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An increasingly mobile and tech-savvy customer base and the arrival of fintech and digital-native players have given way to more cutthroat competition in the financial services industry. The introduction of new regulations and the consumerization driven by increased competition have pushed banks to focus effort and capital on consumer-focused technologies. Financial institutions need to deliver the best experience possible for their customers to set themselves apart from the competition.

As a result, the banking and finance industry is increasingly technology- and data-driven, with exceptional customer experience and top-notch security being the key differentiators.

Due to these factors, most banking and financial services institutions have a long way to go in their digital transformation journey, the success of which leans heavily on their IT departments. Furthermore, the challenges and disruptions brought on by the pandemic forced banks and other financial services institutions to be more agile and respond quickly to the pandemic-driven new normal. The combination of ongoing digital transformation and new ways of working means that IT departments need to prop up business-critical systems and deliver enterprise services to employees around the clock. Without an effective service management platform that aligns with industry-standard best practices, IT and enterprise departments in banks face an uphill battle in managing services and delivering a remarkable end-user experience.

Some of the challenges they may face are:

Firefighting critical incidents that affect banking operations

Incident approach for financial services

Banking and financial institutions manage a sizeable portfolio of digital applications to meet customers' expectations of "always-on" services. From credit cards and ATMs to payment gateways and online banking, IT underpins virtually every banking service delivered to customers. Furthermore, the financial services industry holds vast troves of personal and financial data on servers located both on-premises and in the cloud.

When time is money, banks and financial institutions cannot afford costly service outages. Repeated unscheduled downtime or security incidents may also attract penalties from regulators that could run into billions of dollars. Without a proactive incident and problem management approach, financial businesses may reach a standstill as IT has turned into the linchpin for day-to-day business activities.

Monitoring and managing a complex IT environment

IT team in financial services

Banks and financial institutions manage a large number of disparate IP/MLS networks that connect far-flung bank branches and core data centers. They need to ensure the peak performance of these critical technology assets to deliver an exceptional customer experience. Financial institutions, such as insurance companies, also need to comply with information security and risk management standards such as IT General Controls Review, HIPAA, ISO 27002, SOX, FDICIA, and the Service Organization Controls (SOC 1, SOC 2, and SOC 3).

The first step in that direction is bringing end-to-end visibility into their IT infrastructure. From standalone workstations and network switches to data centers, organizations need to discover and map critical security dependencies using a CMDB.

IT teams in financial enterprises also need to stay on top of application and network monitoring, device management, etc. ITOM solutions help IT teams achieve compliance and control over these processes. If such ITOM solutions are not centrally orchestrated from a service management platform, IT teams run the risk of creating silos that hamper large-scale IT initiatives, such as major changes and releases.

Delivering a consistent service experience

Deliver consistent customer experience

CXOs now have it figured that delivering remarkable employee experiences drives their customer experience a notch higher. Financial enterprises need to strategize and streamline service interactions and support touchpoints for employees right from the moment they are recruited. It is also critical that IT and enterprise teams in banks offer only those services that a particular employee is entitled to based on their designation, department, location, and other criteria. This way, financial organizations can comply with governance and information security standards.

The primary touchpoint for employees to request services or log incidents is the enterprise service desk. Enterprise support teams need to deliver a consumer-grade experience to employees while empowering them with adequate self-service and knowledge management capabilities. In the absence of such a user-friendly interface, employees lack clarity about the services they are entitled to, leaving IT service desks cluttered with trivial tickets that impact operational efficiency.

A modern, unified platform that helps build and automate service management workflows at scale is now a must.

ServiceDesk Plus, the full-stack enterprise service management platform from ManageEngine, is just that.

ITSM best practices for financial institutions

Reimagine service delivery and extend a consumer-like digital experience to your employees.

Eliminate threats proactively by focusing on compliance and risk management.

IT management solution for financial services

Leverage native integrations and out-of-the-box ITSM capabilities to orchestrate best-practice incident management. Build out a high-velocity incident response workflow and infuse custom automations into it.

  • Prevent unplanned outages by logging tickets from network monitoring alarms or application performance anomalies.
  • Triage, assign, and close tickets automatically with condition-based business rules.
  • Dive deep into persistent issues by performing root cause analysis with the PinkVERIFY-certified ITIL® 4-compatible problem management.
  • Craft workflows and guide technicians through the ticket life cycle by building custom request life cycles on a visual canvas.
  • Establish SLAs and ensure timely resolutions with multi-level escalations, both proactive and reactive.
  • Build a comprehensive knowledge base to deflect L1 tickets and help employees fix issues on their own.

Implement an ITAM strategy that ties in with other ITSM practices.

IT asset management best practices

Discover and map your bank's IT and non-IT infrastructure distributed around the globe. Govern your IT estate better by keeping tabs on license compliance, IT spending, and asset depreciation.

Foster a culture of resilience by delivering superior services in the era of remote work.

Enterprise self service portal

Empower your employees to request services, browse the knowledge base, and view announcements, all from a single console. Simplify access to enterprise services with a unified enterprise portal.

  • Implement an omnichannel service management platform with an enterprise self-service portal to ensure ease of access.
  • Construct a comprehensive service catalog with dynamic forms powered by field and form rules.
  • Put time back in the day for your technicians with automations built using the low-code Deluge IDE.
  • Extend proven ITSM principles to other enterprise departments, such as facilities, HR, and finance, with enterprise service management.
  • Integrate ServiceDesk Plus with business applications like an HRMS or ERP system and perform tasks using webhooks, custom actions, and callback functions.

Minimize risks and lower costs associated with implementing changes and projects.

Implement change management process

Simplify and accelerate complex change processes to deliver business initiatives on time. Synergize everyday service desk operations with large-scale changes and projects in your banking infrastructure by having visibility across ITSM practices.

  • Plan and build change workflows for handling different types of changes in a drag-and-drop canvas.
  • Configure automations for every step in the change workflow, such as approvals, notifications, and field updates.
  • Create and associate projects from within a change ticket to execute changes without missing a step.
  • Glean insights into your service management operations with built-in reporting and analytics.

Take your mind off security and privacy concerns and stay focused on your service management priorities.

GDPR in banking industry

Implement your security protocols and access settings by creating roles for technicians and end users. ServiceDesk Plus is GDPR-compliant and helps banking and financial institutions comply with various data privacy regulations.

  • Deliver business-critical services to a specific group of employees by creating user groups.
  • Mark specific data fields as holding personally identifiable information (PII) to distinguish it from other data.
  • Meet your employees' right to be forgotten by anonymizing and deleting PII.
  • Encrypt sensitive information collected from additional fields in request tickets.
  • Compartmentalize service desk data by creating custom access roles and privileges.

Reboot your bank's service management approach with ServiceDesk Plus.

Our commitment towards privacy and security

By managing our IT problems with ServiceDesk Plus, we have been able to get started with root cause investigations sooner than expected, speed up analysis, and, most importantly, reduce the count and impact of major incidents

- Karim Far, production manager at SwissLife Banque

Learn how SwissLife Banque, a financial services institution, relies on ServiceDesk Plus' intuitive ITSM capabilities to achieve higher levels of user satisfaction.

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