How Fintech Ops Teams Can Become "Proactive" from Reactive About Customer Issues
Fintech as an Industry in general has been growing rapidly in the global markets with a huge influx of both new and established players attempting to provide tech enabled financial solutions to cater to the growing needs of new age customers. Given the sensitive nature of the operations in Fintech industry, companies have to be on top of every aspect of their business ranging from fraud detection and prevention to minimizing transaction failure rates, managing multi-cloud costs all the way down to ensuring that industry best practices for privacy and security are followed.
Who is this Blog for
This blog is for you if you are part of a company that falls under any of the below mentioned FinTech categories and are resonating with the broad set of problems listed above.
Although the detailed set of challenges and problems may differ from company to company, more or less the broad set of needs that would be common across all the modern FinTech companies’ focus areas would be boiling down to the following -
- Fraud Detection - To identify fraudulent transactions and prevent them from happening.
- Privacy and Security - To maintain secure services all the time to uphold people’s trust.
- Reliability - Managing concurrent loads to ensure high success rates across all transactions.
- Cost Optimization - To track and minimize your multi-cloud costs based on your utilization.
- User Retention - To retain your users by identifying and addressing bottlenecks in the user-journey.
Threshold based Use-Cases
Record based Use-Cases
Reasons why you need Alerts
- Managing Volumes - Too many things happen simultaneously for you to manage everything by yourself manually.
- UPI transactions in India have hit 7.3 Bn in volume just in October, 2022. Tracking this enormous volume of data manually is next to impossible.
- Criticality - You constantly deal with extremely sensitive data be it PII, digital transactions or service receipts.
- 54% of global companies believe cyberattacks are now too advanced for their IT team to handle on their own, while Global cybercrime costs are expected to reach $10.5 trillion USD annually by 2025.
- Time Sensitivity - A critical issue identified late is just the same as an issue never found, hence you need to react quick.
- Payment delays lead to “Additional interest costs”, “Loss of income”, “Liquidity Crunch” and sometimes even “Stunting the growth” of your company.
To manage such high volume of critical issues under such challenging time constraints is an unachievable task if you are relying solely on traditional approaches like reports and dashboards. Alerts help you identify all of your issues in real-time with high accuracy while giving you valuable time to act on them before they affect your business.
All of these reasons, demand for an automated solution to identify your issues and report them back to you in a coherent fashion where all your teams can collaborate together in fixing them.
Factors to consider before you decide the best Alerting solution
1. Spam Free Alerts -
Ensuring that the alerts are neither too spammy nor too few
- If there are too many alert notifications, your teams may stop taking them seriously altogether. On the contrary, if there are too few alert notifications you stand a risk of missing out on crucial issues.
2. Custom Conditions -
Flexibility to instrument alert conditions that suit your needs
- Not every time does your alert condition depend on a metric value, sometimes they can also be when a new row is added to a list based on a complicated condition. Hence you’d need a solution which offers flexibility over setting alert conditions.
3. Incident Management -
Single source of truth for the entire team to track the status quo of every issue
- Does it solve your problems if you could just track all your issues? No, you would want to track what caused this issue, who is acting on the issue, and whether it got resolved or not, all in one place. Wouldn’t you?
4. Collaboration -
Ability to communicate with background context quickly between teams
- How many times have you had to explain the same thing over and over to different people? Wouldn’t it be so much simpler if you had one place where everyone can communicate and collaborate?
5. Integrations -
Capability to avoid adapting to a new product by integrating with your current workflows
- Let’s be honest, who wants to learn a new tool? Having the option to seamlessly integrate with your existing tools is much easier because you get new capabilities without having to change your existing workflows.
6. Performance Overview -
Identifying problematic areas in the processes where resolutions take longer
- While identifying your issues is important, ensuring that these identified issues are resolved on time is equally important and hence you would need to track your team’s performance.
Available solutions in the market
Here are the broad categories of solutions available in the market currently that attempt to power you with automated alerting capabilities -
As you can observe, CRON Jobs and BI Alerts have a lot of gaps with respect to core capabilities expected from an actionable alerting solution. That leaves us with the Command Center which empowers your teams with all the necessary capabilities rendering it the most attractive option to cater to a FinTech company’s alerting needs.
But what is a Command Center?
Command Center provides you with the power of observability and actionability. It's a simple concept, but a powerful one! It enables you with more time for fixing the issues, by taking it upon itself to identify your issues by continuously monitoring your data to spot any anomalies based on a predefined set of conditions. Here are the three major value propositions that an effective Command Center would have to offer -
- 🚨 Proactivity: Preemptively alert your team members about issues that are likely to happen through alerts—and then let them know how they can avoid them and increase their efficiency.
- 🤝 Accountability: Building a system of accountability. Once the right person is assigned to resolve a problem, we'll track how long it takes for them to complete the task, as well as the number of tasks they completed within that time period—allowing us to measure how effective our decisions have been on our business performance!
- 🎯 Actionability: Ensure every issue gets acted upon via automation and notifications on Email, Slack Webhooks, Whatsapp and more!
Command Center for your needs
What if we told you that all we mentioned above is possible! Right at your fingertips. Enter Locale.ai, a powerful command center designed to empower your high performing teams with quick actionability! We enable your teams with the power to create your own alerts, track anomalies and build a system of accountability all without having to change a single step in your existing workflow.
Excited to get started? So are we!!! Alerts, workflows and incident management are all just a few clicks away with Locale. Here's how:
- Integration takes 15 mins : Connect your data sources to configure your tables blazing fast.
- Instrument alert rules in SQL : Start monitoring your business events so that you can act on time.
- You're ready to roll: Manage your incidents. Resolve, escalate and take actions.
If you are eager to know more about how Locale helps you set up Alerts, Book a call with one of our specialists to have all your questions answered today! Too good to be true? There is magic in the world, you just haven't seen it yet😌
Go check out our product for yourself and sign up now: https://go.locale.ai/signup