International Finance Magazine: The importance of unified visibility to reduce the risk of IT outages

In the age of being "always-on, always-connected," financial institutions are expected to modernise services across the digital landscape.
Mar 08, 2019

International Finance magazine cover
We have seen the pace of change rapidly increase over the last two years based on a report compiled by PwC: 77% of financial institutions are increasing efforts to innovate. However, while business transformation brings significant opportunities, it also pushes to the fore the challenge of IT infrastructure not being appropriately aligned or configured to support technological change which threatens innovation, destroys customer satisfaction and causes business disruption.

Between January and October 2018, the Financial Conduct Authority reported a 138% rise in technological failures, and in Q2 2018 alone Britain's five largest banks: HSBC, Santander, RBS, Barclays and Lloyds Banking Group, reported that they had suffered 64 payment outages. Examples of IT failures such as the Lloyds Banking Group outage in January this year, and the TSB incident in 2018, where 1.9 million customers were locked out of their accounts for days. This only emphasises that despite increased investment in digital solutions, underperforming technology and a lack of visibility across the entire IT infrastructure is a significant industry problem. These incidents, no matter how small, can cause extensive damage to businesses and thus, more must be done to ensure that organisations are implementing strategies to futureproof themselves against this type of threat

Read full article in International Finance Magazine

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