Explore six essential approaches shared by Red Hat’s FSI EMEA chief technologist to help financial service institutions navigate challenges, reduce costs, and maintain resilience through end-to-end automation.
Financial service institutions (FSIs) today are up against a number of difficult obstacles. They are under pressure to develop in a sector that is continuously being disrupted, as well as to reduce costs and maintain resilience in an unpredictable economic environment.
Ensuring a smooth transition to end-to-end automation with a balanced focus on people, processes, and technology is one method to address these difficulties. But it’s easier said than done. The open source solution provider Red Hat’s FSI EMEA chief technologist, Armin M. Warda, lists six essential approaches in which organizations can accomplish this:
A comprehensive approach is required for IT automation to navigate uncertainty
Financial service institutions (FSIs) today are up against a number of difficult obstacles. They are under pressure to develop in a sector that is continuously being disrupted, as well as to reduce costs and maintain resilience in an unpredictable economic environment.
IT staff must maintain and manage systems that include legacy infrastructure, cloud services, and everything in between as a result of this digital transformation, which takes a lot of time, money, and resources.
For all FSIs, having a solid IT plan in place during these times is of utmost importance. Process simplification and agile innovation in hybrid cloud systems are essential for maintaining compliant. An essential component of such image is IT automation. Additionally, it aids businesses in maintaining a smooth operating system, ensuring consistency and cyber resilience, and improving compliance.
FSIs should adopt a strategic approach since it is imperative to guarantee IT automation is as efficient as feasible. The goal of FSIs should be to eliminate silos and build end-to-end automation that spans several domains, as opposed to implementing tiny pockets of automation that might increase complexity and impede interoperability.
Making this change requires carefully taking into account everything from current technology and business practices to culture, as with any significant transformation. The following are some crucial factors to keep in mind to guarantee a seamless transition and maximize your investment.
Get organization buy-in and alignment by putting people first
Always begin your end-to-end automation plan with humans. It is crucial to manage change and to promote an open culture where information is shared throughout departments. especially to guarantee that staff members are comfortable and engaged at every stage.
It’s critical that people comprehend automation as a tool they can use to increase productivity and produce better results. They can control it. Setting output measures early on and creating attainable intermediate goals are essential for determining the program’s performance and recognizing accomplishments.
The C-Suite becomes more aware of the advantages of automation thanks to clear reporting and assessment, which fosters crucial advocacy. at order to improve acceptance and bring consistency to automation processes, it is important to work together to recognize successful automation projects and to celebrate them at company-wide gatherings and on internal sharing platforms.
Set up mechanisms to handle complex transformation
This entails finding automation champions in each IT department and ensuring their connectivity, as well as clearly defining owners and accountability in advance. This could be deciding on a certain “automation day” each week or month, during which IT will set aside time to assist other departments in overcoming obstacles through automation.
Select a lone, all-encompassing enterprise automation solution
Organizations can choose a single scalable platform that enables IT teams to simply build and manage automation across various organizational segments, as opposed to attempting to connect many automation islands. The amount of time IT teams spend managing and maintaining systems can be decreased with an integrated platform that offers lifecycle support.
Organizations receive more help in their road toward automation because to features like certified and supported content, hosted management, and access to professional services. Security must be implemented early in the development process using the Policy-as-Code and DevSecOps methodologies, and it must be automated and integrated across the organization. This facilitates a coordinated, unified approach to threat investigation and response.
Give people more time to be creative
Strategic automation includes thinking ahead to what you’ll accomplish with the extra time. FSIs can let talented IT workers concentrate on the more innovative, “value-add” components of their work, such modernizing IT and innovating to provide better customer experiences. IT can play a crucial role in delivering real differentiation where it is most required in a time when industries and departments are being challenged to save costs while still supporting company growth.
Combine automation and AI
IT automation is crucial for FSIs to maintain compliance in a stringent, dynamic regulatory environment. Technology reporting is one instance. Consider AI: when a model has been created, it must be checked for bias and drift to determine whether it need additional fine-tuning or retraining.
In light of the proposed EU Artificial Intelligence Act, which intends to enhance regulations around data quality, transparency, human oversight, and accountability, this is becoming more and more significant. Automation can streamline this procedure and guarantee continuous and reliable monitoring.
Increased automation across the entire company
Fortunately, FSI use of IT automation has advanced significantly. Elevating this work immediately through controlled, strategic automation expansion across the organization should be the top focus.
Success depends on developing a strategy that balances attention on people, processes, and technology. Organizations will be able to deploy automation that improves cooperation and spurs innovation by putting in place a flexible, security-focused foundation and managing workers through change. By adopting this strategy, businesses will be better equipped to negotiate the turbulent economic environment of today while sustaining growth that is essential to their organization.
