Like other companies in highly heterogeneous sectors, the world of banking is facing various challenges related to digital disruption and connectivity. Just like those others, banks must take advantage of technology, adapting to and maximising the potential created by use of fibre optic and wireless connection infrastructure. The purpose is to offer their customers fast, secure virtual spaces with low latency that are able to handle high volumes of data.

But it’s not just about making a technological ‘leap’ based on changing consumer habits, new devices or developments within the market, even though these factors are clearly determining factors, it’s also about:

• Different generational approaches: Banks have customers across all different demographic profiles. Each of them has a particular relationship with technology and the various organisations. Those who physically go into branch for the bulk of their day-to-day banking coexist alongside those who maintain a strictly virtual relationship with the bank. Banks need to adapt to cover all their needs.

• The shift to digital banking: Most banks were born in an analogue world and have to comprehensively transform their working philosophies and operating dynamics as we rapidly head towards fully technological environments, where connectivity and remote access to assets is expected.

• Branches 3.0: In today’s context, a bank’s presence on the network must be supported, above all, by its own virtual infrastructure. Physical branches and offices must maintain part of their traditional usefulness while altering their focus. How? By designing spaces with care and attention, with good response times and customer interaction as a key point of attraction, rather than the opposite.

• Anticipating the future: Banks must be one step ahead when it comes to issues such as connectivity, but also in key areas such as machine learning, artificial intelligence and the Internet of Things. The technological transition isn’t a process with a clear beginning and an end, but rather a continuous process.

Areas of focus related to connectivity in banking

With connectivity and use of fibre optic and 5G being a ‘beacon’ around which the financial sector needs to orient itself, there are two key aspects banks must take into account to face the technological transition with guarantees:

Maximising security and scalability

It’s vital any suspicion among users about the security of their virtual spaces and communication channels is debunked, including cloud environments. Standardising ISO/20022 could be a step in the right direction. On the other hand, banks must be prepared to grow and adopt global strategic scopes and approaches.

Real-time payments

Connectivity is synonymous with immediacy. Carrying out instant transactions, paying off debts and paying bills via an app, as well as monitoring money movements without delay are just some of the possibilities offered by private banking networks, which can be accessed thanks to technology such as fibre optic connections and 5G.

The post-COVID-19 reality has accelerated many of these digitalisation dynamics, which the banking sector had been involved in for many years previously. The road to connectivity is unavoidable. Establishing key areas of focus with specialists in the telecommunications sector, who can help design individual networks, adopting high performance and response standards, can pave the way to turning the digital transition into a new standard for banking.