During 2020 Harvey Nash / KPMG surveyed over 350 banking CIO’s to understand their priorities. The two at the top were: 1. Improve operational efficiency and 2. Increase customer engagement, from this it was identified 47% planned to transform their current working practices. 78% of CIO's expect to increase their use of automation throughout their organization. Automation is a huge topic and a few top banking automation priorities include:
- The adoption of cloud computing
- Automation and virtualization of customer relationships
- Building strategic cooperation with fintech companies and neo banks
- Driving artificial intelligence and big data into business operations
- Supporting more use of robotic automation software
- Delivering APIs to aid stakeholder application development
The banking developments mentioned below need good bandwidth, long reach, low latency, temperature tolerant networks that only fiber optic systems can deliver.
Capital Management and Robo Advising
Progressively banks will add more value via personalized financial services. Relationship Managers will support customers with their plans for investing, savings, capital management, compliance, reporting and additional services. These Managers will be very specialized and will connect with customers remotely in virtual offices using bespoke data sets using multimedia tools. The high volume of data will need optical bandwidth to deliver the data and substantial data center processing for the analysis.
Opening, Verifying and Closing Accounts
A substantial amount of time and effort is required to open and close accounts, solve fraud, handle trust / probate, administer portfolios and verify customer identity. The majority of processes need the relevant documents and approvals by numerous staff that can take weeks. Looking ahead these procedures will move to large file scanning / storage, optical character identification, biometric IDs with artificial intelligence driving an automated process. The individual steps will require large file transfers from the local banks to the regional data centers. Optical networks will offer the high bandwidth, long reach, low latency, resilience and security needed to enable these processes and so they appear to be nearly instantaneous.
Payments and Transfers
Business-to-business transactions, peer-to-peer (P2P) lending, P2P exchanges, and all types of everyday banking will occur on secure blockchain based networks that empower the customer and remove the monotonous steps for banking staff. The intricate network of servers, storage, data centers and communications required to handle millions of transactions per minute can only perform at the speed of light on fiber networks.
No matter if you are constructing private clouds or banking co-location facilities, AddOn has the expertise and a wide inventory of transceivers and interconnect cabling to link thousands of servers to switches at 10G, 25G, 100G or higher.
Whether you are interconnecting data centers to the wider world or bank branches to regional offices, AddOn also specializes in providing 100G to 400G high speed, long reach, temperature compensated DWDM and CWDM transceivers to meet your network demands.