Future-Ready IT Operations Team
IT operations team has transcended mere technical support. It has become the backbone of an organization's ability to innovate, compete, and maintain an unyielding stance in an increasingly digital world. As financial systems become more intricate and customer expectations continue to rise, the spotlight on IT operations teams intensifies, necessitating a transformative approach to stay ahead of the curve.
The complex tasks in the financial industries demand a strategic overhaul of the traditional operating models. This entails not only streamlining day-to-day activities but also orchestrating the most complex tasks. By doing so, organizations can harness the true potential of their IT operations teams, fostering an environment where innovation thrives and customer experiences are elevated to unprecedented heights.
IT operation environment
The past few years served as a catalyst for businesses to implement critical changes to their IT infrastructures and invest in innovative tools to remain competitive. This paved the way for top IT professionals to lead the change and set priorities today.
IT challenges
In the dynamic world of banking and fintech, IT operations teams face complex challenges. Adapting for the future means not just tackling these hurdles but using them to reshape how teams operate.
Source: https://www.kaseya.com/wp-content/uploads/dlm_uploads/2023/06/2023-IT-OPS-Survey-LK.pdf
IT priorities
Organizations that can effectively manage their IT infrastructure and security will have a competitive edge. They will innovate faster, reduce costs and gain a better understanding of their customers.
Source: https://www.kaseya.com/wp-content/uploads/dlm_uploads/2023/06/2023-IT-OPS-Survey-LK.pdf
The people factor
Operations leaders have a task to build a workforce ready not just for today's demands, but also for the challenges that tomorrow may bring. To this end, three key strategies emerge as instrumental in shaping an IT operations team that's not just future-ready, but future-defining.
- Take a fresh approach to new recruits and employees within the organization
To build a skilled and versatile workforce, you need to reimagine how you attract and retain talent. This journey starts with creating an environment that hires the best minds. Banks must offer compelling career opportunities, both for new recruits and those within. Aligning recruitment and growth strategies with the organization's long-term needs sets the stage for sustained excellence. Let's not forget the treasure trove of potential residing in the middle and front offices. By infusing middle-office experts and uniting diverse operational functions, a dynamic synergy takes shape. This dynamic synergy creates a lean, highly skilled operational workforce. Welcoming talents from all corners enriches shared accountability, illuminates broader processes, fuels transformation momentum, and unlocks new avenues for career advancement.
- Apply AI and automation
In this digital era, technology has become a vital ally in simplifying simple daily tasks. Intelligent systems streamline repetitive tasks, granting operational experts the freedom to focus on intricate, high-value tasks that bring profound job satisfaction. Continuous training ensures the workforce evolves hand in hand with technological progress. Middleware applications infused with AI can enhance communication and collaboration across teams and speed up workflows. The key lies in crafting data-driven automation centers, manned by experts who master these tools and understand our unique operational DNA.
- Enhance employee skills via retraining and professional advancement
In the spirit of continuous evolution, our third strategy is ongoing training and career development. Increase employee satisfaction and reduce churn with training opportunities. Back-office talents can extend their skills and apply their capabilities in other areas of the business. Comprehensive succession planning will help nurture and retain talent, navigating the current workforce changes.
In the realm of operations leadership, the power of human potential takes center stage. These three strategies promise a future where IT operations team stands ready to shape the banking back-office future.
Experts in the Spotlight
We asked Hristian Atanasov to share his vision for the future of IT operations in the banking sector.
Hristian:
“For many IT teams, 2023-24 are going to be a year of daunting challenges. IT operations and management teams will not only have to "keep the lights on" and maintain operations but do so in a more optimized way than ever before. Considering the challenges, I see a few emerging key trends that are likely to be a big help to IT operations and management in 2023.
Number one is automation - Anywhere and Everywhere - Retaining skilled workers in 2023 will be difficult, perhaps as difficult as it was to hire them. Banks and fintechs must get rid of redundant and time-consuming tasks, leveraging capabilities such as automation and AI-assisted decision-making, which will be critical in maintaining and even increasing productivity with the available workforce.
Next is Ultra-Customer Centric Banking. Starting with the personal connections fostered in branches and digital channels and reaching deep into the data and systems banks employ to personalize their services, creating a personalized banking experience is a multifaceted journey. Banks utilize various methods and technologies, like Buy Now, Pay Later (BNPL) options, omnichannel banking, and financial advisory tools, to ensure services cater to individual needs.
Last but not least - Sustainability - Technology's hunger for electricity to fuel global data centers, devices, and networks is undeniable. It's clear that comprehending, monitoring, and enhancing the sustainability of IT operations have become essential elements of daily business routines. This commitment to sustainability harmonizes seamlessly with the vision of an agile and forward-thinking IT operations landscape in the banking sector.
Imagine stepping into a branch, discussing your financial goals, and then seamlessly continuing the conversation online or via a mobile app. This is the kind of personalized service that builds customer loyalty. By connecting personal relationships with digital tools and data-driven insights, banks aim to provide you with services and offers that genuinely fit your needs, ultimately enhancing your banking experience and keeping you satisfied with their services.”
In the ever-evolving banking sector, the future of IT operations is undeniably marked by its capacity for adaptability and innovation. By prioritizing strategies that embrace talent from within and beyond the organization, harnessing intelligent technology to augment workforce capabilities, and investing in continuous upskilling and career development, banks are poised to thrive in an era of increasing complexity. As we navigate the future of IT operations, this multifaceted approach not only ensures resilience but empowers banks to lead the way in shaping the banking landscape of tomorrow.
