Capitalizing on the Digital Transformation Promise
Company Size
1,000+
Country
- Worldwide
Product
- NETSCOUT
Tech Stack
- Big Data technologies
- Internet of Things (IoT)
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
Technology Category
- Analytics & Modeling - Big Data Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Predictive Quality Analytics
Services
- Data Science Services
About The Customer
The customer in this case study is the financial services industry at large. This includes banks, brokerages, and other financial service firms that are grappling with the challenges and opportunities presented by the digital economy. These businesses are being forced to adapt to data-driven business models and customer-centric operational processes. They are also dealing with the impact of disruptive technologies such as blockchaining, which promises to speed up transactions and cut costs while minimizing the risk of fraud. More than 40 top financial companies are currently experimenting with this distributed ledger technology. The financial services industry is also dealing with the impact of the Internet of Things (IoT), which could potentially affect ATM and mobile banking. The industry is known for being conservative and slow to innovate, but the rapid pace of digital transformation is forcing it to change.
The Challenge
The financial services sector is undergoing a significant digital transformation, driven by advanced computing and analytics, omni-channel service delivery, government mandates, and blockchaining. The industry is grappling with how to best utilize the Internet of Things (IoT), which could potentially impact ATM and mobile banking. The financial industry is also facing the challenge of meeting the fast-paced customer expectations set by digital service processes like Netflix and iTunes. Customers now expect all services to be delivered quickly and flawlessly, and financial institutions must integrate web, mobile, phone, and in-person services like never before. Additionally, the industry is facing challenges related to governance, risk, and compliance (GRC). By 2017, it is predicted that the typical IT organization will spend up to 30% of its budget on GRC and security.
The Solution
NETSCOUT provides a solution that gives end-to-end visibility across the entire infrastructure of financial institutions, including branch offices, ATMs, cloud, and local or global WAN. It provides intelligent, industry-specific trading metrics, including order transaction count by order types. It also enables trade transaction mining by CIOrdID, Sender/Target Comp, and SenderSubID. NETSCOUT's solution also helps structure multichannel Big Data analytics to optimize customer touch points, obtain reports for regulatory compliance, and meet SLAs. It also allows for the creation and enabling of alarm profiles for event monitoring and triaging with service-contextual drill downs. This solution empowers IT groups to gain a shared situational awareness across all services, helping them to quickly identify the root cause of performance problems and anomalous behavior.
Operational Impact
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