On October 1, 2021, Bank of America (BoA) customers flooded Twitter with complaints after being locked out of the bank’s online network due to an outage. By 11 a.m., the issue was trending on the social media site. Over 12,000 customers had also taken to Down Detector, an online platform with real-time website status updates, to express their concerns.
“We’re aware some clients are experiencing slowness as they try to access account information. We’re working to improve the situation ASAP. Client information remains safe and secure,” BoA spokespeople told the media. While services were gradually restored by midday, an outage like this, especially on the first day of the month, can leave customers high and dry. And they may take their business elsewhere.
An infallible online banking system is paramount in today’s increasingly digitized world. Consumers rely on bank networks to make bill payments and sustain a day-to-day living. One Twitter user pointed out how an outage like this can worry customers about something as essential as grocery shopping.
On the flip side, regular banking outages are a costly affair that digs into the bottom line. A Gartner study estimated the average cost of downtime is $5,600 per minute. There is also the cost of reputational damage to consider.
As we saw with BoA, even large banks often troubleshoot only after an outage occurs, focusing on post-facto resolution. Yet, today’s instant gratification world demands that problems are caught early and nipped in the bud.
One of the best ways to up the ante on banking IT systems is to implement a solution backed by artificial intelligence and machine learning (AI/ML). AI/ML systems use continuous data monitoring to swiftly identify anomalies and prevent outages before the onset of an issue by implementing autonomous remedies.
The Key to Superior Customer Experience
Artificial intelligence for IT operations (AIOps) has the capability to intelligently extrapolate historical data. That means past data provides the crutch to identify potential anomalies and fix them before they bubble over into a pressing issue or cause an outage. The speed and agility AIOps bring to financial institutions ensure smoother operations, which translate into superior customer experiences.
Apart from seamless functioning and outage prevention, AIOps bring a host of other benefits to the table. For instance, banks and fintech companies that adopt AI can offer customer-friendly services via online portals and smartphones to make transactions convenient. Updating and managing ‘know your customer’ requirements to prevent fraud then become a cakewalk.
AI can also be leveraged to penetrate underserved consumer segments in the BFSI industry. Geography is no longer a barrier. With just a smartphone and access to the internet, customers across the country and world can be serviced with the same quality as in urban pockets. Such an advantage is unparalleled for a customer in a remote area.
AIOps can improve the overall efficiency of banking IT operations and lead to happier customers.
The Future is AI
In recent years, fintech has revolutionized the BFSI segment. Banks and financial institutions using AIOps, such as cloud migration and analytics, can deliver seamless online experiences for their customers. Security is better, performance is optimal, and efficiency is at its peak. Now is the time for financial institutions to adopt AIOps platforms to meet their unique needs and improve their customer experience game.
Girish Muckai is the chief sales and marketing officer at Heal Software Inc., the innovator of the game-changing preventive healing software for enterprises known as HEAL, which fixes problems before they happen. To learn more, visit here.