The financial industry is one of the fastest-growing industries in the world and is having to evolve at a faster pace than ever before. Because of this, financial institutions are also having to change the way they go about storing data, securing that information, and connecting it to the world-wide-web.
“The financial sector is among the most fast-paced and rapidly evolving verticals in today’s global economy. Like most other industries, banking institutions of varying sizes rely heavily on network connectivity for handling some of their most critical and sensitive tasks. The ability to expand a customer base and generate new revenue streams smoothly and rapidly through ATM and local branch additions is imperative to enhancing market competitiveness in the banking sector. Bank networks must be able to rapidly scale to accommodate new secure links between banks and ATMs, regardless of location, and also provide infrastructure for interbank networking.” – Equinox
Security and Connectivity Changes for Financial Institution Services
There are 2 main areas in the financial sector that are evolving more rapidly than any other:
- Self-service ATM Banking
- Mobile Banking
These two services are changing the way that consumers interact with banks completely as well as changing the way that banks are interacting with their customers. COVID-19 has only escalated much of this with so many people preferring banking options that don’t require them to go into a branch or deal with someone in-person. This leads to a greater need for security and connectivity in the space.
In the case of self-service banking at ATMs: At one time, an ATM was only used for withdrawing cash. Now, customers can do anything from paying a bill to depositing checks. While incredibly convenient, this does open up more security risks that should be considered.
When it comes to mobile banking, more and more customers are preferring this method over any other form of banking service. With so many people relying on their mobile banking apps for all of their banking needs, financial institutions have a greater responsibility to have solid and reliable network connectivity in place.
How a Data Center Colocation Can Help
As a financial institution, you need more security, reliability, and connectivity than ever before. Self-service and mobile banking needs are just 2 of the services that rely upon that. High-frequency trading, retail banking, and virtual and mobile loan services are just another few of the many services offered that have large connectivity and security needs.
How can a data center colocation help you achieve better security and connectivity in these services?
- Redundancy: A data center partner will be able to provide redundancy power, HVAC, and more so you never have to worry about the reliability of your data or equipment.
- Security: Data centers will have multiple checkpoints in place to ensure your data is always safe including sign-in lists, security guards, biometric access points, a “man trap” and cameras in use 24/7.
- Connectivity: Great data centers are also carrier-dense, meaning they have access to many different ISP’s so you can choose the carrier or carriers that you prefer so you never have to worry about going offline.
Let’s Get Started
Are you looking for a data center partner that can help you increase security and reliability for your financial institution? We’d love to talk with you. Schedule an in-person or virtual tour of our data center today!