Digital investments made before 2020 undoubtedly allowed many financial institutions to rapidly respond to a VUCA operating environment after COVID-19 struck. The “transition to digital” was based on what institutions believed the future of client contact would be and was validated in a post-pandemic world.

While business continuity was a welcome outcome, an important lesson is the industry’s exceptional adaptability and leaders’ perceptions of past and future transformation efforts. The agility and speed of the pivot raise hopes for quicker responses in the future.

Delivering optimised and creative digital user experiences in today’s financial services firms is a business necessity – but cannot be done with yesterday’s technologies, outdated organisational techniques, and legacy infrastructure.

Artificial Intelligence for IT operations (AIOps) platforms are critical components of a contemporary digital infrastructure in the FSI. They improve IT operations with analytics and machine learning to assure constant reliability, high performance and security. AIOps takes data from numerous IT operations platforms and uses AI/ML analytics to detect and respond to issues in real-time.

A survey of financial services businesses revealed that 88% of respondents indicated “AIOps as highly crucial for the future of IT operations.”

Digital optimisation

The quality of end-to-end digital experiences is what gives organisations the leading edge and separates great leaders from others in today’s financial services marketplace. However, as IT systems become more complex, dynamic, diversified and hybrid, meeting deliverables, goals and mandates become increasingly difficult for IT operations teams.

IT teams need to deploy an AIOps platform that enables service-driven, autonomous remediation to deal with the enormous expansion in monitoring, data, complexity and user expectations. As the financial services industry undergoes digital transition, it must be able to cater to more business-critical services in progressively hybrid environments.

Legacy models were not developed for these environments, causing teams to deal with disparate tools, visibility gaps, and difficulty with managing scale. IT operations are taking a step back and reassessing their portfolios to further cut down on costs and complexity through tool rationalisation and modernisation. With this big step, MTTR is reduced by 70%.

Delivering industry-proven value

With this platform, operational intelligence and automatic services have the power to deliver innovative AI, ML, and automation.

AIOps can benefit firms by improving user experiences, increasing operational efficiency and facilitating scalability. Agencies can be at the top of their game with KPI-driven, predictive analytics solution for digital services that gives complete stack visibility and the power to identify problems before they affect customers. What’s more, IT professionals are empowered to have a thorough understanding of tools and to detect and resolve issues before they occur.

OpenGov Asia is pleased to invite you to an exclusive OpenGov Breakfast Insight session, that will provide the latest novel approach to allowing successful AIOps in the financial services industry. This is a closed-door, invitation-only, interactive session with top-level financial services industry leaders in Singapore.