Why Banks Need APM?

APM: The go-to solution for BFSI

The banking industry is based heavily on business-critical customer-facing applications, many of which are available on a mobile platform. Clients expect these programs to have negligible downtime.

The banking industry has been way ahead in embracing DevOps practices, as it needs to deliver user experiences that go beyond their expectations. Specifically, many banks have focused on executing a process to obtain regular feedback from continuous application performance monitoring tools.

These application performance management tools encourage DevOps goals of faster time to market development and discharge cycles and reduced defects in critical applications.

Ensuring Seamless End User Experience

In our last blog we had covered the basics of application performance management. In case if you wish to brush up your basics before diving in to the benefits of it feel free to read it. Some of the priorities for implementation involve improving alignment between application developers and IT ops, applying principles and always integrating code related upgrades.

A Gartner survey of enterprise IT leaders concluded that end-user experience monitoring was the foremost critical dimension of application performance management. Of the respondents that cited application performance monitoring as either important or critical, 46% (the most) cited end-user experience monitoring being the most crucial dimension of Application Performance Management (APM).

Monitoring end users experience might be the main use case but there are many other aspects of APM which are useful for the bank’s IT professionals as well as DevOps teams.

Ever evolving IT landscape

As we all know network and application technology continue to change constantly, causing a large number of CIOs to re-evaluate their Application Performance Monitoring strategies on a continuous basis.

But have the main issues changed?

End users identify problems first (embarrassing), resolution takes too long (revenue killer), and too many staff members are involved in the issue (operationally inefficient).

To tackle such issues APM comes to the rescue.

Benefits of Application Performance Management

To adjust to regulations efficiently there must be investment in automation and thus technology. But to justify the required increases in IT budgets there must be a demonstrable increase within the ROI. For banks to be ready to measure the ROI for APM solutions, they must be aware of the measurable business benefits that they can derive out of it.

Here we have listed some of the benefits of using APM:

• Gain insight into how many payments were processed each and every second from your tier 1 customers and how it is going to impact the revenue
• Identify the number of end users from a specific location/ geography who have logged in to your internet banking app in the last 5 hours
• Scale infrastructure or plan the capacity to handle onboarding an oversized number of recent users
• Automatically restart application server instances when memory is exhausted
• Make sure that the servers supporting the internet banking app are functioning and are always up
• Get to know the poor performing transactions for a particular username. Investigate & remediate business transactions that are slow
• If any of your application performance related metrics deviates from an automated baseline the unusual behaviour gets notified immediately
• Better data monitoring improves the measurement of KPIs for mobile application’s success
• The collection of monitoring data allows you to isolate application design problems and issues to boost user experience
• Complete network traffic visibility may be accomplished by speeding up application performance analysis
• The capture and documentation of user data helps improve the collaboration between IT and also the lines of business accountable for specified mobile banking applications

Want to get your hands on the right tool?

We’re coming up with AI powered Application Performance Management tool in our next release. It will have predictive analytics, synthetic monitoring, service maps, real time transaction monitoring and a lot more. To know what all we offer visit us today.