.

3.?Prepare the branch for tech-savvy customers

Customers are more careful when it comes to finances and can pose a problem for financial services even if there is a slightest data breach.?These customers should also enjoy a seamless experience as financial institutions take care of security.?This means that customers can enjoy more convenience while still ensuring privacy.?SD-WAN authorises this.?Financial organisations can use this technology to provide more efficient ATMs and kiosks that enable customers to make transactions quickly without waiting in long lines.?Teleconferencing allows customers to quickly connect with experts, even if they require expert assistance.

Customers with tech skills who prefer to transact online rather than in person can do so using encryption-based SD-WAN technology.

4.?Cloud-enabled financial institutions can have agility

SD-WAN allows businesses to access their network and helps them use their resources more strategically.?SD-WAN technology is a hybrid network architecture that allows organisations to save money while optimising their network for cloud-based apps.?Cloud offerings are a great way for financial institutions to stay ahead of the curve, as tech-savvy customers today prefer services that can be ordered on demand.?SD-WAN allows cloud computing to be optimised while ensuring high-performance networks and security.

Choosing the SD-WAN provider that will change the game for financial institutions

Telekom SD-WAN solutions allow global financial institutions to make the most of their network operations investment.?We offer value-added services to complement the inherent SD-WAN benefits. After analysing your network infrastructure, we will suggest managed services that best suit your needs.?Our service spectrum includes:

• Our fibre, wireless, and VDSL networks are the best underlay for SD-WANs.
• Your connectivity needs are met with an end-to-end SLA.
• Our experts have the highest engineering skills and will manage your SD-WAN network.
• OPEX is a service model that requires no upfront investment from customers.

Deutsche Telekom Global Business will be happy to connect you with the right people and answer any questions regarding planning, implementation, maintenance, and support for your digitisation projects.

If you would like to discuss how we can assist in your SD-WAN solution choice, then please arrange a call back with one of our team.

Adapted from original article by?Martin Jurca

B2B Product Marketing, Deutsche Telekom Europe