The finance world is defined by speed and competition. When every day brings faster and better ways to satisfy customers, differentiating your organization from the rest has to be a regular practice.
However, outdated technology and networking equipment can limit operational efficiency and business outcomes. When dollars are ticking by as quickly as the seconds on the clock, financial organizations need a modernization strategy supported by innovative and reliable digital infrastructure.
The Importance of Modernization in Finance
Historically, financial institutions have been heavily reliant on paper. As they digitally transform their operations, they also must redesign processes to meet current demands. Today’s customers want the convenience of smartphone-enabled transactions with the security they’ve come to expect from traditional financial institutions.
Finance demands the utmost security measures. While a strict regulatory environment maintains one line of defense, in the digital era, change is happening faster than the legal system can react. This places a higher burden on technology to safeguard each and every dollar in every account.
Consumers are demanding more secure solutions from their banks and financial solutions. For instance, 52% of consumers living in large cities or urban areas are interested in multifactor authentication as a password substitute. Not only is it more secure, but it’s also more convenient.
For many organizations like banks, investment companies, and brokerages, the digital transition affects all areas of the business, not just security. From data accuracy and new engagement channels to the right analytics platform, a cohesive modernization strategy has to incorporate technology into every aspect of operations.
To justify the investment to stakeholders, technology leaders need a networking solution capable of handling all these demands, adapting to the new ones on the way, and taking the hassle out of the modernization process.
The Ins and Outs of Network Management for Financial Organizations
An agile network will facilitate internal (operational and employee-centric) and external (profit-driven and customer-facing) goals of today’s financial institutions. Both revolve around access, visibility, ease of use and speed.
Modern customers want 24/7/365 online access to their accounts and portfolios and excellent customer service when they need a human touch. To better support them, employees need the same timely visibility into live data and metrics to make knowledgeable recommendations. A modern network infrastructure will support the apps and tools necessary to enhance the customer and employee experience. When both are in harmony, customers gain confidence in their financial decisions and convenience in their day-to-day transactions.
Because technology is constantly in flux, changes and updates will be frequent. Legacy systems that require convoluted workflows and cumbersome workarounds are detrimental to progress and profit. Network administrators spend less time managing and maintaining systems when processes are simple and streamlined with modern technology.
How does your existing network compare with the capabilities of modern infrastructure? Does it provide:
Reliable Connectivity: Can it prevent costly network outages?
Robust Capacity: Does it process vast quantities of data at top speed?
Intuitive Design: Is updating hardware, software, and apps easy?
Superior Security: Will it keep highly sensitive data secure?
This is a large order. If your organization has been making do with outdated network technology, your infrastructure is likely already crumbling under an increasing load. Rather than trying to patch it together, consider the benefits of one seamless solution.
The Rewards of Innovative Infrastructure: More Up, Less Down (Time)
As one of the most fundamental finance principles, ROI dictates that a sizable investment of time and money should deliver an equal or greater payoff. To ensure this outcome, financial institutions spend time getting to know their customers’ wants and needs. Those with the best reputation are able to match their customers with products capable of achieving their long-term goals.
The same principle applies to finding a trustworthy technology partner. The right vendor will provide expert support before, during and after implementation and facilitate a smooth transition into the modern solution. In this type of partnership, you can expect to achieve:
Reduced Capital Expenditure: A centralized operating system with end-to-end visibility and easily updated components and switches means your IT staff can spend less time troubleshooting. This frees them up to focus on optimizing system performance. It also reduces the need for ongoing purchases of new hardware and software every time there’s an update. Lower operating costs pay off in your bottom line while translating into lower fees for your customers.
Enhanced Reputational Growth: When customers can rely on your technology to be simple, secure, and convenient, their loyalty increases and so does your brand appeal. Consistent connectivity makes for a better customer experience while simultaneously enabling more robust security and data protection. Today’s consumers expect vigorous defenses against the growing threat of cybercrime. Your ability to provide those measures is key to maintaining their trust.
Increased Diversification: Agile network architecture provides the capability to implement fabric, hybrid and multi-cloud options, open-source technology, automation, ML/AI, security orchestration, and a host of other advanced capabilities beyond the limits of legacy technology. Where financial organizations were previously slowed down by outdated systems, they can now keep pace with digital transformation. This is a must in today’s competitive environment.
The Network Solution: A Solid Foundation
Your network is the foundation that all your other technology is built on. A robust infrastructure ensures the fiscal goals of your clients and your organization are thoroughly supported. A sound network solution will include:
Fabric Technology: This highly scalable technology delivers built-in automation capable of streamlining deployments across multiple locations and devices. Unified fabric can support services across wired, wireless and SD-WAN modalities. It’s sophistication without the aggravation.
Cloud Management: This type of platform removes the hassle from IT operations. Tailored options can make managing your clients, devices, and network easier, all from one centralized dashboard view. It’s convenient without the maddening minutia.
SD-WAN Architecture: This unified management solution reduces risk, simplifies operations, and improves productivity. A better user experience and application performance can facilitate more satisfying interactions in a more stable theater of operations. It’s resilience without resistance.
A reliable and well-constructed network will differentiate your financial organization from the rest. Contact Extreme Networks to find out how we can help you achieve the best in modernization.
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