The business of retail banking is in the midst of a dramatic paradigm change. The rise of competitive financial technology (FinTech) companies, the focus on digital native consumers, and the impact of sustained low interest rates have created a perfect storm that is transforming retail banking. It is far more convenient for customers (and cost-effective for banks) to deposit checks virtually via a mobile app, than to visit a branch and interact with the teller. As the need to conduct in-branch transactions decreases, banks are turning to technology to drive higher valued services. For example, interactive kiosks provide extended hours for consumers, address a wide swath of personal banking needs, and still enable consumers to access a live agent via two-way videoconferencing. At the same time, mobile tablets and a growing portfolio of banking apps are expanding the role of teller into a “Universal Banker,” who is ready to assist with loan applications.
As banks become increasingly dependent on technology to differentiate the customer experience, they also become increasingly dependent on the network. Insufficient capacity and high levels of congestion can ruin a customer’s experience at the branch. When self-service transactions fail to complete or video calls with live agents are too choppy to comprehend, customers become frustrated and refuse to use the very solutions banks are dependent upon to distinguish their brand. In order to help shepherd in this new era of banking and support “Bank of the Future” initiatives, Hughes is leveraging innovative technologies to address retail banking’s demand for higher capacity access, robust network security, and high-performance Wi-Fi.
Network Capacity: The Need for New Options
Hughes employs innovative technologies to achieve consistent, enterprise-grade service over broadband connections; addressing random packet loss by continuously taking real-time measurements of these dynamic connections. Hughes then deliberately shapes the data traffic to fit within the available capacity, avoiding packet loss resulting from insufficiency. In addition, Hughes enforces QoS policies to ensure network utilizations align with business priorities.
Security Must Be a Core Competence
With increasingly frequent and sophisticated cyber-attacks, network security is vital to a bank’s strategy. As evidenced by recent high profile credit card breaches, affected retailers can suffer significant losses in both sales and brand reputation. Customers simply won’t visit locations or organizations they do not trust.
When it comes to network security, the strength and scope of any solution must exceed the severity of the threat. Powerful Next Generation Firewall (NGFW) with Unified Threat Management (UTM) capabilities are required to deliver the strongest security possible. Hughes has partnered with leading network security firm, Fortinet, to natively integrate their market dominating portfolio of network security products with Hughes innovative WAN optimization capabilities.
Wi-Fi Provides Critical Customer Insights
After network capacity and security, the final piece to supporting in-store mobility lies within the bank itself—in the air. To drive customer adoption of a bank’s mobile application and employee utilization of Universal Banker tablets, banks need a flexible and robust Wi-Fi infrastructure that can deliver great performance and easily adapt to rapidly evolving market requirements.
Since mobile devices in the hands of customers and bankers compete for the same network capacity, a robust solution must provide proper access management aligned with business objectives to ensure an optimal experience for both groups. Wired and wireless networks must work together, automatically and dynamically, to deliver and ensure a high-quality customer experience.
HughesON helps financial institutions address all these concerns with robust, high-performance managed network and Wi-Fi solutions that are affordable and secure.
© Copyright Hughes Network Systems LLC. All Rights Reserved.
The HUGHES logo is a registered trademark of Hughes Network Systems, LLC, an EchoStar company. All other logos and trademarks are the property of their respective trademark owners. ® and ™ denote registered trademarks in the United States and other countries