Posts tagged Visibility
The value that operational intelligence brings to banking and payments

This is a transcript of the Axway video blog post of the same name.

LAURENT VAN HUFFEL: Hi. My name is Laurent Van Huffel. I am responsible for the Axway business unit of operational intelligence in North America. Today I wanted to talk to you about the value that operational intelligence can bring into the banking world and, more specifically, in the world of payment.

What we hear from many of our customers is they often find out issues after the fact, when it’s too late. When they have either missed an SLA or missed their cut-off payment. Whether you’re looking at the high-value payment, SEPA, SCH, check image, or any other form of payment, specifically with the faster payment trends, or what people call the immediate payment — things are moving in a more complex world. And so, because customers are often organized from a business operations standpoint in silos, they only view a partial view of the execution of the business process. Because they often get information when it’s too late, sometimes when their own customers call them to tell them they have a problem that they’re not even aware of. This is obviously not good for the business.

In a nutshell, operational intelligence helps business operations to proactively identify and resolve process issues prior to impacting their business and their customers. Why “proactive” is so critical is because if you take a high-value payment, for instance, that’s an itinerant type of payment — you need to have enough time to act upon information so that you can mitigate your risk and at least make sure you’re going to meet your cut-off all the time.

Our customers are telling us that their concern, for instance, is not being able to identify when a payment is stuck in a business step for too long. Or not being able to identify that they are processing an abnormally high volume of payment at that time of the day. And why this is a concern is because they may run out of capacity.

Or if you have an abnormally high number of payments failing the STP route, going into a non-STP route, this would mean that they will go for manual repair. Maybe you don’t have enough people on the bench to repair those payments fast enough, which means that you may be taking the risk of missing a cut-off.

For multiple reasons, customers want the capability of end-to-end visibility. They want to be able to track their business transactions — their payments — end-to-end, and identify any potential issues during the execution of these payments against the business commitment they have made to their customers. If something is abnormal, they want an exception-driven, actionable-intelligence dashboard or alert that tells them that something is not normal and therefore they should do something about it.

Operational intelligence — the way it works, it collects in real time critical data from multiple sources in order to map out the end-to-end view of the business process — would call out this information using real-time analytics and publish actionable intelligence to each stakeholder that (has) a role in the well-being of their business processes. What is important to understand is that each stakeholder may have a different objective, and therefore, they will have different concerns. The content of this dashboard can be easily customized and tailored to each stakeholder.

If you are an executive, you don’t want to see the same information (that you would see) if you (were) a supervisor in a control room for payment. The Axway Decision Insight operational intelligence solution is a non-development platform. You can configure dashboards very easily, very quickly. You can configure your set of dashboards in less than three days. Then, of course, you would need to move into production and go for the UAT phase and so on.

The way that the solution works is it’s a very iterative and incremental process. We want you to have the ability to easily configure a dashboard, easily modify a dashboard, easily increment the value of the dashboard. Think of it more as a journey as opposed to a destination where you will want to use a dashboard today. As business conditions change, you will have the ability to very easily modify that dashboard to these changing conditions. At the end, the typical business drivers for which banks decide to use operational intelligence are better risk mitigation, better customer experience improvement, and increasing the operation efficiencies which result in less cost.

To learn more about Axway Decision Insight, please click here.

To view the video blog on YouTube, please click here.

Do you have true end-to-end visibility?

To keep business processes flowing smoothly throughout your company and your trading community, you need to be able to monitor and track all data flows from end to end.

If your current integration and governance solution is more like a black hole than a transparent environment with true business visibility — including detailed, real-time transaction monitoring, alerting and reporting through a centralized dashboard — how will you know when something goes wrong, or be able to fix problems before they disrupt your business?

Does your current vendor offer tools for gathering partner performance metrics?

And, can your current vendor support your visibility requirements while also providing governance and control over your data flows, in order to ensure that internal and external compliance requirements are met?

Learn more here.