
What AIOps Means for Fintech in 2021

In 2017, Gartner predicted that the use of Artificial Intelligence for IT Operations or AIOps would increase by 40% in 2021. This has held up, as according to industry reports, the AIOps market value was $13.51 billion last year and is expected to grow to an impressive $40.91 billion in the next five years. The reason behind this is that AIOps finds applications in various fields. AIOps has particularly emerged as a key driver in the Fintech landscape.
In the financial sector, the use of AIOps enables quick monitoring, security, and efficient management of data. The financial sector handles a huge volume of sensitive data and IT Automation with AI can help reduce human error and workload. The automation of manual processes through AIOps will enable more efficient Fintech solutions. In this article, we explore the impact of AIOps in the finance sector.
Fintech or Financial Technology is the application of technological tools to automate and enhance all financial services. Fintech includes the use of IT operations management software, algorithms, and even the development and use of cryptocurrency. Initially, Fintech was just focused on transactions, bookkeeping, and digital currency. However, in the past few years, Fintech has evolved to include the use of mobile devices for transactions, applications for credit, investment management, and other such financial activities which are performed without the help of an actual person.
The migration of financial data centers with the help of data center migration planning tools is also a part of Fintech. Such AIOps tools are used by large community banks and such financial institutions that have outgrown existing data centers and need one that can adapt to rapid growth and has sufficient bandwidth and infrastructure to accommodate all financial data.
Since financial institutions make use of various databases and networks, data center consolidation initiative services are also included under Fintech. These services help to manage servers, systems, and locations to improve efficiency for a low cost. Let’s understand how AIOps can help Fintech in the current fintech landscape.
The financial sector is often at risk of data breaches and other such security threats. The use of some of the best AIOps platforms and software can not only prevent this but also greatly improve the quality of financial services and products that are offered to clients.
In 2021, AIOps possesses the power to enhance the financial sector through the following methods:
The financial sector deals with data at every minute of the day. It can often prove to be a challenge for IT operations if a large volume of data must be processed at once. This is where AIOps comes in. In 2018, Gartner suggested that the use of AIOps in the form of monitoring tools for infrastructure and various applications would increase from 5% to 30% by 2023. The impact of AIOps, especially through tools like IT infrastructure managed services, is not only efficient but also transformative for Fintech.
The advancement of Fintech in recent years has led to the rapid digitization of services in the financial sector. Financial institutions are now using AIOps tools like the cloud migration assessment tool for businesses to shift data and optimize the services offered. Such solutions ensure security and better performance. For financial firms planning to invest in AIOps platforms for their unique needs, the time has never been better. With the advent of new technologies in AIOps, fintech is going to scale new heights.
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