In June 2024, several major UK financial institutions experienced a significant outage. This incident left many customers unable to access their funds, raising concerns about potential cyberattacks and server issues. Such events underscore the critical importance of reliable digital infrastructure. In this article we will explore how to ensure the customer trust and reliable protection for financial institutions.
Visibility as a Pillar of Trust
When an outage occurs, it feels as if the entire system grinds to a halt, putting the institution’s reputation at risk. For financial institutions, trust is fundamental, and achieving this trust requires full visibility into the service delivery chain of critical applications, services, and websites. Financial institutions need solutions that offer comprehensive insight into their digital supply chain, which includes public and hybrid cloud environments, SaaS, third-party providers, and the internet itself. Traditional monitoring tools often fall short, leaving IT teams scrambling to troubleshoot issues without a clear understanding of the problem’s origin.
The Complexity of Modern Digital Banking
Delivering digital financial services requires managing a complex digital supply chain. Financial institutions must consider the internal and external dependencies, making it challenging to pinpoint performance and availability issues. To address this, institutions need new end-to-end solutions that provide the necessary reach, visibility, and actionable insights to ensure a seamless digital experience.
Research indicates that 80% of financial services executives view mobile apps and websites as critical interaction points. Additionally, 91% of financial institutions have board-level support to migrate mainframe workloads to the public cloud. As IT teams redesign their service delivery for a digital, hybrid landscape, they must rely on network monitoring and assurance technology to achieve three main goals:
- Enhance Reliability and Performance: Meet customer expectations both digitally and at physical branches.
- Empower Employees: Enable employees to deliver the expected customer experience from any location.
- Provide High Availability: Ensure financial applications are consistently available to both customers and employees.
Without active monitoring of external networks, financial institutions face significant blind spots that can undermine their digital advancements.
Embracing Innovations for a Secure Future
Financial institutions are increasingly adopting new technologies to stay competitive. Features that detect outages, analyse data, and forecast conditions are becoming integral to financial operations. High risk payment gateways, in particular, benefit from these innovations, as they require constant monitoring and optimization to function effectively
Maintaining customer trust in financial institutions hinges on reliable digital infrastructure and robust payment gateways. By expanding visibility and leveraging new technologies, financial institutions can ensure consistent uptime, optimise performance, and ultimately deliver the seamless digital experience that modern customers demand.