In recent times, banks and financial institutions are undergoing major technological advancements to keep up with demands by developing more customer-centric services. Some banks leverage video conferencing to communicate with customers, while others have created ambient lounges with free Wifi and refreshments in a bid to improve customer experience (CX). Easy access to local branches plays a crucial part in keeping the customers happy, as they can carry out transactions and receive personalized one-on-one consultations. It is important to seamlessly unify branches with the overall digital transformation, but it is easier said than done. Simultaneously, the financial sector needs to remain focused on a high level of security, reliable network connectivity, and impeccable communication. Outdated network infrastructure hinders the digital transformation of banks. However, SD-WAN technology can address the challenges and play a decisive role in preparing the bank of the future.
Setbacks of the current networking system?
Implementing digital transformation can be a difficult challenge for banks. The current network system is divided into small parts, being managed by third-party systems consisting of multiple branches and remote sites. Cybersecurity is a growing concern as the outdated infrastructure with multifaceted control points pose threats to the banking ecosystem. Online banking, ATMs, cloud-centric applications, disaster recovery, and data center functions are dependent on secure, robust, and reliable wide area network (WAN). Customer-centric applications, video conferencing, and Wifi usage can act as a huge burden to these existing networks.Previously, multiprotocol label switching (MPLS) networks were used to connect the branch networks securely. However, it is very expensive and often doesn’t come with enough bandwidth to directly connect to the central private data centers. On the other hand, public broadband can provide higher bandwidth, but it is not able to offer the level of in-built security required. If the bandwidth is not sufficient, it can negatively impact the performance of applications, causing negative impacts on CX. It hinders local branches to implement new services due to a fear of network crashes. Managing the current networks is becoming significantly difficult, and network upgrading may not be a viable option due to cost and time constraints. Moreover, some of these branches may not be able to employ full-time network engineers to solve outages and other network issues. The banks must solve these challenges to keep up with the competition, and simultaneously need to address security, quality, and reliability concerns.
How does SD-WAN overcome the problems?
The solution lies in SD-WAN technology, which can efficiently address the challenges of modern networking. SD-WAN provides application visibility and uses a centralized approach to network management, automation, and intelligence. It creates a virtual overlay network enabling the network engineers to remotely manage the network ecosystem. Headquarters, branches, ATMs, cloud-based applications, and data center networks spread over wide geographical locations can be controlled with just a few clicks from a centralized dashboard. SD-WAN enhances security by integrating VPN tunnels, IPSec, and Firewalls to segment the flow of network traffic.The best thing about SD-WAN is that it functions with any underlying network service such as MPLS, Broadband, or high-speed cellular networks such as 4G LTE and 5G. However, a blend of multiple transport options works best for developing the best-in-class SD-WAN network. SD-WAN can use broadband networks to supply high bandwidth requirements for banks at a fraction of the price, and the virtual overlay network is used to apply the security features. SD-WAN can not only support the bandwidth-intensive requirements but do so better with intelligent real-time routing features. Since it can support multiple networks, it dynamically reroutes the packet flows, ensuring maximum uptime and best network performance. It also facilitates the priority to serve mission-critical applications on the network, reducing the chance of financial loss due to downtime. By harnessing the power of SD-WAN, banks can set up new branch networks that will be up and running in a matter of days. SD-WAN provides predictable user experience and is scalable according to the growing needs of enterprises. Here are some interesting reads to learn more about what is SD-WAN technology, how it works, as well as SD-WAN benefits you can harness to boost your business.
IX for your SD-WAN transformation
IX Telecom can boost your business with industry-leading SD-WAN solutions to control operational costs, improve network efficiency, and increase reliability. IX SD-WAN solutions not only transform the banking sector, but also healthcare, aviation, oil & gas, education, and government bodies benefit from it. Team IX has over a decade long experience of handling the network operations of multiple industry giants. Our highly experienced network engineers perfectly understand the challenges and requirements of your business. They are equipped with the skills and expertise to transform your networks with tailor-made solutions.
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