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Hughes

Bank of the Future

The business of retail banking is in the midst of a dramatic paradigm change. The rise of competitive financial technology (FinTech) companies, the focus on digital native consumers, and the impact of sustained low interest rates have created a perfect storm that is transforming retail banking. It is far more convenient for customers (and cost-effective for banks) to deposit checks virtually via a mobile app, than to visit a branch and interact with the teller. As the need to conduct in-branch transactions decreases, banks are turning to technology to drive higher valued services. For example, interactive kiosks provide extended hours for consumers, address a wide swath of personal banking needs, and still enable consumers to access a live agent via two-way videoconferencing. At the same time, mobile tablets and a growing portfolio of banking apps are expanding the role of teller into a “Universal Banker,” who is ready to assist with loan applications. As banks become increasingly dependent on technology to differentiate the customer experience, they also become increasingly dependent on the network. Insufficient capacity and high levels of congestion can ruin a customer’s experience at the branch. When self-service transactions fail to complete or video calls with live agents are too choppy to comprehend, customers become frustrated and refuse to use the very solutions banks are dependent upon to distinguish their brand. In order to help shepherd in this new era of banking and support “Bank of the Future” initiatives, Hughes is leveraging innovative technologies to address retail banking’s demand for higher capacity access, robust network security, and high-performance Wi-Fi.

 

Download the White Paper to learn more!