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Why Your Finance Company Needs ITSM

The finance industry is changing rapidly because of technology, presenting finance service companies with numerous challenges. An 18-month long study by Deloitte¹ found that disruptive innovations are changing five primary areas of the financial industry: primary accounts, payments, capital markets, investment management, and insurance.

To prevent disruption in a continuously changing field, finance companies of all kind should look to IT Service Management (ITSM) for improved operations, better cost control, lower risk, increased flexibility and agility, and superior quality of service for internal and external customers. ITSM is a broad term that encompasses all the policies, processes and procedures related to an organization’s technology, both for customer-facing and operational applications.

Finance service customers expect a state-of-the-art, secure experience with 24/7 availability; however, back-end systems are often comprised of outdated, legacy networks and applications. Data security and integrity are critical, both for customer relationships and for managing reporting and regulatory requirements.

In addition to new challenges, technology has also created a variety of new opportunities in finance. The cycle time for developing and releasing new products and services is growing shorter, and software is updated and improved continually. Artificial intelligence has been applied to improve customer service², insurance companies have begun to use IoT devices for claims purposes³, and data analytics are facilitating a shift in finance from products to a consumer focus⁴.

Additionally, with new companies entering the industry daily, the financial services environment has never been more competitive. Financial companies must run efficiently, effectively, and reliably.

How can an ITSM partner help a finance company?

An ITSM partner can be enlisted to help finance organizations determine which tools can best be used to optimize processes, move to a more customer-focused approach in the design and delivery of technology services, adopt ITIL best practices, and more. However, retaining an ITSM partner doesn’t always mean full outsourcing of IT. Many companies maintain an internal IT department for ongoing work, partnering with an ITSM company to provide expert advice and guidance on specific projects.

Financial organizations can call upon an ITSM partner in a variety of situations. For example, ITSM can help improve problem management: addressing issues that affect customer-facing applications at the source and correcting them, reducing downtime and improving the customer experience. Self-service can be implemented for both internal and external users, reducing costs and increasing customer satisfaction.

Using an ITSM partner to document the existing process sets a clear path for streamlining and improving the way that issues are related and addressed. Streamlining the process not only reduces the time between reporting and resolution, but it can also be combined with tracking and prevention activities to deal with problems at the source, preventing future complaints. Repetitive tasks can be automated, and self-help and knowledge-based integrations can be applied to better direct employee time and resources.

A standardized ITSM solution can help a finance company to improve:

  • Business alignment: understanding what the organization needs from technology
  • End-user experience: for both the customer and employee
  • Cost-effectiveness: optimizing resources for maximum impact
  • Issue resolution: closing the gap between a problem report and resolution, identifying repeat problems, and preventing problems before they happen
  • Regulatory compliance: fast, accurate reporting for regulatory compliance
  • Communication: improving internal communication systems can result in greater collaboration throughout the organization

As technological advancements continue to disrupt the finance industry, it is important that financial service companies consider different ways of remaining relevant and competitive. An expert partner, experienced in ITSM, can help a company discover opportunities to improve technology in a wide range of areas.

Whether your company is interested in improving cost controls and transparency, customer satisfaction, cybersecurity, or long-term technology planning, an ITSM partner can provide advice, assistance and support from the identification, and planning stages through to implementation and measuring project success.

Contact e-Core today to learn more about how an ITSM partner can benefit your financial services organization.

Sources:
¹ https://www2.deloitte.com/kh/en/pages/financial-services/articles/five-megatrends-change-financial-services.html
² https://www.entrepreneur.com/article/309213
³ https://gomedici.com/iot-powered-transformation-of-the-health-insurance-industry/
⁴ https://www.computerweekly.com/feature/How-the-financial-services-sector-uses-big-data-analytics-to-predict-client-behaviour