How Banking Applications Can Achieve Five-Star Reviews With AIOps

Innovation How Banking Applications Can Achieve Five-Star Reviews With AIOps Chris Menier Forbes Councils Member Forbes Technology Council COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. | Membership (fee-based) Jul 18, 2022, 08:15am EDT | Share to Facebook Share to Twitter Share to Linkedin General manager of AIOps at Vitria Technology .

getty Even before the shadow of a recession began to impact financial markets, the banking industry was experiencing a metamorphosis. Neobanks were changing the playing field for regulated banks, and the pandemic forced the accelerated adoption by the “on-the-go” consumer who was demanding more from secure mobile banking applications. These trends were shaking the very core of the banks’ IT departments that were trying to keep up with the transforming business of banking.

Forrester polled banking leaders to learn how they were prioritizing technology adoption (paywall). The findings were not at all surprising. Artificial intelligence and machine learning topped the list, followed by 5G, natural language processing and microservices architectures.

Driving the interest of IT leaders in these technologies was the goal of striking a delicate balance between boosting the experience and generating revenue while managing costs. A third of the participants were already using AI to extract insights from data collected across banking platforms. More than 30% claimed that ML was leading to an improved customer experience.

In fact, the insights that these technologies generated were consistently providing banks with the ability to make better-informed business decisions and serve customers in a more personalized fashion. The management of the infrastructure and network supporting applications utilizing these technologies must occur in lockstep with transforming the customer-facing applications, sustaining availability and high levels of performance. Applying AI, ML and predictive analytics to service performance management, change management, and fault management enables the transformation of the business of banking.

MORE FOR YOU Google Issues Warning For 2 Billion Chrome Users Forget The MacBook Pro, Apple Has Bigger Plans Google Discounts Pixel 6, Nest & Pixel Buds In Limited-Time Sale Event 5G is expected to become a general-purpose technology for the financial services sector as most organizations start using it for low-latency communications. While 5G infrastructure is just starting to ramp up, more than half of the survey respondents believe that customer service is a major use case for the technology. The speed of 5G and its complexities will be challenging for the most capable network management teams.

The way banks are serving customers and meeting regulatory requirements are evolving, the management applications for delivering high availability and sustainable performance must lean on automation and uplevel service management. Automation And Service Enabling smart banking applications—applications that combine human and machine intelligence—requires changes in how the delivery infrastructure is designed, implemented and, most importantly, operated. It would be impossible to successfully pivot to smart banking applications without making critical changes to cross-system monitoring, root cause analysis and incident response.

The expectation for “real time” takes on new meaning when you are supporting a customer on a mobile device in a rush to pay a bill, transfer funds or simply check their account balance. Automating operations requires a shift to AIOps. There’s only so much that can be done manually.

The complexities of today’s network and application stacks have outgrown, sometimes, error-prone and time-consuming manual processes. There are limitations to human intelligence working alone that can be improved in the following ways. • Experienced labor continues to be in short supply—supercharged organizations are combining human and machine intelligence to make up the shortfall.

• Customers give “stars” to applications that are trouble-free, and preventing downtime is a five-star production. • Accelerated mean time to repair (MTTR) rescues a negative review if availability is restored quickly and without a reboot. Wide-scope AIOps provide the ability to simplify the complexity.

Organizations that have crossed over to AIOps often report these five capabilities you will need to build the operations center of the future. 1. Fault and performance management in one solution.

2. Noise reduction from out-of-box algorithms, such as default correlation algorithms. 3.

Trusted automation incorporating digital fingerprinting and relevance scoring. 4. Custom dashboards.

5. The ability to add new data sets in less than an hour. Why these five? Implementing AIOps, with the right features, provides immediate and lasting benefits.

• A fast start and a foundation for continued success. • Improved efficiency for all users of the AIOps platform. • Increased confidence in the automation, which can fail when users don’t trust it and its suggested responses to faults.

• Accelerated response to service interruptions. Customers give five-star reviews when service exceeds their expectations. Smart banking applications require a new model for managing systems and network performance and availability.

When customers rate their banking experience, they are evaluating their provider’s ability to know what they want and deliver the service without fail. Progressive organizations are prioritizing trending technology like AI, ML, 5G and NLP and helping to guarantee five-star reviews with a wide-scope AIOps platform for managing the service. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives.

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