Multi-carrier connectivity: The game changer for financial institutions
The High Stakes of Mobile Connectivity in Financial Services
In the fast-paced world of financial services, uninterrupted operations are essential. Every second of downtime can lead to potential revenue loss, reputational damage, and a poor customer experience. As the reliance on the Internet of Things (IoT) increases—supporting critical business systems like Point of Sale (POS) terminals, ATMs, and security systems—the risks associated with single points of network failure also rise. These outages can disrupt operations, resulting in significant financial losses and damage to reputation.
The Growing Threat of Network Disruptions
The risk of mobile network disruptions seriously threatens Australian businesses, especially in the financial sector. Currently, most industries rely on single-carrier SIM cards for critical devices, creating a dangerous single point of failure. This vulnerability exposes them to outages caused by weather events, infrastructure failures, and cyberattacks.
The financial implications of these disruptions are significant. They result in immediate revenue loss and costly expenses related to troubleshooting and compensating affected customers. Furthermore, the long-term reputational damage can severely undermine customer trust and lead to lasting financial consequences. Even brief downtimes can have severe repercussions in an industry where every transaction counts.
Traditional solutions, such as single SIM cards, fail to provide adequate protection, while dual SIM setups complicate operations and drive up costs. Thus, conventional approaches are inadequate for meeting the connectivity demands of modern financial institutions.
The Power of Multi-Carrier Connectivity
Financial institutions must adopt a multi-carrier connectivity strategy to mitigate the risks associated with reliance on a single network. This decisive approach utilizes multiple Mobile Network Operators (MNOs) to ensure uninterrupted service, automatically switching to the most substantial available network during an outage.
By implementing this strategy, institutions can simplify device management and reduce hardware costs while ensuring continuous operation and robust protection against disruptions for critical applications. It's time for financial institutions to embrace multi-carrier connectivity and secure their operations against potential threats.
Benefits Beyond Cost Savings
The benefits for financial institutions extend beyond cost savings. Eliminating the need for multiple SIM card contracts streamlines operations and significantly reduces administrative overhead. This translates into substantial cost savings, with clients typically experiencing savings between 20 and 40 per cent.
Paired with robust security measures, such as private APNs, IPsec VPN tunnels, and device-SIM lock, these features further support businesses by working together to protect sensitive financial data and ensure compliance with stringent industry regulations. This comprehensive security approach provides financial institutions and their customers peace of mind.
The applications of multi-carrier connectivity within the financial sector are diverse. This technology enables a wide range of critical functions, from ensuring the continuous operation of POS systems and ATMs to supporting connected kiosks, branch security systems, and even energy monitoring solutions for ESG reporting. This can also be utilized for fleet management, allowing banks to track and manage armoured cars efficiently.
Orange Business: Global Reach, Local Expertise
Orange Business's Simpliconnect solution provides financial institutions the robust connectivity they need to thrive in today's interconnected world. By leveraging a multi-carrier approach, Simpliconnect ensures uninterrupted services even during a network outage, giving businesses peace of mind and protecting their critical systems and operations.
Orange Business combines extensive global reach with localized expertise, operating as an MNO in 26 countries and boasting over 500 roaming contracts. This, combined with local data breakout capabilities, makes Simpliconnect a genuinely global solution with the localized support and expertise that financial institutions require.
Leading Australian banks have already partnered with Orange Business, integrating Simpliconnect across their POS networks and experiencing significant improvements in uptime, customer satisfaction, and overall reliability. These tangible results demonstrate the value of a multi-carrier approach in ensuring business continuity and enhancing customer experience.
With over a decade of experience in the IoT connectivity market and recognition as a leader in Gartner's 2024 Magic Quadrant for Global Managed IoT Connectivity Services (including consecutive years in 2023, 2022, and 2021), Orange Business is at the forefront of innovation in this space. Simpliconnect represents a significant advancement in IoT connectivity, providing financial institutions with the reliability, security, and cost-effectiveness they need to succeed in an increasingly connected world.
Simpliconnect is more than just a connectivity solution; it's a strategic investment. By eliminating single points of failure and ensuring always-on connectivity, Simpliconnect empowers financial institutions to deliver seamless customer experiences, protect their bottom line, and unlock the full potential of IoT.
