Improving Integrated Management Services In Banking

By M. Isi Eromosele

Organizations in banking, financial markets and insurance face a daunting array of challenges related to cost, operational risk and changing compliance requirements.

Payment systems is just one example where financial institutions are reducing payment clearing periods, thus reducing float incomes. Institutions are supporting multiple channels for transactions, meeting payment processing costs for these channel sand carrying the overhead burden of maintaining legacy systems in silos.

Meanwhile, tighter risk and compliance requirements are forcing organizations to maintain records for longer periods. All of these factors contribute to higher operating costs, eroding the bottom line.

To drive profitability, banking and financial service organizations are looking for new ways to gain market share and increase customer loyalty while at the same time implementing operational efficiencies that reduce the cost of doing business.

They are looking for new solutions to integrate business and technology, innovative approaches that can enable competitive advantage by helping them speed time to market, leverage customer data for growth and address changing regulatory compliance requirements.

Service management can help service-intensive companies such as those in the financial services industries optimize the unique components of the services business model. Integrated Service Management is an integrated approach that goes beyond technology service management, offering comprehensive tools and processes that can help drive competitive innovation.

Integrated Service Management can help companies in the financial services industries deliver their services more effectively and efficiently to the customers who rely on them.

There are roadblocks to innovation at every turn, and they can hinder your ability to stay competitive in the financial services sector:

• An obscured or incomplete view of the business can result in increased operational risk and lost market opportunities. When you don’t have access to information in real time, it’s harder to make decisions or move quickly on opportunities.
• Inadequate governance can lead to unnecessary risk and the inability to effectively address audit and changing compliance requirements.
• Operational disconnects can reduce your efficiency as well as your return on assets.

Today’s businesses rely on their technology organizations to provide the data and capabilities that can help overcome these road-blocks. As part of an effective business and technology integration strategy, Integrated Service Management can help provide you the visibility, control and automation you need to answer the challenges of providing financial services in today’s competitive marketplace:

Integrated visibility across business and technology can help you see your business more comprehensively and can enable new levels of responsiveness. Integrated control processes across business and technology can facilitate better quality, governance and regulatory compliance outcomes. Integrated automation across business and technology can help build greater agility into your operations.

Creating Business Aligned Solutions

Integrated Service Management can help financial services organizations create business-aligned solutions by providing vital capabilities in key areas to address your most pressing needs.

IT operations

IT operations capabilities from Integrated Service Management cover a broad range of service management areas, including service delivery and process automation, service availability and performance and service-oriented architecture (SOA) management.

By optimizing service delivery and improving process automation, financial services organizations can better control costs and improve service quality. Addressing service availability and performance can help organizations reduce operational risk, optimize infrastructure utilization and improve availability by moving from reactive to proactive management.

And SOA management capabilities can help deliver a Web services infrastructure that offers more flexibility, higher performance and stronger security.

Security Operations

A robust technology security environment is an integral part of every financial services infrastructure. Security, risk and compliance management capabilities can help financial services organizations stay ahead of outsider and insider threats to data, systems and applications.

Integrated Service Management delivers timely visibility into your business continuity risks and overall compliance posture, and provides critical functionality for managing security operations, including identity and authentication services, data confidentiality, user activity monitoring, real-time threat and incident handling, policy evaluation and enforcement, and compliance reporting.

Storage Operations

Storage and information management capabilities from Integrated Service Management can help financial services organizations create highly resilient storage infrastructures, protect valuable information assets and comply with stringent data retention, protection and retrieval policies. 

The end result is an optimized storage infrastructure for more effective business continuity planning and compliance efforts.

Service Management Focused On Business Goals

The continuing convergence of business and technology operations provides a means for integrating service orientation and service management focused on business goals across all types of processes within the organization.

By enabling a dynamic infrastructure and a unified infrastructure, Integrated Service Management Solutions provide visibility, control and automation across all business and technology assets to facilitate human collaboration, workflow management, problem resolution, and process automation, thus providing corporate executives with the ability to view and manage assets across the institution to achieve corporate objectives.

Integrated Service Management connects all elements of a dynamic infrastructure, enabling organizations to measure and manage services “top down” from the defined business services that generate revenue to the underlying physical and technology components that support them. It also enables companies to measure and manage services from the perspective of the end user receiving the service.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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