A fundamental shift in the way financial products and services are delivered has made IoT in banking a hot topic, and one we have discussed
at length with customers and industry veterans.
Now, Acadia has teamed up with Cisco to help financial institutions exceed customer and employee demand for a great user experience that strengthens relationships and powers expansion.
Cisco’s Digital Network Architecture (DNA) combines more than 30 years of enterprise network experience with stable, intelligent machine learning technology. Managed by an innovative suite of tools bundled into Cisco DNA Center, the automation platform offers financial
institutions intent-based networking (IBN), which seamlessly connects the bank’s business imperatives with its IT infrastructure.
Successful IoT Management Is Critical
Progressive banks are increasingly mandating a switch to holistic customer engagement through an experience rather than mere products
and services. While this is often easier said than done, the need for customer prioritization is growing exponentially and becoming a key differentiator for customer-facing banks.
The competition for financial products is intense, as customers often differentiate financial companies purely by their UI. The customer
interface directly correlates with the proficiency of back-office technology platforms. This means that bank IT must now manage an
explosion of connected and semi-autonomous network components grouped into the broad term, IoT.
By 2020, 63 million new devices will attach to enterprise networks per second.
Therefore, the banks’ board-room ambition puts pressure on IT departments to procure technology that satisfies the demand for a
personalized experience on any device.
However, many institutions face substantial obstacles to enhancing bandwidth and application resources. For example, automation,
supervision and policy enforcement are rarely possible without manual intervention and ad hoc procedures.
IT departments must now act like a business line contributing to revenue and find the IT partner equal to that trend.
Despite these obstacles, the rising demand for connected services requires banks to develop strong and reliable IoT management.
New Intent-Based Networking Powers Engaging Customer Experiences
Scalability, manageability and security are nothing new to bank IT managers. However, the rapid acceleration of connected devices is new.
This development is particularly hard to manage in light of user demand. Fortunately, new strides in hardware and software technology
offer a compelling way to keep up.
Cisco DNA Center
Years of immersion in enterprise network management and continual TCP/IP innovation puts Cisco in a uniquely qualified position. The company and its partners, such as Acadia, have analyzed millions of activity logs from massive volumes of network traffic, making them
leading experts in networking best practices.
This networking intelligence is the foundation for Cisco DNA, which backs and supports IBN. Through machine learning, IBN can observe and react to many common issues and events immediately, without intervention. It does so by interpreting admin intent and correlating it to policies and procedures.
For instance, an intent-based network could autonomously resolve the connectivity of a trusted device disrupted by a malfunctioning router. The network would identify and diagnose the issue, then determine and implement a solution, all while remaining within its limit of authority.
Further, IBN autonomously selects the best course of action; if there is no need for it to disturb the admin at 11:00 PM or stall a customer transaction, it won’t.
The Benefits of IBN for Banks
With IBN, banks can adopt evolving financial technology opportunities quickly and easily. IBN helps solve IT expansion challenges by shifting the manual elements of IT to embedded network devices.
The business advantage of Cisco DNA for financial institutions is substantial.
- Wireless access points anywhere in the bank can automatically enforce modifications to authentication policies.
- Threat response mechanisms are always learning and responsive.
- The connected network constantly adapts to user demand.
- Managers and staff receive personalized and contextual analytics that help them make quick, informed decisions.
- Onboarding, either by individual or group, becomes more safely automated and streamlined.
- Services and applications can be delivered faster across locations.
- Centralized provisioning, monitoring and reporting improve bank performance.
- Customers can receive a superior experience without jeopardizing bank operations.
Cisco DNA Brings IoT Management to Banking
Financial systems must be resilient in competitive markets. Their IT executives need an IT resource with intelligent tools for scalability, automation and security.
With IBN, these benefits come built-in. Banks can simplify their operation and prepare it for expansion with:
- Smart networking tools that manage the complexity of more and more connections and connected devices.
- Straightforward access to an interface to safely manage wireless networks.
- Security that segments users and devices to align with compliance policies.
- Safe pathways to add innovative IoT solutions without risk or disruption.
Bank Management Best Practices for IoT Adoption
Acadia specializes in solutions for banks that thrive in competitive markets. We have three recommendations for bankers preparing
their IT department to function more like a revenue-producing line of business:
- Talk to an experienced technology architect who understands that banks are in the financial business, not the compliance business.
- Learn more about Cisco DNA. Download our webinar recap for a digestible overview.
- Start today. Your competition won’t like that.
To learn more about Cisco DNA and see how it brings advantages to bankers, download the recap of our recent webinar on the topic.