We’ve talked before about that massive change that the financial services sector is undergoing, with huge regulatory and security implications. The digital transformation conversation is commonplace in today’s banks, as the adapt to survive mantra is in full swing. The fact is, consumer demographics, preferences, and expectations have changed rapidly, and as a well-established, incumbent bank, it’s tough to keep up.
To highlight just how steep the climb is, the Millennial Disruption Index revealed that 71% of millennials would rather visit the dentist than go to their banks, while 73% would rather handle their financial needs through Google, Amazon, Apple, PayPal, or Square. Millennials also voted all four leading U.S. banks among their least-loved brands.
Regional Banks Could Come Out On Top of the Financial Services Fight
While the struggle is real for everyone, regional banks with smaller, more nimble structures and underpinning systems, are in a uniquely advantageous position for success in the financial services fight.
Recently, NetFoundry & Alliance Technology Group partnered to bring secure, software-only application-specific networking to regional banks with some alarming results. In fact, we wrote a detailed case study highlighting how we helped one regional bank:
- Reduce new branch time-to-open from two months to two weeks
- Shrink disaster recovery time from three days to under five minutes
- Save over $1.5 million in three years
- Realize ROI in under four months
We also conducted a webinar series that you may have missed, walking through the solution and highlighting some of the freedoms and security that NetFoundry brings to financial services firms who have found themselves between a rock and a hard place. You can watch the webinar below.
Don’t underestimate the power of technological evolution. It changed the consumer landscape in banking, and it’s changing how you can respond. If you’re interested in learning more, we’d love to demonstrate the power of AppWANs one-on-one. Click below to schedule a time.