FinTech has exploded over the last decade. The community banking and credit union industries are craving additional features, customer experiences and way to differentiate themselves, and innovation in FinTech is allowing them to do it.
But for many bankers, the system integration and need to maintain control of their core banking data presents a hurdle. While core banking providers have made great strides in providing the ability for 3rd party FinTech applications to access their data, connectivity to that core data is a necessary, and often messy, component that can cause an FI to pause before making a decision on a new vendor.
FinTech providers seeking to siphon business away from their competitors and gain market dominance can overcome this hesitation by enabling a smoother adoption path for FIs seeking to transition to a new technology vendor.
With the move to centralized FinTech application delivery the question of data adjacency and connectivity has stepped into the spotlight. Whether they are being provided from a private or public cloud, these applications rely on connectivity solutions that have left many with scars. Delayed rollouts, forced networking hardware updates, patching, firewall configurations, and expensive yet limited functionality MPLS circuits are just a few of the reasons that FI teams can give for delaying a new product offering decision.
In addition to the hesitation from the bank or credit union IT teams, many FinTech providers also find themselves struggling to manage the delays and complexities of IPSec VPN and MPLS connectivity options.
By replacing VPN and MPLS connectivity in FinTech applications, software-defined networking can increase the speed of deployment, reduce IT burden in management and increase the overall value of a new FinTech application to the FI.
By providing a software enabled connectivity experience as part of the overall solution, FinTech providers can eliminate one more sticking point in the sales cycle, increase revenue and enhance the customer experience.
Our latest video describes the way that Trustgrid works and the benefits of going software-defined for application connectivity.