IT Service Management: The Cornerstone of Superior Customer Experience

Efficient IT service management to meet growing demand for digital services

Organizations are fast recognizing the important role that IT service management (ITSM) plays in improving the quality of service and experience delivered to end customers, and financial institutions are no exception. As banks prepare to increase the tempo of digitalization to meet the increasing demand for always-available banking in a post COVID world, improving service management process maturity, reducing the risk associated with IT services, and enhancing performance are emerging as prerequisites.

In many financial institutions, the service management function is a part of the IT shop focused on providing ‘keeping the lights on’ support without evolving into proactive event and incident management to prevent business or service downtime. Over the years, reactive ‘fire-fighting’ has become the norm in IT service management highlighting the need for transforming the function. Some crucial steps in the transformation exercise include:

• Defining an IT service management strategy

• Designing the right operating model

• Driving robust partnerships

• Adopting Machine First^™ principles