ATMs recently celebrated their 50th birthday. Since their inception in the United Kingdom in 1967, they have grown substantially and will number approximately 4 million globally in the next two years. These financial services customer endpoints will be among the most impacted and closely watched under regulatory guidelines as banks undergo a rapid digital transformation.
The rapid proliferation of ATMs as multi-application customer portals is attracting non-traditional competitors, creating a financial services gold rush that includes insurance leaders, mortgage lenders, check cashing leaders and even big-box consumer store brands. These non-traditional competitors are joining the financial services market empowered by modern networks that leverage increasing amounts of software intelligence.
Competitors like traditional insurance firms are using SD-WAN software intelligence to break into traditional banking network ATM services, among others. To securely modernize and scale services, competitors and banks alike will need failsafe, high QoE SD-WAN technology that intelligently manages application traffic.
Oracle Communications SD-WAN approach to application-fluent networks lowers the overall cost, increases the reliability and simplifies the management of wide area network (WAN) services powering every ATM, and also helps financial services firms differentiate their products.
Obstacles of course remain. How will banks, insurers and other financial firms modernize networks and legacy ATMs to improve customer engagement through the real-time networking synergy of more than 600,000 human tellers? SD-WAN and QoE ensure these human tellers are fully leveraged by the customer-facing virtual staff previously seen as only ATM endpoints.
Modern banking will need to defend against customer churn at these new virtual tellers by delivering on complex video and data-rich transactions, delivering a superior user experience, and all without escalating WAN outlays and support costs. This is necessary because digital banking is the fastest growing portion of financial services. Accenture estimates digital banking business models will impact up to 80 percent of existing banking revenues by 2020.
As digital banking grows, it will be self-driving, self-healing SD-WAN technology that can help financial organizations overcome the challenges they encounter as they evolve their digital strategies. Modern networks leveraging Oracle failsafe SD-WAN deliver highly reliable, app-fluent high-QoE connectivity thanks to capabilities such as continuous unidirectional measurement of all traffic between locations and real-time best-path selection with sub-second response to network problems.
An Oracle SD-WAN not only delivers branch office consolidation and simplified centralized network management — as most all SD-WAN offerings do — but does so in a carrier-agnostic manner that does not require forklift upgrades, and delivers increased reliability and superior QoE compared to existing WANs.
Banks using the resulting business network can safely augment their existing offerings with important new network-critical use cases such as video streaming, videoconferencing, custom offer engagement and significant leaps in customer experience for competitive advantage.
All in all, a modern, self-driving, self-healing SD-WAN will help financial service customers eliminate their dependence on expensive, rigid legacy network options.
Core modernization is already underway for Oracle financial services customers, including KeyBank, HDFC Bank, and Westpac, as they strive to gain competitive user experience advantages from new digital banking advances. They and other financial services providers are pulling into the fast lane of digital transformation.
Beyond ATMs and real-time tellers, financial services firms can look ahead to adopting cloud-based technologies like big data, artificial intelligence and machine learning, all without being overly burdened from a cost, risk, reliability or user experience perspective.
What they need is the right SD-WAN solution, which make it possible for WAN-savvy network managers and partners to safely deliver high QoE advanced applications for the modern digital financial institution.
Also consider accessing the following SD-WAN content:
• Case Study: Arlington Elevates QoE in B2B eCommerce and Call Center Operations
• Report: Failsafe SD-WAN is Mission-critical to Digital Transformation Success
• Blog: Drive Automated Intelligence into Enterprise Networks with SD-WAN
• Continuous Unidirectional SD-WAN Intelligence Video: Intelligent WAN Edge in Action
Contact the team here to learn more about how Oracle delivers failsafe SD-WANs.