Just like the rest of the business world, the internet has drastically changed how the financial services industry functions and survives and makes money. If you were to look back not too many years ago it would seem like the dark ages as compared to today. To do your banking you walked into the local branch of your bank and made you deposits, you wrote checks to pay your bills and almost every bank transaction you did was done in person. The same was predominantly true with financial services houses. You had to register with a brokerage house and have a broker assigned to you. He then managed your portfolio for you based upon your instructions. Everything was very personal, and time consuming.
Then with the advancement of secure data networks we started seeing the first changes. You no longer had to walk into the bank, now you could just go to any convenient ATM or bankomat machine. You could withdraw cash, make deposits and perform a myriad number of transactions. You day to day banking experiences no longer needed a person and you were no longer a slave the hours the bank was open. Sadly, you also lost the personal touch of the old bank tellers and managers but you gained some new abilities and convenience… everything comes with a price.
But this was just the start of things. Once the internet was introduced it was inevitable that the banks and brokerage houses would be taking full advantage of it too. And take advantage of it they did. Today online banking and the financial services industry enables you to do virtually any transaction total online and secure. Now you have permanent access to your bank, have lower transaction costs and can do your banking online from anywhere in the world – as long as you have internet. This instant transaction capability also spawned a new industry in that stock exchanges now could allow individuals to buy and see their stocks and bonds online without the need of the broker, thus saving customers money and time.
Now the banks and financial services industry didn’t do this out of the goodness of their hearts, they did it to lower their costs and to bring in new customers and new revenues. And they have succeeded tremendously. If we use the USA as an example you would see that of the 115,277,000 households over 92,000,000 of them now do some level of online banking and financial management. As stated by WWWMetrics…. “Pew Research stated that online banking has been the fastest growing online activity in the U.S. Unlike many other online activities, Internet banking’s boom has not been led by the young. The American Banker’s Association 2011 recent survey revealed that older Americans, for the first time, prefer doing their banking online. 62% actually preferred online banking over branches and ATMs (28%).
Just like every business the supplier has to be keenly aware of what the customer needs and wants and make sure that the level of customer satisfaction is as high as it can be. This is where Monitis is a huge asset to these institutions. The same as in e-commerce, the customer expects fast online service supported by fast page builds, high functionality across all platforms and using all browsers. If a customer gets frustrated by slow or non responsive connectivity and processing he will quickly go somewhere else. This is especially true in this sector because not only does he expect speed and efficiency, he also expects and demands the highest security – and if the site is slow or non responsive his fear of his security being compromised will skyrocket.
With Monitis Real User Monitoring (RUM) the banks and financial services industry as a whole, can see exactly how their customers experience is going, good or bad. They understand that customer service focus is critical for them to attract and maintain their customers. Monitis Real User Monitoring (RUM) is an advanced end user monitoring system that collects valuable data about your users’ interactions with the institutions website. It then presents it in a concise view on their dashboard so that you instantly see the site’s strong points, weak points and a wealth of other valuable information. This allows them to have the best site they can based on real information and significantly improve their revenues. With RUM they quickly see the key metrics of:
- Total Pages Views and Load times
- Top Pages Viewed and Load Times
- Real Time Site Page Build Performance
- Users’ Browser and Platform Performance
- Geographic User Breakdown
Once they see any kind of anomaly or degradation is a service area on their online portal they can take quick action to drive the service back up to it’s required efficiency and optimize once again the client experience. They couple RUM along with traditional Monitis website monitoring, which gives them a deep view of:
- Down to 1 minute monitoring intervals and 2 years historical archive
- 30+ check locations from all the major markets worldwide
- Multiple protocols, such as HTTP, HTTPS, PING, DNS
- Email checks using SMTP, POP3, IMAP protocols
- Public IP checks using TCP, UDP and ICMP protocols
- URL monitoring based on CDN
- Webpage content checks
- Instant failure alerts via email, instant message, Text/SMS or live voice, mobile apps
- Detailed daily, weekly, monthly and ad hoc reporting with service level metrics per interval
- Breakdowns of page loads per components
- Detailed timelines of each individual request
- Alerts when elements of any page don’t load(e.g., “404 error”)
- 5 nodes with up to 2000 connections each
- Test duration options from 5 to 600 minutes
- Meaningful reports emailed directly to your inbox
- Pay as you go
- Web Scenario Stress Test with Transaction recorder
- Request a script for your own scenario
- User experience simulation from over 30 locations worldwide
- Ready to use templates for widely used transactions
- Visualization of each individual step’s performance
- Detailed diagnostics and drill-downs for performance analysis
- Custom thresholds per step’s execution time
- Alerts when any application is not performing correctly
- Insight into the duration and success of your application workflow
This is why the banking and financial services industry relies on Monitis. They know what they need to know and they understand that our services and platform can give this to them in real time and in a format that makes the next steps clear and quickly actionable. With Monitis they strengthen their business and make their clients happy – the perfect combination.