As the BFSI market gets more crowded, the only real differentiation available for businesses in this industry comes down to superior customer experiences.

And this applies to both the internal teams and external customers. If the IT teams at the firm get the right type of support, they can work more efficiently and provide a seamless experience to the external customers.

In the BFSI space, such a situation would mean the adoption of a comprehensive ITSM solution which not only helps deliver reliable IT services but also helps the firms stay compliant and adhere to security guidelines to ensure data availability, integrity, accuracy, and confidentiality.

Since the stakes are high, only those software and applications that pass comprehensive testing and approval processes can be rolled out.

So ITSM platforms that can deliver service management efficiencies and yet score high on the firm’s compliance are needed to unlock value for the business. Read below to understand more about how employing an ITSM platform can benefit BFSI firms.

Provide a Seamless Customer Experience

The BFSI sector depends greatly on providing an exceptional customer service experience. Customers seek to avail services without any hiccups, draw-downs, or errors. Providing such a seamless service would require a robust ITSM platform that can deliver functionalities like:

1. Responsive and Efficient Incident Management

In the BFSI sector, it is critical to resolve incidents as quickly as possible. The ITSM platform can help you effortlessly manage incidents and meet SLAs through ITIL-aligned incident management. Automate ticket assignment and repetitive processes to further bring down lead times for incident resolution.

2. Strong SLA Management

Ensure absolute adherence to defined SLAs with a powerful SLA management module. Define SLAs based on priorities and deadlines and carry critical information about responses and resolutions. Automate escalations rules and communications to key stakeholders with multi-level workflows.

Ensure Compliance and Control with Consistency-Driven, Reliable IT Asset Management

Most BFSI businesses prefer scaling geographically before they start entering new markets. This means that as the business grows, its IT assets across different locations become more varied as they are sourced from different vendors.

Since most of these assets are frequently used, they tend to get lost, damaged, or replaced.

With IT asset management, a central repository of all these assets can be maintained throughout their lifecycles. Auto-discovery based on intelligent detection of new assets added to the network can eradicate the need for manual, error-prone, and inefficient data-entry.

With Software License Management and Software Metering, unused, overused, underused, and even blacklisted software can be detected to ensure compliance.

All IT as well as non-IT asset purchases and contracts can be managed using the Purchase and Contract Management modules of IT asset management to establish more control.

Moreover, the ITSM platform helps map out dependencies, log incidents and problems against CIs, and proactively detect systemic issues before they can turn into catastrophic problems.

Enhance Enterprise Productivity by Promoting Self-Service

With an ITSM platform, customers as well as internal teams can be empowered to find solutions to common issues by themselves. The self-service portal is an information-access, communication, and responsive system that can help the firm promote self-help amongst its users with features like:

1. Available Knowledge-Base: A comprehensive set of FAQs, articles, and other informative material to empower the employees to resolve issues by themselves.

2. Centralized Service Catalogue with All the Necessary Information: The firm can make all the internal services available in one place for the employees to access and request.

3. Visibility into Logged Requests and Incidents: All key stakeholders can track the progress and status of their raised requests by themselves to get more visibility into the resolution process and raise the accountability of agents working on the requests.

Reduce Operational Disruptions and Mitigate Risks with Change Management

All organizations experience downtime and disruptions while undergoing critical changes. But in the BFSI space, even a sliver of unplanned downtime can lead to erosion of trust in the firm’s systems.

With an ITSM system in place, firms can ensure the reliability of services and mitigation of risks of such outages with change management:

1. Easily Track, Plan, and Execute Organizational Changes.

Manage organizational changes of enterprise-wide scale and mitigate associated risks with in-built change management processes.

2. Automate Communications with Change Management Workflows.

The employees can be proactively alerted about the unavailability of any particular service using automation. This will give them enough buffer to arrange for workarounds, stay productive, and manage customer expectations.

3. Manage Approvals with Multi-level Approval Workflows.

The ITSM platform can support the process of getting approvals from key stakeholders to be automated at each stage of the change process through multi-level approval workflows.

Synchronize IT with a Single, Unified Platform

By design, businesses in the BFSI space are operating on a mix of new and legacy systems. To effectively manage the IT infrastructure, a single platform like ITSM can be integrated with various other systems.

1. Network Monitoring Solution.

The BFSI sector relies on customer experience to contribute to the companies’ revenue. Thus, the BFSI firms need to ensure that the end-user applications and business services are monitored with a robust IT infrastructure management tool like a Network Monitoring solution that also supports business-critical availability and performance.

The integration of an ITSM platform with such tools can help in automatically generating tickets when issues occur in the IT infrastructure.

2. Contact Center Solution.

The ITSM platform can be integrated with a contact center solution to capture requests from an additional channel i.e. phone calls. The request resolution can then be managed through the ITSM platform.

To a member of the management team at a BFSI organization, it may seem that while the requirements stated here can potentially help any firm in the industry, it would be too much to ask for, from one platform.

The Motadata ServiceOps ITSM platform has been designed, keeping in mind these exact requirements, to help businesses in the BFSI space streamline their service management processes and provide seamless experiences to both internal and external customers.

To know more about how ServiceOps can unlock value for your firm, get in touch with our Customer Success Team!