How banks can overcome network, internet failures – Experts

Some ICT experts have canvassed upgrade of cyber network infrastructure, implementation of zero trust architecture (ZTA), enforcement of regulations and diversification of internet service providers to enhance smooth customer service delivery in the banking sector.

The ICT experts, in separate interviews with the News Agency of Nigeria (NAN) in Abuja on Monday, said that addressing the challenge of poor network required a multi-fold approach as well as reliable and high-performing internet infrastructure.

Kenneth Okereafor, a cybersecurity expert, said that the banks needed to upgrade their cyber network infrastructure, which would require heavy investment in enterprise-grade fiber optics and associated infrastructure.

“This will ensure automatic back-up with multiple ISP and leveraging Software-Defined Wide Area Network (SD-WAN) technology to optimise traffic flow.

“It will also enable cloud-based failover solutions that enhance scalability and ensure seamless backup for the banks’ digital networks and improve service continuity during occasions of network hiccups.

“Implementing ZTA and protection against Distributed Denial of Service (DDoS) can prevent the cybercrime incidents that slow down banking networks most of the time.

“Additionally, adopting artificial intelligence-driven traffic management can reduce network congestion by dynamically optimising data flow, predicting traffic patterns and efficiently routing traffic,’’ Okereafor said.

According to him, predicting traffic will be based on real-time demand, which will ultimately enhance real-time banking transactions.

The expert stressed the need for continuous training and digital literacy for banking staffers, adding that internet disruptions could also be a contributory factor to internal inefficiencies in handling digital systems.

“Regular cybersecurity awareness and technical training will help staffers detect, escalate and manage network challenges more proactively and efficiently, thus improving overall service delivery.

“There should also be the establishment of digital incident response strategy and plan for Nigerian banks, which is essential in addressing the increasing frequency of service disruptions associated with cyber-attacks.

“By establishing a formalised, proactive response system with clearly defined roles and processes, banks can mitigate downtime promptly and safeguard customer data during crises.

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“This operational framework will not only strengthen security but also ensure service continuity, ultimately boosting customer confidence and reducing the financial impacts of any disruption,’’ he said.

Okereafor called on government and financial regulators to ensure enforce of minimum uptime guarantees from ISPs serving the banking sector so as to protect data.

He also urged banks to explore and embrace the 5G technology, where available, to complement their fiber connections across other providers.

Korede Adeyanju, a tech entrepreneur, listed limited ISP options, weak infrastructures, poor power supply and cyberattacks as part of the challenges affecting the banking system.

Adeyanju recommended for multiple ISPs and implementation of automated network failover systems that instantly switch to a backup provider when one network goes down.

“The sector needs to invest in dedicated private networks, as using private fiber-optic connections instead of relying solely on public internet services will improve speed, reliability and security of banking transactions.

“With the rollout of 5G technology and continued investment in fiber-optic networks, banks can enjoy faster, more stable internet connections that support real-time digital transactions.

“The Central Bank of Nigeria (CBN) and other stakeholders must enforce higher internet reliability standards, promote broadband expansion and create policies that drive technological advancements in banking,’’ he said.

According to him, by implementing the strategies, financial institutions can enhance service delivery, boost customer confidence and drive financial inclusion across the country.

Chinemerem Ndubisi, a data analyst, however, said it would be difficult for banks to completely address the challenge of poor internet service because they relied on ISPs for internet.

Ndubisi said that banks could improve on the use of their Unstructured Supplementary Service Data (USSD) services which does not require internet services.

“Banks should increase awareness on the use of USSD because a lot of people are not aware they can use the service for different transactions.

“Banks should invest in making their USSD services more usable, widen the scope of the service and increase the number of banks that customers can transact with on the USSD platform,” he said.