How ITSM can make BFSI companies future-ready ?

As a BFSI company, if you want to stay relevant in this new normal, then you have no choice but to evolve into a true service-oriented organization. To achieve this, you need to get your IT out of the firefighting mode and make it a strategic partner in modernizing your service management capabilities.

Never before has been a better opportunity for banks and financial firms to harness the power of IT Service Management (ITSM) to deliver an exceptional customer experience. With the Cloud ITSM Market expected to register a CAGR of 12.38% over the forecast period from 2021 to 2026, it can be a significant competitive advantage that would bolster the next-gen innovations.

In the current business environment, IT functions have become increasingly embedded into the day-to-day operations of financial companies. For this reason, modernization of the customer engagement model has become an essential aspect of the digital transformation journey, especially in India. However, to turn your service management on a dime, you need a high level of maturity in the fin-tech service management space, and this required a dedicated service management function.

Here’s where you need the ITSM framework to ensure your IT runs efficiently and moves in lockstep with your business needs. As a combination of policies, procedures, and processes required for managing customer-focused IT services, ITSM can play a huge role in optimizing your company’s support structure. Moreover, the framework holds the key to address the growing customer demand for instant and ever-available banking, providing the BFSI companies the innovative tools to align IT customer service with their business goals and ensure world-class delivery standards amid the complex service chain.

ITSM introduces a set of formalized processes and rules that expedite process maturity and improve visibility into performance. The best practices can help banks and financial organizations in India to optimize their service delivery, leading to a better customer experience. The following are some of the benefits that illustrate the reasons for adopting and implanting the framework.

As a framework, ITSM is macro-focused to the business and is sufficiently different from other frameworks like IT Infrastructure Library (ITIL) and IT asset management (ITAM), which are micro-focused internally to IT. As a business service, ITSM supports a related set of customer interactions in a banking environment, which includes components like mobile, ATM, cash counters, etc., It also supports internal business activities like KYC verification, credit card application, loan processing, etc. By defining these services as applications and processes, ITSM provides a transparent view of components within the services for building the right capability for service-oriented business functions.

An efficient service management platform can help banks and financial companies in achieving critical objectives like incident reduction, lower resolution duration, event consolidation, enhanced CX, and improved monitoring. However, creating a service-aligned operating model requires adherence to critical operating principles such as externalization of knowledge, cost-effective execution, risk management expertise, and proficiency in a service framework. Solution providers like NSEIT can help banks and financial firms in India deliver IT services on the ITSM platform to achieve a competitive edge like high service availability, real-time response, and accurate resolutions. By improving the IT service performance and maturity of the service management process, technology experts like NSEIT can fast-track the BFSI sector in India to deliver a futuristic end-customer experience.