SD-WAN, SASE and the future of banking networks

As financial institutions continue to adapt to changes both at work and in the workplace, one thing is clear: they need network technology that can support multi-site operations without latency or downtime. Before the pandemic, migrating workloads to the cloud was the crux of digital transformations.

The future of banking networks

Now, in what can be described as digital transformations 2.0, financial institutions are embracing new technologies to stay ahead of their competitors. By leveraging advanced technologies like artificial intelligence (AI), machine learning, blockchain, etc., these institutions are shaping the way we transact, manage investments, and more.

Q4 2022 letters from hedge funds, conferences and more

However, supporting such solutions requires a re-examination of cloud service environments and network infrastructure. Secure, high-speed networks are essential for financial institutions seeking a competitive advantage. Cost savings are stakes on the table with digital transformations. However, there is a difference between cutting expenses and adopting new technologies to gain efficiencies that allow business growth.

First, by understanding that cloud services are delivered on a variable cost profit model rather than a fixed IT spend model, decision makers will see the potential for better cash flow from as they abandon the old model of buying and upgrading hardware. Profitability and bottom line growth are obvious priorities, but there is more to consider. Asset velocity, for example, directly influences and increases ROI.

In addition to embracing the cloud, financial firms have given the market a shot of convenient and secure network connectivity. As such, it makes sense that wide area network (WAN) technology has become a key component in digital transformation efforts. For enterprises, WAN refers to a connected group of telecommunications networks distributed across geographies that can exchange data through private environments.

SD-WAN

Among the most prominent types of WAN networks is the Software-Defined WAN (SD-WAN), in which the software platform replaces most physical devices to manage the entire network infrastructure, optimizing flow and traffic. bandwidth performance and minimizing costs.

SD-WAN provides the high speed and reliability required by banks, credit unions, and other financial institutions. With SD-WAN, businesses can rest easy knowing they have the best network available to ensure efficient and secure operations.

Enterprises are turning to SD-WAN technologies for faster, more reliable, and more persistent connections, all using DIA (Direct Internet Access), broadband, and lower-cost wireless circuits instead of the more expensive private circuits (MPLS).

These advances continue to provide reliable and secure access from any device to any target system in ways that can change how products and services are delivered to market, change how they are consumed, and change who consumes them.

SD-WAN architecture combines key network functions with enhanced security services including FWaaS (Firewall as a Service), WAN optimization capabilities, and zero-trust network access in a single platform that continuously monitors conditions for outages and then adapts the traffic flow accordingly. This allows companies to benefit from the optimal performance of their networks without sacrificing security.

Distributed work environments have become the new normal, and with this reality comes a host of unavoidable security issues. A PwC survey indicates that 78% of CEOs are convinced that remote work is here to stay for the long term, and organizations need to be able to securely manage a variety of devices and endpoints across multiple geographies for it to happen. an adequate transformation of the labor force.

SASE

Consequently, the secure access service edge, or SASE, will see significant adoption in 2023. Gartner analysts believe that SASE addresses the most common security challenges that arise from a myriad of applications that operate outside of the data center, sensitive data stored in multiple cloud services and users connecting from anywhere and on any device.

In a recent research note, GlobalData research director G. Barton noted that “SASE speaks to the desires of enterprises to better protect their WAN and cloud access environments as they move to networking in the cloud, as well as their desire for networks to be just another part of their application heritage rather than a separate piece of the IT puzzle.”

Simply put, SASE enables organizations to securely deliver their products and services to the outermost endpoints at the edge.

As consumers embrace mobile options to access financial institutions, the security perimeter of the status quo has dissolved. Customers and employees alike expect to be able to easily connect to financial institutions and applications from anywhere, anytime.

It’s the ease with which they can do it that creates a differentiator in market share. It’s also important to note that if done wrong, IT costs can skyrocket and kill profitability while hampering employee productivity. Done right, these technologies allow companies

to empower users with tools to maximize efficiency and quality, while contributing to higher profit margins.

With the support of Advantage Communications Group (ACG), Bank of Princeton was able to transition to upgrading its infrastructure at all locations to a more resilient, secure and much more scalable solution.

Specifically, it was able to increase bandwidth by more than 20x, dramatically reduce risk by deploying dual-node circuits across all locations, increase speed to market and agility, reduce operating and maintenance costs, all while saving an 36 percent, $180K/year. .

Working with a single partner capable of monitoring and managing telecommunications infrastructure inventory, spending and billing removes the complexity of managing a network of service providers in-house. Conversely, working with the wrong partner can result in poor implementations, delayed benefits, and skyrocketing costs. In collaboration with the bank, ACG designed a future state architecture that addressed the network, SD-WAN, connectivity services, hosting, firewalls, and the Internet.

In the end, it’s all about alignment between stakeholders, technology, and desired business outcomes. The right mix of cloud services, smart grids, and advanced security are critical to the success of any digital transformation effort.