Automation has positively impacted businesses across all industries. Today I'd like to review some of the best ways I've seen financial services firms apply automate and modernize processes across the enterprise by taking a service management approach.
PROCESS OPTIMIZATION TO INCREASE EFFICIENCIESMany financial institutions have locations around the globe, and that creates a complex network of users with different needs to support. Consolidating these support processes helps staff better react to and prioritize changing needs, which ultimately improves service delivery. These improvements come in many forms, most notably increased efficiencies, which leads to reduced costs and a better experience for customers.
RISK MANAGEMENT TO STAY AHEAD OF THE UNEXPECTEDModernizing processes around risk management is another huge area of focus for financial services firms. Making improvements in this area can help firms more quickly and accurately identify top risks for unplanned outages to better prepare for the fallout should those risks surface.
ENHANCED REGULATORY TRACKING & MEASUREMENT TO MAINTAIN COMPLIANCEGiven the strict regulations facing the financial services industry, the ability to quickly identify assets and the relationships between them is extremely important for firms. It’s also essential for firms to be able to demonstrate the value of assets and to have a plan in place for occurrences like a server refresh. Furthermore, financial industry auditors and regulators are always looking for documented processes that are airtight, especially with the new Consumer Financial Protection Bureau in the US looking over everything related to consumer lending.
THE APPLICATIONS FOR (AND BENEFITS OF) SERVICE MANAGEMENT ARE FAR-REACHINGThese are just three examples of many that showcase how financial services firms can transform operations in the cloud. In general, institutions in all sectors of financial services are facing significant disruption as customer expectations continue to change and the need to transition off of outdated technology becomes increasingly critical. In the midst of these changes, it’s essential for firms to look beyond external-facing processes and technology in an effort to better understand how internal processes and services impact their overall operations as well. The firms who can do that will position themselves for true transformation.