Do you encrypt your financial data when sending it to another branch office? If not, you’re more vulnerable to cybersecurity threats and unauthorized users, which is why SD-WAN in banking is crucial. Keep reading to discover how SD-WAN can enhance the safety and efficiency of your bank or financial institution.
Benefits of Using SD-WAN in the Banking Industry
To enhance your banking network security, implement SD-WAN, a software-defined wide area network, solutions that route network traffic through secure delivery channels. Branch connectivity and financial data sharing are crucial in the banking industry because you constantly have to send financial and consumer data from one branch to another—but the data’s route needs to be protected when it travels across branches.
That’s where SD-WAN comes in. SD-WAN, extends your network over large geographical locations to improve your banking branch connectivity. This type of network:
- Simplifies your WAN infrastructure by replacing office routers and hardware
- Offers more efficient WAN management
- Provides application-layer control of application policies
- Can operate on MPLS, LTE, or broadband internet
- Safely connects users to applications and other branches
The benefits of SD-WAN in banking include:
Increased Banking Network Security
With SD-WAN, each piece of data sent across branches is encrypted and travels through a secure tunnel. This feature creates a strong barrier against cybersecurity threats and keeps out unauthorized users.
The financial industry stores arguably the most sensitive data, from credit card numbers and addresses to bank account balances and transaction records, so it’s vital for customer protection to use encrypted tunnels. Secure SD-WAN also includes integrated cloud-based security solutions, tightening your overall cloud security.
Higher Efficiency and Simplified Financial Data Sharing/Branch Connectivity
SD-WAN for banking includes features that improve your overall efficiency, such as:
- Superior network performance
- Network visibility and control
- Enhanced cloud connectivity
- Increased bandwidth capacity
With a larger bandwidth and improved network performance, you can send data across branches in record time. Manual servers and hardware aren’t reliable, as they’re prone to breakdowns and often malfunction during power outages. With SD-WAN’s cloud connectivity functionality, you no longer have to depend on physical hardware.
Cost Savings
SD-WAN for banking reduces operating costs by eliminating the need for expensive MPLS lines and replacing it with broadband internet, like fiber, cable, DSL, and mobile technologies.
Plus, you can easily add new lines to networks that require a larger capacity without extra costs.
Most MSPs provide SD-WAN as a service and charge a monthly fee instead of making you pay per line/tunnel. You also cut out the need for servers since they’re replaced by SD-WANs cloud connectivity.
SD-WAN in Banking: When Do I Need It?
If your bank or financial institution isn’t familiar with SD-WAN, you might not know when it’s necessary. Here are the signs that your bank needs SD-WAN technology:
- Poor technological efficiency
- Slow application performance
- Unreliable connectivity
- Consistent network outages
- Cyber threat concerns
- Limited traffic visibility
- Upgrading to a cloud software
- Inability to grow your organization because of poor technology
- Overwhelmed IT staff
How To Implement SD-WAN for Banking Businesses
With the support of a superior managed services provider, Meriplex, SD-WAN implementation is effective, easy, and fast. Our SD-WAN solutions meet the needs of any bank and financial institution. We take a security-first approach and focus on developing secure connections for financial data sharing while improving branch connectivity.
With over 70 combined years of industry experience, a 95% customer satisfaction rate, and a team of prepared IT professionals, we’re the SD-WAN partner you’ve been looking for. Our managed SD-WAN services eliminate the need for third parties. We work directly with our providers, so you can focus on your core business functions while we install our SD-WAN solutions.
Contact us today to schedule a free managed SD-WAN consultation and get access to the IT solutions your bank needs to stay secure and efficient.
