Autonomic IT in Financial Services: Elevate IT and Deliver a Resilient Customer Experience
Financial services firms face a multitude of complex IT challenges. Banking is a 24×7 affair, and firms must ensure their infrastructure is “always on” — consistently running at the highest efficiency and reliability. Banking customers also expect frictionless experiences across mobile and digital banking services. Slow application response times and service outages are simply not an option.
Commercial banking is also competitive. Banks must provide customers with a regular cadence of compelling new products and services to grow their business and profits. Often, those come with SLAs that are challenging to maintain – and costly to miss.
Layer in regulatory requirements for operational resilience — including GDPR, PIPEDA, and the NIST Cybersecurity Framework — and IT operations teams have their work cut out to maintain revenues, customer trust, and their institution’s reputation.
The pressure to deliver the agility required to adapt to these demands, without increasing operational complexity or downtime, is immense.
Fortunately, financial services firm have the ability to overcome these challenges by transitioning from manual to machine-powered IT and embarking on a journey to Autonomic IT.
What is Autonomic IT?
The concept of Autonomic IT involves creating a machine-driven and automated business environment that is self-aware and self-healing. One that intelligently guides and advises humans on how to maintain the most optimized and efficient IT estate possible.
Imagine a self-managing IT environment that monitors and optimizes technology investments as it runs. Where IT operations are continuous: always available, always responsive, always seamless, always delivering what financial services organizations – and their customers – need. This is Autonomic IT.
Autonomic IT, enabled by the ScienceLogic platform, aims to address the challenges of modern hybrid IT environments and alleviate the workload of IT operators. Until now, IT has faced difficulties overcoming manual thresholds, manual configuration, tool sprawl, limited visibility, and siloed teams. All of these challenges have hindered efforts to become more agile and efficient and ensure operational resilience and compliance.
Autonomic IT in Action
The ScienceLogic platform delivers global visibility, advanced AI insights, automation, and data in a complete, integrated solution. With ScienceLogic, financial services organizations can:
- Keep infrastructure running and avoid customer abandonment: Maximize an “always on” posture, gain 100% network visibility, and obtain human-friendly AI insights to see and understand the entire IT infrastructure in real-time. Utilize powerful automations for fast incident diagnosis and resolution, averting conditions that can undermine brand loyalty, minimize downtime, and ensure SLAs are met.
- Boost IT productivity and business agility: Eliminate tool sprawl, automate workflows, and free engineering teams to drive innovation. Easily onboard new financial tools, applications, and services into existing infrastructure without disrupting network operations. The platform automatically collects and fuses data from across on-premises and multi-cloud infrastructure, maps and tracks dependencies, and monitors service health in real-time – and across hundreds of integrations.
- Mitigate risk and fortify compliance: The platform streamlines compliance efforts by quickly generating audit-ready reports, vs. the manual diligence needed to create these reports across disparate data sources. Autonomic IT uses generative AI to quickly identify and understand root causes of incidents and spot potential compliance violations before they happen, helping minimize business disruption, downtime, and risk.
In one case, a client leveraging the ScienceLogic platform successfully consolidated operating models from four different geographical areas into a single shared service center. This led to a 40% reduction in mean time to repair (MTTR) and a 25% decrease in Priority 1 and Priority 2 issues, demonstrating improved operational resilience. The platform is even relied upon by a major U.S. bank to address visibility gaps, especially at branch banks.
The Journey to Autonomic IT
Autonomic IT isn’t just flipping a switch, it’s a journey that financial services institutions can embark on – enabled by the ScienceLogic platform – at a pace and scale that aligns with their business needs and capabilities.
ScienceLogic’s platform is designed to support the journey to Autonomous IT, characterized by five phases:
The Bottom Line
In conclusion, the challenges faced by financial services institutions in maintaining efficient and reliable IT infrastructure, meeting customer expectations, and complying with regulatory requirements can be effectively addressed by transitioning to Autonomic IT.
By embarking on the journey to Autonomic IT, financial institutions can improve operational resilience, increase agility, and ensure sustained business success.
Discover how ScienceLogic can enable your journey to highly efficient operations and elevated performance with Autonomic IT. Read the eBook.