Banking legislation pushes fintech to center stage
The banking sector continues to face significant challenges more than a decade since the financial crisis of 2008. One of the greatest of these is the increase in local and global legislation, and new rules that govern credit, market, and operational risk.
Such provisions inevitably drive up budgets, which is why so many banks have turned to financial technology providers who can help them innovate, drive down costs, and pass on the benefits to customers. Finastra, the world’s third largest fintech company, is a leader in the delivery of such solutions, including innovative cloud and on-premises technology to customers who include 90 of the world’s top 100 banks.
Fundamental to Finastra’s success are its internal operations, including technology, that drive the business. “By maximizing the efficiency and flexibility of these systems, Finastra is better placed to respond to the needs of its financial services customers,” says Gary Collins, Director, ServiceNow Platform at Finastra.
Finastra was formed in 2017 through the merger of two large fintech businesses which resulted in multiple legacy technologies and processes. The business had some success consolidating these systems, but as Gary explains, there was more to be done. “There were two things that we needed to resolve. Firstly, quantifying every element in our IT estate and secondly, understanding the exact business activities supported by this equipment.”
This would enable Finastra to complete its move to a unified platform and automate its technology with greater confidence. “You can’t automate what you can’t see, and you can’t prioritize incident resolution without total visibility of your information systems,” says Gary.
Finastra tracks every single item in its IT systems
Having deployed ServiceNow IT Service Management as the foundation of its operational infrastructure, Finastra opted for ServiceNow IT Operations Management (ITOM) to improve visibility across infrastructure and apps and maximize the health of its systems. To achieve these goals, Gary and his team have focused on the Discovery, Service Mapping, and Event Management features of ITOM.
Initially, Discovery is being rolled out across all 115 Finastra locations worldwide. This includes physical data centers, cloud environments running on Microsoft Azure, and Finastra offices.