5 Ways Wireless Networking Helps Financial Services Institutions Thrive

Financial Institution Networks

4G LTE Connectivity Helps Companies Balance Productivity, Customer Service & Security

Today IT administrators at financial services institutions have more factors to balance than ever before. From customer expectations of mobile capabilities and the IoT to world-class security and next-generation infrastructure, network managers at these organizations have a lot to think about.

In response to the ever-increasing need for always connected, always protected networks that can be scaled simply and quickly, many IT professionals from the financial services sector are deploying 4G LTE connectivity. Here are five ways that wireless broadband is helping financial organizations address modern-day networking challenges and embrace the future of their industry:

Cloud Applications

Cloud applications have established themselves as powerful tools for improving business operations. Whether a company is storing data in the cloud, using cloud-based customer relationship management (CRM) software to strengthen and inform client relationships, or utilizing content management systems (CMS) to track and organize documents in the cloud, reliable connectivity and rock-solid security are paramount.

As the financial industry grows even more dependent on cloud-managed services and products, companies can’t afford any amount of downtime and must invest in more reliable connectivity solutions.

Instant/Pop Up Networks for New Branches

While mobile use is increasing, only 39 percent of banking customers use it; the most common way of conducting financial interactions is still in person. With 4G LTE, new brick-and-mortar branches can have business-critical connectivity up and running immediately — as opposed to perhaps months later with a wired line — which enables opening day to arrive a lot sooner. If a wired line is installed at a later date, branch managers can choose whether to keep wireless broadband the primary connection or seamlessly transition it into a failover role.

Additionally, 4G LTE can help reduce operational expenditures for branch locations, enable the pooling of data usage across locations, and reduce the need for on-site IT support.

Targeted Advertising

Beacons, which use Bluetooth Low Energy technology to make smartphones location-aware, have opened up a whole new world of targeted marketing that includes person-specific advertisements and notifications, such as credit qualifications. Beacons also provide financial service organizations with valuable data to help drive everything from future offers to branch staffing. These benefits are only attainable in the presence of reliable in-store connectivity.

This kind of proactive service allows companies to pre-emptively meet customer needs with relevant content while also giving employees the ability to enhance the value, services, and engagement they can offer a customer.

Digital Signage

Whether indoors or outdoors, digital signage offers multiple benefits for financial service providers. Screens provide ample flexibility to at a moment’s notice change messaging or even move a sign altogether — but it’s usually not viable with wired lines and traditional management tools. 4G LTE and remote cloud management help financial institutions maximize digital signage while minimizing overhead including truck rolls, IT man-hours, and other expenditures.

Some forward-thinking financial organizations are even pairing beacons and digital signage to create an environment where screen messages change based on the characteristics of each person who walks past.

Security & Regulatory Compliance

The influx of data available to financial institutions is both a boon and a challenge, largely because it’s highly regulated and protected. According to Accenture, 55 percent of financial service providers say managing data is “very challenging” or “extremely challenging.” Their struggles are real, as financial services is a top-3 target industry for hackers, according to Verizon’s 2015 Data Breach Investigations Report.

The challenges associated with massive amounts of applications and data aren’t going away anytime soon. However, IT professionals can mitigate security risks with remote cloud management and 4G LTE solutions that support best-in-breed security applications including top-of-the-line encryption, intrusion detection and protection (IPS/IDS), and rapid response capabilities without taxing human resources. It’s a network architecture that makes allows companies to nimbly adjust and scale in response to regulatory revisions and organizational shifts.

As these organizations look to the future, top-of-mind action items include integrating the cloud, big data, and the Internet of Things into their operations, as well as adapting to changing customer demands. A growing number of financial services institutions are finding that 4G LTE solutions provide the best way to attain competitive advantages without sacrificing security or the bottom line.

Learn More About Wired & Wireless WAN Solutions in Financial Services

Read Cradlepoint’s white paper titled "Wired & Wireless WAN Network Solutions for Financial Services" to learn:

  • An overview of the latest trends in financial services IT

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