Full fibre – a must-have for the financial services sector
Nowhere has technology been more transformative than in the financial and professional services sector. However, the continued rapid growth of fintech is reliant on fast, reliable connectivity. And that means full fibre.
Digital technologies have rapidly become widespread in the financial and professional services sector. From mobile banking apps to online insurance quotes and policy management, the way financial services companies engage with customers has changed dramatically in recent years.
This trend towards greater use of fintech seems set to continue. In 2020, research by KPMG identified key issues that banking and capital markets CIOs were looking to address with technology. Not surprisingly, improving operational efficiency and customer engagement came top of the list. What the report didn’t mention is that, to achieve these objectives, there’s one key technology asset that’s mission critical: access to fast, stable broadband connectivity.
What’s the significance of the PSTN switch-off?
In 2025, BT will switch off the old copper telephone network (PSTN). In fibre to the cabinet (FTTC) solutions, the PSTN has been used to supply broadband connectivity to many businesses across the UK. Therefore, those businesses will need to have a new full fibre connectivity solution to future-proof their communications and IT provision.
With so many financial services businesses reliant on digital technology to drive front end and back-office systems, fast, reliable connectivity is essential to maintain a great customer experience. However, it’s also an enabler, giving them the power to make more effective use of hosted communications and cloud computing. Therefore, it makes sense for them to switch to full fibre broadband sooner rather than later.
Why is full fibre broadband a game changer?
Fibre to the premises, often shortened to FTTP broadband, does what it says on the tin, providing connectivity via fibre optic cables directly into the business premises. It’s not just about delivering speeds of up to one gigabit. Full fibre is also much more resilient and reliable than legacy connectivity solutions such as fibre to the cabinet (FTTC) or ISDN. What’s more, the signal strength isn’t dissipated over long distances and the signal is unaffected by bad weather or airborne interference.
Improved operational efficiency
Full fibre is the engine room that can drive all kinds of labour-saving technologies, streamlining everything from customer onboarding to statutory compliance. With innovative fintech companies winning an increasing share of the market, more established players need to rise to the challenge, harnessing the power of digital communications and IT to operate more productively and efficiently. For example, the process of verifying a customer’s identity can be automated, reducing pressure on internal resources, while ensuring security, compliance and a robust audit trail.
Better customer experience
It’s not just the power to drive automated online services that makes full fibre so important to the finance and professional services industry. FTTP broadband enables more effective use of next generation VoIP communications technology. With hosted communications, businesses can significantly improve customer engagement, using advanced calling features such as instant messaging and call diversion. Customer service staff can have real-time access to customer data, so that queries and issues can be resolved quickly. Hosted communications powered by a fast, reliable internet connection can provide seamless integration with customer databases and other back-office systems.
Full fibre can also help banking and financial services businesses improve the experience for customers who visit their high street outlets. A high-performance internet connection means that they can tap into reliable wi-fi and make use of mobile apps while on the premises.
More reliable data sharing
The modern financial services sector relies heavily on data storage and transfer, using vast amounts of bandwidth every day for everything from banking transaction information to insurance policy documents and renewal proposals. With the speed and resilience of FTTP broadband, it’s much easier to store data in the cloud and process it via the internet without the risk of costly delays, buffering or time-outs.
Faster payment processing
In today’s super-connected world, customers expect to be able to make online payments and money transfers quickly and reliably. What’s more, the COVID-19 pandemic has significantly accelerated the use of card and digital device payments, taking us closer to a cashless society. However, delivering the required speed and reliability in payment processing means having fast, resilient full fibre connectivity at the core of the system.
A reliable partner for fibre connectivity solutions
There’s an easy way to ensure you can deliver the high-quality, right-sized FTTP connectivity solution your financial services customers need. Simply partner with Digital Wholesale Solutions. Our expert team will be with you every step of the way, from specification to installation and providing ongoing technical support. As Channel specialists, we’re here to help you and your customers move forward with fibre.