Currently, the banking industry is one of the largest and most important economic activities in the world. According to an estimate made by MarketLine, the total value of the global banking industry amounted to 134.1 billion dollars in 2016, which meant a compound annual growth rate of 4.7% between 2012 and 2016.
The high valuation of financial services in the global market responds to the fact that multiple industries, individuals and countries around the world need their banking operations to be carried out quickly, safely and with almost complete reliability. The companies in the field use multiple tools at their disposal to ensure these characteristics, but one of the most important is satellite communication.
In order for a bank to continue operations, it not only needs to have a constant connection with its remote customer service points (ATMs or point-of-sale terminals), it must also ensure a continuous flow of information between its data centers, headquarters and branches of the company. In addition to these challenges, for which efficient techniques and workflows have been perfected in recent decades, the financial services sector must now also take into account the use of emerging digital technologies, such as payments and mobile banking.
At AXESS, a telecommunications expert company, we work together with banks and financial services to secure continuity in transactions, emphasizing the cybersecurity of the information transmitted and the persistent service to customers (whether end users or other companies with monetary needs). In that sense, there are three ways in which satellite data transmission systems can cooperate in banking information processes.
1. Generally, satellite connectivity services are used as a complement to the terrestrial network infrastructure. In this scheme, telecommunications companies allow banking businesses to have a continuity of their operations at a reasonable cost.
2. On the other hand, satellite telecommunications can also be used in those regions where connectivity options are limited, whether due to excessively rugged topography (which makes it difficult to install terrestrial networks) or in remote communities and populations. In this way, financial services companies can provide coverage even in these circumstances.
3. Finally, in those areas or locations where the terrestrial network is sufficient to maintain the online service, satellite telecommunication services can be used as backup in the event of a general failure or a natural disaster where the connection is compromised. Thanks to its relative independence from land infrastructure, this technology can be used effectively to maintain the banking operation. Due to the specific needs of the financial services sector, the satellite systems used must have high standards of reliability. Thus, the industry qualifies telecommunication products in several aspects: data security, connection availability, information transmission speed, etc. Banking companies require that their operations be online and available to their customers more than 99% of the time. In this sense, at AXESS we have a standard higher than 99.6%. (See satellite phone).