It’s no secret that we have entered a new world of branch banking. In seconds, checks can be deposited to a bank account faster than ever before through the use of a smart phone. Customers are no longer to waiting in long lines at branches to conduct financial transactions face-to-face with a teller. As much as these technological conveniences have enhanced the overall experience for bank customers, the speed at which changes are occurring have made bank operations and the technology that supports it a highly complex and challenging environment to conduct business in.
In our latest podcast between Andy Bach, Chief Architect of Financial Services Juniper Networks and Harpreet Geekee, CTO of Financial Services at Juniper Networks, they discuss this new era of branch banking and some of these challenges that financial institutions are facing in greater detail.
Harpreet discusses how these technologies not only require more complex networking functions, but as a result, banks are also seeing huge increases in cost and regulatory risk which unfortunately prohibits the agility that banks need to provide newer, better technological services to customers. He points out that flexible architecture is a key to the future where everything will be virtual. In order to operate in a more agile manner, Harpreet points out the banks must reduce security and compliance risks.
Listen on for more about the new era of branch banking and some of the technological challenges that are being seen across the industry.