Banks are leveraging hybrid WAN connectivity to meet the demands of 4.04 billion individuals worldwide online while ensuring bespoke customer experience in branches.
Banking today is at a whole new different dimension with customer experience at the core of its heart. With the rising tide of DX, Customer experience today is more than a function. It’s the key differentiator in BFSI Industry and elsewhere. At the crest of this DX wave, banks are increasingly focusing on delivering enhanced customers experience online as well as in Branch. This has led to an immediate requirement for a holistic digital marketing strategy supported by a strong IT infrastructure.
The changing role of customers
BFSI customers today demand round the clock attention.
Industries –in particular, BFSI-have realized that customer success lies in delivering a smooth and frictionless interaction to the customer. Hence the focus now is to leverage advanced technology to capture customer data at every point of customer’s journey.
The head innovation and customer journey for Bank of the West placed it perfectly in an article in American Banker: “map out the entire customer experience across all the touch points between the customer and the bank, putting the customer’s needs at the heart of what we’re focused on delivering.”
Click to read Infographic: How retail industry is responding to the changing business demands in-store as well as online.
Strengthening the Pillars of Transformation
By now it is clear, Network, Cloud and Data are the key pillars for Digital transformation. Unhook one the others die.
To provide enhanced customer experience online as well as in Branch, banks first need to upgrade the pillars of DX. First comes – Network. Network being the bedrock of transformation requires attention first. What seemed like a challenge earlier – WAN transformation – is now easy with Hybrid connectivity. Legacy infrastructures – MLPS – is now being replaced with – SD-WAN – software defined managed WAN services.
Although internet- 4G/LTE/Wi-Fi – is replacing MLPS the key for the time being lies in embracing a diverse network architecture without interrupting the ongoing network architecture.
SD-WAN for a diverse Network
The world is on the internet. While legacy infrastructure is failing to undertake the pressure of DX, SD-WAN is making transformation seamless.
SD-WAN is able to leverage combined bandwidth (pooling MPLS, broadband, satellite and cellular links together) to support critical applications and technologies lowering WAN cost drastically. Easy centralized monitoring paths for bandwidth utilization, latency, jitter and packet loss allows the hybrid WANs to support the most demanding applications leading to enhanced customer engagement.
According a study by Lavelle Networks 97% revealed that they are looking for hybrid WAN as a solution in the future while the rest aren’t very sure about it. The BFSI sector has been at the forefront in adopting SD-WAN, although compliance-related due diligence has slowed down the adoption when compared to some other industries. With a solution from an SD-WAN leader, banks can definitely reach their goals along modernizing their branch as well as online operations to provide a broad spectrum of services to customers at sustainable costs.