Interactive decision-making is now a vital capability in banking

By Ian Quine, Head of Sales, DRYiCE iControl

The banking and finance sector is going through almost unprecedented change and to survive intact, its institutions need every tool at their disposal.

While customers want to shift to digital interactions, direct competition is coming from challenger banks, Fintech companies and block-chain technology. 
Alongside this there is the growing burden of regulation. 

Although established banks know they must become more agile, they are hampered by confusing, fragmented legacy IT systems, constantly risking operational failures and fines.

Faced with the millions of metrics generated by this struggling technology, they lack the operational intelligence to understand which processes are critical or how they relate to the underlying IT. When transactions collapse or reporting is incomplete, for example, they never know until it is too late.

Heading off these threats before they do any damage requires real-time interactive decision-making, based on operational intelligence through the effective monitoring of critical business flows. 

This begins with establishing KPIs in relation to what is critical and then embedding them into everyday processes. It is not a case of connecting up a solution that generates another layer of complexity.

Once critical flows are established and monitored, they can be analysed to provide vital insights into streaming events and business operations. Traffic-light monitoring flags up potential problems, when, for example, transaction processing is close to missing a key deadline. 

This makes it possible to intervene immediately, whether through human agency or automation, ensuring no problem goes into red status. 

With operational intelligence, IT, operations and business each has its own dashboard, alerting them to problems in the flow. 

Yet when something is about to go wrong, they collaborate, as they share the same set of alerts.

The decision about how to respond is owned by the relevant party, with remedial action taken far more rapidly than before.

Essential to this process of alerting and interactive decision-making is an operational intelligence tool that works within conventional process and IT monitoring solutions such as Splunk, ITRS Geneos or AppDynamics. 

At DRYiCE iControl we work with the bank or institution to build end-to-end flow monitoring into a tool that supplies real-time insights by applying the institution’s own business logic to put key metrics in context.

It can be implemented very quickly as an add-on, without the need to rip out an entire IT estate. 

Once a bank has this end-to-end insight into its processes, its operational intelligence will be razor-sharp, with real-time interactive decision-making vastly reducing the chances of process failures, while simultaneously ensuring full regulatory compliance.