An increasingly mobile and tech-savvy customer base and the arrival of fintech and digital-native players have given way to more cutthroat competition in the financial services industry. The introduction of new regulations and the consumerization driven by increased competition have pushed banks to focus effort and capital on consumer-focused technologies. Financial institutions need to deliver the best experience possible for their customers to set themselves apart from the competition.
As a result, the banking and finance industry is increasingly technology- and data-driven, with exceptional customer experience and top-notch security being the key differentiators.
Due to these factors, most banking and financial services institutions have a long way to go in their digital transformation journey, the success of which leans heavily on their IT departments. Furthermore, the challenges and disruptions brought on by the pandemic forced banks and other financial services institutions to be more agile and respond quickly to the pandemic-driven new normal. The combination of ongoing digital transformation and new ways of working means that IT departments need to prop up business-critical systems and deliver enterprise services to employees around the clock. Without an effective service management platform that aligns with industry-standard best practices, IT and enterprise departments in banks face an uphill battle in managing services and delivering a remarkable end-user experience.
Some of the challenges they may face are: