We’ve been watching the Banking, Financial Services, and Insurance (BFSI) industry’s rapid evolution over the last decade, and so much of it is thanks to advancements in database technologies. They’re on a wild digital transformation journey, aiming to boost their operational efficiency, elevate customer experiences, personalize their services, and streamline everything across the industry.
But because data is so crucial to daily operations, even a tiny hiccup in performance services can lead to some major problems. We’ve witnessed massive revenue losses and some very unhappy customers as the BFSI industries try to pivot to new models of service delivery and innovation. Performance and scalability issues can seriously impact financial stability, too. It’s essential for these industries to monitor their servers closely for any potential disruptions to their infrastructure.
Many BFSI organizations use legacy data platform architecture to support the re-platforming and modernization of their applications. With all these different systems playing together, it’s like a grand orchestra completely out of tune.
To keep their systems available and performing, these BFSI organizations need to invest in observability solutions to pinpoint the root cause of integration issues, performance bottlenecks, and anomalies, specifically in the data architecture. Because their applications are some of the highest-volume transaction systems in the world, it’s not good enough to use an observability tool to tell you there’s a problem with the database. You need to find the exact point of contention, and you need advice to help you know how to fix it. Only then can you meet critical Service Level Agreements (SLAs) and Service Level Objectives (SLOs) because it’s the only way to keep their customers happy and risks under control.
This is truly why we created our database monitoring tools in the first place. With DPA at their fingertips, customers have complete visibility into their databases and can pinpoint issues once elusive. DPA acts as their trusty guide, shedding light on the root causes of performance problems and offering valuable tuning advice through an intuitive dashboard. Customers can confidently optimize their application performance and elevate their database efficiency.
BFSI organizations can then connect the dots between their database and application performance. With SolarWinds Hybrid Cloud Observability and DPA extend insights from infrastructure and application to database infrastructure. This means they can isolate the root cause of performance issues throughout their entire IT operational stack.
Ensuring superior customer experience: Meeting SLAs and building business trust
When data teams can consistently meet SLAs with their business units, magic happens. The synergy between IT and other departments paves the way for a more collaborative and innovative environment. With IT delivering on its promises, other departments can confidently rely on a stable, high-performing infrastructure to develop and launch new products and services.
Imagine a scenario where the IT team uses SolarWinds Database Performance Analyzer (DPA) to resolve database performance issues promptly. By leveraging DPA’s insights and tuning recommendations, they optimize application performance, ultimately boosting efficiency and productivity across the organization. This translates into faster product development cycles and quicker go-to-market strategies.
Moreover, when IT can deliver on SLAs consistently, business units gain the freedom to experiment with new ideas and innovations. They can confidently explore new markets, introduce cutting-edge features, and develop customized offerings for customers, knowing the IT infrastructure will support their endeavors seamlessly.
Collaboration between IT and business units also nurtures a culture of innovation. When the IT department is responsive, adaptable, and proactive, it encourages other teams to think outside the box and push boundaries. In turn, this leads to a more dynamic and customer-centric organization.
Navigating the digital transformation: Enhancing BSFI with SolarWinds solutions
The combination of Hybrid Cloud Observability and DPA, with its ability to optimize database and application performance, becomes a critical component of this success. As discoverability and root cause analysis become more straightforward, database performance improves, the reliability and stability of applications soar, and organizations experience better customer satisfaction.
Navigating the digital transformation: Enhancing banking with SolarWinds observability
As the BFSI industry continues to evolve, innovation becomes a driving force for staying ahead of the competition. It’s possible to create a robust IT infrastructure to not only meet SLAs but also to empower cross-functional collaboration and unleash a world of innovative products and services. The customer experience becomes the true north guiding every decision, leading to a virtuous cycle of customer satisfaction, loyalty, and business growth.
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