The banking and financial sector is one of the industries that are undergoing a digital transformation. With SDWAN, they can achieve better connectivity and speed at a lower cost.
The digital transformation in the Banking & Finance industry has led to several challenges that are to be addressed. These include Cyber Security Threats, Operational Complexity, Infrastructure expansion & Regulatory Compliance. Also, with the addition of the new branches, the day-to-day operational cost is increasing with the bottleneck on bandwidth utilization. To overcome all these challenges, SDWAN is preferred to provide the optimized solution.
SDWAN is a Software Defined Wide Area Network. They are virtual networks that operate across different types of physical infrastructure. They provide reliability and availability while also reducing the costs associated with traditional WANs. This article will helps you to learn about how banking and financial sector uses SDWAN to undergo digital transformation.
SDWAN: What it is and Why you need it?
SDWAN is an emerging technology that is designed to replace traditional WANs. It provides a more flexible and cost-effective solution for enterprises that need to connect their remote sites.
SDWAN networking technology manages and optimizes bandwidth through the use of virtualization and software. It’s an alternative to MPLS, Frame Relay, or T1 lines for connecting remote sites.
SD-WAN enables financial institutions to use their broadband connections as the primary connection type, while still connecting to their branch locations over the internet when needed. This means that they can take advantage of broadband speeds in areas where they have access, while still being able to rely on more traditional methods where there is no broadband connectivity available.
Adopting SD WAN instead of a traditional network has several advantages. The fact that it increases bandwidth efficiency and decreases latency is one of its most important advantages.
Some of the benefits of SDWAN are the following:
- Reduction in network complexity
- Simplified network management and maintenance
- Lower cost of operation
- Improved application performance and user experience
SD WAN provides enterprises with the ability to flexibly control their network traffic routing. It can be used to optimize bandwidth use, improve application performance, and lower costs.
Financial service providers are up against many obstacles when it comes to their network infrastructure. With SDWAN solution provider, you can overcome these obstacles and gain the benefits of an agile network infrastructure.
The operational approach of SDWAN be simplified as below,
- Deploying the overlay network through the Orchestrator
- Applying the policies at the edge nodes & network
- Manage the operations centrally with Automation
Nowadays, SDWAN has become a crucial tool for addressing and resolving issues while fostering business expansion. A few SDWAN use cases from the financial services industry are provided below.
- Reimagining a more straightforward, cost-effective network system
- Disaster Recovery strategy and accelerate backups.
- Quick Launch of new branches & advanced AI-based ATMs
- Obtaining compliance & regulations
Financial institutions are exploring SD-WAN for a variety of use cases. This includes enabling branch offices to stay open after hours and increasing the number of virtual branches.
Also Read: Why does IT Systems/Devices need Annual Maintenance Contracts (AMC)?
The SDWAN Solutions allows businesses to connect over a WAN with the same level of security and reliability as a private network. The best thing about SD-WANs is that they are easy to set up, manage, and maintain. They also offer cost savings, scalability, and flexibility for future growth.
There are many providers in the market today that offer different solutions for SD-WANs. Contact Skylark for the best SD-WAN Implementation and leading provider of enterprise-grade SD-WAN solutions for a variety of network and application deployments. We are a global service provider for IT products, services and solutions.