AIOps transforming service assurance for banking and financial services
When was the last time you “went to a bank” or paid cash for anything? Today there are fewer “neighborhood banks”. Brick and mortar banks are rapidly disappearing, being replaced by ATM machines and a few “cashless” banks tucked away grocery stores. The vast percentage of daily banking transactions are done online, on mobile devices with a few strategically placed “stores” available for account openings, financing BIG events and life changing decisions.
Across the consumer banking categories the traditional banking brands are battling neobanks for creating and sustaining client relationships. Competition from neobanks is forcing traditional banks to digitise daily banking activities like depositing checks, moving money between accounts, getting cash, making payments, and managing credit cards.
Even consumers looking for more complex lending products like mortgages, personal and business loans find themselves shopping for deals online. The ultimate banking relationships – the trusted advisor guiding consumers to build and protect wealth is up for grabs. These segments have been transformed with artificial intelligence (AI) and machine learning (ML) applications mining large data pools to approve loans and guide adventurous investors looking for the next hot stock tip.
Modern banking depends on network-enabled transactions, made possible by the availability, security and performance of super-fast and complex 5G networks. In response, innovative banks are throwing away the old playbook in favor of dynamic technology that enables new services to stave off the competition and acquire new client relationships. And they are hyper focussed on the importance of service assurance driving higher levels of customer satisfaction.
Forward looking CIOs are adopting an agile operating model and applying advanced data and AI/ML capabilities to manage modern platforms.
Transforming service operations
The market for 5G networking is estimated by industry watchers to be $12 trillion heading into 2023. 5G allows for 10-20 times higher data speeds with greater device connectivity.
Organizations that will capitalise on 5G will need to adopt proactive, preventive, and predictive support technologies. Cloud based, AI-driven management systems like AI for IT operations (AIOps) are transforming the work of network and service operations. Organizations should choose applications and platforms that enable a new way of working for network and service operations.
Vitria’s VIA AIOps is a next-generation AIOps platform engineered to automate and solve complex IT operations challenges associated with enterprise digital transformation initiatives.
First, large enterprises rely on cloud-based applications utilising high bandwidth traffic on the network and this is expected to increase.
Second, hybrid workers will continue to rely on voice and video platforms for collaboration. 5G enhances virtual collaboration.
Third, CIOs are dedicating budget dollars to implement, upgrade and enhance applications and business platforms that improve service assurance and the user experience for customers, partners, and employees.
Finally, data is a valuable currency because of AI/ML. Immediate analysis of data is enabled by 5G.
We believe that hybrid cloud, multi-cloud, AI/ML and 5G will dominate the technology landscape.
5G introduces speed and complexity that traditional network management products and processes cannot address. Manual operations are not a good match for today’s dynamic enterprise networking environment. Manual operations will not scale to support 5G as the dynamic enterprise networking platform of choice.
During assessments we often find that the network ops team may have access to advanced functions. Unfortunately, they side-step potentially positive outcomes, because they approach their work in the same way, ignoring the automation that can change the outcome.
We believe that advanced automation is a critical success factor for leveraging the full capabilities of 5G. Several organizations have experienced some success when implementing large scale automation projects, but many continue to be challenged by one factor – lack of trust. The single biggest reason for automation project failures is lack of trust – users are unable to cross the chasm and trust the proactive automated response features of an AIOps solution.
Vitria understands the problem and offers a solution. Even though VIA offers out-of-the-box algorithms and settings, users can override these to match their operational best practices. This VIA approach is called progressive disclosure and it allows the user to drill into WHY – why a detection occurred, why a baseline was generated the way that it was, why signals were correlated, why a root cause was identified. It’s all there. This approach builds trust and instils confidence so operations can rely on VIA AIOps’ analytics to automate remediation.
VIA AIOps customers, using VIA for proactive response, report dramatic reductions in average downtime hours per year made possible by more automation they can trust. Trusted automation translates directly to improved service assurance and customer experience.
Interested in learning more? Reach out to Dan Schneider at [email protected] or +1 (612) 802-0155 and check out VIA AIOps here.
Sponsored by Vitria Technology