Banking and Financial Services
Banking and financial services institutions must evolve their reporting to identify service levels for business transactions. Read how SharePath can optimize banking.
Trust is a major factor in selecting a bank or financial services organization to do business with. Today, as electronic commerce becomes a mainstay of the banking and financial services industries, the performance and reliability of IT systems is critical to business success. The end of the paper check and an upswing in debit card usage increases the importance of reliability and system performance for financial systems. This movement in the patterns of consumers and institutions brings added focus on how organizations deliver electronic services.
Many banking and financial services organizations started with improvements in their management approaches using the disciplines of ITIL. This movement took a step in improving the availability of IT processes. The next level of improvement will require a slight change in scope. Historically, many financial institutions have focused on and managed discrete IT components. It was common to see reports about the availability and response times for discrete software and hardware delivering business processing. While this scope was successful in focusing on the reliability and performance of the technical components of the IT environment, it did not stretch to clearly identify the availability and reliability of business transactions.
Looking to the future, bank CIOs must evolve their reporting to clearly identify service levels for business transactions. This evolution will require a close partnership between IT and business personnel to clearly define the business transactions of an organization and establish the required service levels. This focus on business transaction reliability and performance will require management products with the capability of detecting all software and hardware components of a business transaction. Detection of software and hardware configurations—instead of discovery—is critical. Past discovery efforts have meant that IT organizations waited hours or days for discovery processes to identify software or hardware configurations and document them. This created gaps where the most current configuration data was not available to support problem resolution or change processes. Products like SharePath by Correlsense detect the software and hardware configuration as a transaction executes in real time. This ensures that the most current configuration data is always available.
Traditional paper-based business transaction systems were always perceived as having excellent reliability. This same confidence must be extended to electronic systems to gain full acceptance of their use by the general public. SharePath provides the tools an IT organization needs to improve the availability and reliability of financial transactions serviced by IT systems. The reliability and performance gained with SharePath can be a strategic advantage for a banking or financial services company that is competing in a challenging marketplace. For more information, read this investment bank case study.
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