According to the InformationWeek market study, automation tops the list for IT leaders in financial services. Where are you in your automation journey? Download State of ITSM in Financial Services.
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With the advent of more technology and a need for faster response time, there are increased pressures on the IT service delivery team. These pressures and more are creating stress on IT Service Management (ITSM) technology in the financial sector.
What are IT leaders in financial services thinking about when it comes to improved ITSM tech and how will they innovate within this function?
43% of IT leaders are targeting manual processing as top priority.
There is an increased focus on ITIL-aligned IT Service Management platforms.
IT leaders are opting to move to no-code automation platforms to evolve quickly.
Whether it is to improve the use of AI, bolster ESM, or further goals for ITSM automation, many financial services simply do not have the technology stack suited for these goals. More than half of these organizations are currently utilizing systems that are five or more years old. And just a quarter of these firms say that their ITSM platform serves their business needs.
Financial organizations will need to modernize their ITSM platforms to support their goals for the next 12 to 24 months. This is a big growth opportunity for financial companies seeking to improve their service management capacity and effectiveness.
Financial services IT teams are under a heavy workload, handling hundreds of applications and thousands of tickets per month at many organizations. Most of these organizations are required to handle that burden with very lean teams. Yet, the majority are spending 5-1o hours a week (2-3 months a year) on scut work like onboarding/offboarding, name change updates, department changes and software provisioning. Some of the most hated jobs include password resets, user management and IT ticket cleanup.
These tasks are not only inefficient, but they also cause high turnover due to job dissatisfaction that exacerbates ITSM issues with technician churn. More than half (53%) of organizations say they struggle to retain and hire the best talent.
IT teams in financial services and insurance are being called upon to deal with an influx in demand without sufficient automation or optimized workflows. No-code platforms can help.
When we consider a ‘day in the life’ for IT teams, we may not imagine the amount of manual processing. Many financial services organizations recognize that they’ve got to roll up their sleeves for important modernization efforts to get their ITSM function in line with business priorities for digital transformation. In addition to automation, these organizations are looking at areas like improved self-service, AI, Enterprise Service Management (ESM) and updates to their underlying ITSM platform to support more modern ITSM processes.
Many financial services and insurance leaders want to create a force multiplier for their ITSM investments by porting over the processes and the technology they use in this discipline to help other business functions service their stakeholder requests. This typically includes functions like HR, facilities and legal.
ESM is another huge priority tied for first place on the ITSM trends list.
ESM can be supercharged through enterprise system integration.
Many financial organizations already strive to utilize self-service processes to ease some of the IT team resource constraints while delivering faster service.
However, fewer than half say that these portals are highly adopted and/or answer users’ questions appropriately. So, while the infrastructure for self-service is widespread, it isn’t necessarily well-implemented.
Self-service adoption increases with improved KB search capabilities
Portals with custom forms and automation expedite resolution
Leverage conversational AI for enhanced self-service experiences
The financial services sector ultimately wants to be on the bleeding edge.
Deborah Rojas
CIO
Charter Oak Financial
Are you looking to better understand the challenges and opportunities facing IT leaders in financial services and insurance? Download the State of ITSM market study from InformationWeek.
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Mark Yerger
CTO
Gratz Bank
Whether you are looking to level up an older ticketing platform, or you are considering migration to a no-code platform, you will benefit from this comprehensive report which looks at business value, ease of use, strategy and innovation across ITSM vendors.
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