5 Ways AIOps Can Benefit the Finance Industry

It seems like digital banking will replace physical banking entirely in the years to come. More than 70% of Americans have embraced digital banking; what’s more, that number is expected to climb up to 80% by the end of 2025. Thus, financial institutions that want to keep their competitive advantage have no other choice but to strengthen their digital presence and embrace enhanced automation and AIOps. 

Simply put, AIOps refers to the use of artificial intelligence, machine learning, and big data in IT operations. Today, we will break down 5 ways AIOps can benefit the finance industry.

1. Improve Customer Experience 

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When it comes to personal finances, consumers typically expect companies and institutions to follow the latest financial and banking industry trends. They also expect their transactions and requests to be performed almost in an instant. 

AIOps determines any potential issues within any system, helps efficiently process transactions, and significantly reduces downtime. All of this results in MTTR (mean time to remediation) decreases, improvement in service assurance, and customer satisfaction. 

For example, Chase Bank acquired Persado, an AI tech business that tailors messages to various client needs and preferences. This way, those interested in the numerous banking products Chase offers gain relevant information while Chase Bank, on the other hand, gains the opportunity to leverage its offering and expand its customer base.

2. More Time for Innovations

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AIOps allows DevOps and site reliability engineers to focus their efforts on tech innovations and solutions that drive profitability, delight customers, and provide real business value. 

Most IT teams are drowning in incidents and are not able to even begin setting and achieving strategic goals. The reason for this is simple – they are not using the right tools. AIOps tools can, inter alia, help with:

• Automating tedious, repetitive tasks to free up time for creative planning,

• Improve system visibility,

• Facilitate collaborations across teams. 

In other words, AIOps makes it possible to create an orchestrated system, streamline internal operations, and optimize operational efficiency.  

3. Combat Cybercrime

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The rise of cybercrime rates in the UK and the UK in 2021 was practically impossible to ignore. Almost 75% of financial institutions dealt with at least one cyber attack in just a couple of months. Cyber-terrorists are increasingly savvy and pick their targets wisely; banks are a prime target. 

Needless to say, cyberattacks result in significant financial losses and have devastating effects on business operations. In addition to monetary losses, cyberattacks also involve:

• Legal action,

• Reputational damage,

• Collapsing stock prices. 

Using AIOps tools can help successfully combat cybercrime by continually investigating and tracking suspicious behavior and implementing tactics that minimize the chances of another attack.

4. Lower Costs 

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We have already touched upon the capabilities of AIOps to deal with a plethora of humdrum tasks. Financial institutions that insist on having these repetitive tasks handled by a regular service deck will likely pay the price. 

AIOPs drastically reduce labor costs and the need for customer representatives. It also eliminates standard issues and human errors such as login issues and forgotten passwords.

AIOps automates both queries and responses, eliminating the need to handle complaints and requests manually or in person. These technologies collect and process huge amounts of data and provide information in a matter of seconds, which expedites and refines the customer service experience. 

5. Efficient Data Management

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Humans take time to sort out data and the chance of making an error in the process is almost inevitable; however, data teams don’t have to handle all data problems on their own anymore. AIOps tools process tremendous amounts of data and categorize it by quality (f.e. uniqueness, consistency, accuracy, etc.). 

AIOps uses these indicators to classify data and identify weird or unusual behavior. Data that doesn’t meet certain trust criteria triggers an alert. AIOps anticipates potential dangers and informs responsible parties to take action right away.

Summary 

The finance industry should strive to provide flexible virtual experiences to consumers, and AIOps technology can certainly help with that. AIOps helps with combating cybersecurity dangers, enhancing customer experience, and establishing competitive advantages. Businesses that embrace cutting-edge technologies such as AIOps will thrive.