The banking sector is a constantly evolving vertical in today’s global economy. Banks of all sizes rely on network connectivity for handling their most sensitive and mission critical tasks. Constant expansion of branch offices, ATMs, kiosks, and tele-banking is essential to expansion of a bank’s customer base and to generate new revenue streams is essential to remain competitive. The network demands of banks prioritize the ability to rapidly scale to accommodate highly secure links between locations regardless of geography. Clearing transactions in house or by utilizing the services of a third party requires always-on and always available infrastructure and connectivity.
Always On Self-service banking
Many ATM machines are now video enabled always connected self-service kiosks which enable customers to open new accounts, deposit checks, apply for loans, or talk to remote tellers or customer service agents. Modern ATM requirements can no longer able to be fulfilled with a 1200bps modem. With high definition video, audio, high security encryption, and always on expectations, high bandwidth is essential.
Online and Mobile Banking
Mobile device proliferation, the modern web, and customers’ always on expectation for services mean that financial institutions need to provide enhanced self-service mobile banking experiences to remain relevant and to keep customers’ business. Today customers prefer self-service banking. This shift in customer preference puts additional focus on the importance of reliable network connectivity for banks as they compete for business and strive to boost customer satisfaction.
Of course, some consumers still prefer the tried-and-true model of doing their banking at a local branch. Today, many of these branches provide more than simple management of checking and savings accounts; they have expanded their offerings to include retirement planning, investment strategy, wealth management and more. For community retail banks, the responsibility of keeping intruders from accessing confidential customer information is mandated by law. The network perimeter layer has historically been the focus of protecting a private network and is still essential for keeping intruders at bay and providing detection of possible intrusions. Adding these services means local branches require a scalable network infrastructure that can handle growing traffic and new applications.
Voice & Telephony Needs
Intra-office communications can be a major expense in banking, where voice communication is critical to continuity and enables faster service for customers. Private telephony networks that circumvent existing telephony networks and high international call rates can reduce expense. To ensure reliability and quality advanced CoS features that prevent VoIP calls from becoming compromised by other banking communications are needed
It’s fairly obvious that financial information is incredibly sensitive, whether it belongs to a major financial corporation or a single individual. The financial sector faces robust regulatory requirements and the nearly constant threat of hackers, meaning a secure network solution is a necessity. As the amount of data being transferred continues to grow, so, too, will the importance of network security.
The banking sector requires a secure and reliable communication infrastructure to ensure operational efficiency. With widely distributed branches, local offices, and ATMs, often located in rural and remote areas lacking infrastructure, banking and financial organizations are turning to their own private networks as a preferred solution for connecting their dispersed locations under one core platform. In this environment of growing mobility, heightened competition and customer loyalty, that a gradual replacement of core banking systems is predicted to pick up again in coming years, as banking institutions are updating and replacing core banking systems and networks to improve their ability to compete in the new dawn of banking.