In this dynamic world, the only constant is evolution and banks are no stranger to this concept. For example, remember the time when we had to juggle between counters to clarify our queries? And now, intelligent solutions like chatbots have replaced such situations and made our lives so simple and hassle-free. From setting up different branches to going 100% online, Digitization has become the new normal in the financial sector and most banks are migrating actively to the online world.

However, does digital transformation alone help banks to meet customer expectations?

Over the years, financial enterprises have explored different ways to leverage customer’s data efficiently. However, customers, who are experience-driven, also have high expectations and their requirements change rapidly. This makes it hard for banks to keep up with the trend eventually, juggling customer loyalty. Hence, along with digital transformation, banks have to constantly brainstorm different areas of enhancements and be open to innovation to be the best from the rest. Banks must aim for continuous improvisations leading to better quality and service, with reduced cost.

And that is the reason why most banks are now moving forward by re-thinking their strategy to customer-centric forefront, thereby focusing on customer needs fundamentally. To achieve this efficient customer-centricity, along with digital transformation, what banks profoundly need is-Cognitive Managed Services which helps to optimize their offerings to reach customer expectations.

Scope of Cognitive Managed Services

Usually, financial institutions outsource or take the assistance of a third-party organisation for managing their financial services. This Managed Services Provider or MSP, support the bank holistically allowing financial stakeholders to concentrate on effective banking innovations and solutions. The scope of Managed Services consists:

1. IT Helpdesk
The major reason why financial organisations fail to innovate is that most of their effort goes in stabilizing their services amidst common discrepancies like system crashes, downtime errors, and other operational failures. Hence, cognitive managed services ensure smooth running of the bank by tackling such issues helping bankers to concentrate on their business development.

2. Production Support
When building a product or software solution, a lot happens in the backend and the solution or product goes through several rounds of testing and development. During this process, there might be multiple issues regarding security, upgrades, etc. Cognitive managed services help to continuously monitor the entire process and detect any issues prior to the deployment hence reducing major escalations.

3. Application Maintenance
Once the application goes live, there are still chances of many errors piling up, but, with the help of Cognitive managed services, one can anticipate all the possible issues in advance and address them effectively. Also, it helps to optimize the application which in turn benefits the customer engagement.

4. Infrastructure Maintenance
With the help of Cognitive Managed Services, banks can build a cost-efficient infrastructure with continuous revamps aligning with the latest technologies. That way, your bank is guaranteed to stay ahead with respect to the trend.

5. Cloud Support
Cloud migration for banking has multiple hindrances, majorly, security threat, system crashes, data loss, etc. This is the reason why most bankers are still hesitant to migrate to cloud. However, cognitive managed services, on the other hand, take control of the cloud migration process helping banks to smoothly run on and off cloud.

Benefits of Cognitive Managed Services

1. Cost Saving
With faster resolution time and reduced load or recurring tickets, Cognitive Managed Services helps in effective cost reduction in the long run

2. Reduction in velocity of tickets
Cognitive Managed Services analyses each ticket using AI and categorises it accurately. This helps L1 and L2 support to resolve tickets faster hence reducing the ticket resolution time significantly.

3. Increase in productivity
As Cognitive Managed Services takes effective care on the smooth running of the core banking system, employees can utilize their time on the high priority or complicated tickets and other tasks.

4. Defined SLAs
With minimum human interference, Cognitive Managed Services help to define SLAs as it is purely based on past data and ticket analytics.
Overall, Cognitive Managed Services help banks to reduce time-to-market by around 50% and reduce development efforts approximately by 40%. Also, it helps financial institutions to truly understand their customers with the help of predictive analytics aiding in long-lasting customer retention.

Conclusion

When we look ahead, the future in the financial industry only belongs to those financial organisations that are well-equipped with the latest offerings and technologies that outdo customer expectations. In order to achieve that, banks have to strategically plan their overall architecture which is open to modernization. Cognitive managed services affirmatively help bankers to constantly keep track of the trends and help them rise accordingly. What vitally matters is choosing the right provider for managed services.

 

Aishwarya Iyyengar

Aishwarya was once a Quality Assurance Engineer then moved to Oracle SQL Development. But her love for writing shifted her to the world of Content Marketing and she hasn’t looked back since then. Her interest ranges from food topics to trending technologies. She loves reading books and her favourite genre is Mythological Fiction. Apart from that, she is a South Indian filter coffee lover.