John Gentry, Vice President of Marketing and Alliances –
If you’re in the financial industry, you know that there are no excuses for delays in service. Imagine if you were a stockbroker and you couldn’t access your trading platform, or if you provided banking to customers who were unable to log into their accounts. In those situations, your day would be looking decidedly more stressful than desired.
Like other industries, the financial sector has seen some radical changes in the past few decades due to advances in technology. While the changes have increased consumer expectations for availability and access, they’ve also enabled the financial sector to advance its customer service significantly and provide availability and access by integrating infrastructure performance management platforms. The situation is best summed up by answering three questions about the industry.
How has the financial sector changed in recent years?
The most notable change is the increase in consumer demand for accessibility and self-management. Consumers have become accustomed to instantaneous responses and on-demand use in every area of their lives: entertainment, with the advent of programs like Netflix and Hulu; transportation, with services like Uber and Lyft; and even education, with online universities and programs like Coursera. The financial industry is subject to those same expectations.
The other major change is the number of transactions that occur in a 24-hour period. Stocks trade at unprecedented speeds and there are more banking transactions than ever before. Without the technology to enable it, these speeds would be unachievable.
What evolutions in technology have changed the industry?
The Internet and Web-based applications were the first to enable these trends. Then more recently, mobile technology came into play. Mobile applications and self-service portals make financial institutions available to their customers all the time, providing opportunities to pay bills, transfer money and even cash checks from anywhere. The scoffing reference to “banker’s hours” is outdated, as banks and other financial companies have found ways to make their services available 24/7 due to customer demands.
What can financial institutions do to ensure performance and prevent outages?
The key to success in all of this is an IT infrastructure that is built to handle these demands, as well as the proper monitoring of that system’s performance to prevent issues from occurring. Holistic monitoring platforms can provide end-to-end insight into IT systems, helping teams to proactively pinpoint potential issues before they cause larger problems and require troubleshooting – or worse, result in a system outage. Implementation of these performance monitoring solutions ensures maximum uptime and system availability to meet the demands of your financial customers.
Read about why Nasdaq implemented Virtual Instruments’ VirtualWisdom infrastructure performance management platform.