Improving Site Reliability for Banks & Financial Institutions
Serviceability and reliability are mission-critical to financial industries in order to successfully serve millions of customers worldwide.
What is SRE in Financial Services?
Since Site Reliability Engineering has a strong focus on the end-user, via Service Level Objectives (SLOs) and should offer high system availability, with a minimum of errors and an accelerated pace of deployment of new functionality.
With system-critical services and low tolerances of service downtime, banks and larger financial institutions are hiring aggressively for SRE.
The challenges of SRE within Finance
There are a number of challenges within the finance industry when it comes to improving site reliability.
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Legacy systems
Need for constant innovation (can you do that without reliability?)
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Debugging
Disruption risks (blockchain is making a dent into that ecosystem, but does it impact reliability?
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Exceeding customer expectations
How do you keep compliant with an expectation of reliability?
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Keeping up with regulations
Interoperability and distribution are the future, how do you shift towards this new paradigm reliably?
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Keeping up with technology
It’s all about communities and this is true to your engineering capability too: open source and open governance.
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Surpassing the competition
How do you create a reliability community to attract talents?
What if your financial services go down?
Just the labour component of downtime for 1.6 hours for a fortune500 company would cost $896,000, which translates into more than $46 million per year.
Reliability has grown into a virtually indispensable field within the finance industry, ranging from fintechs to global banking corporations. SRE should be a critical part of your strategy across all departments.
Why financial institutions should focus on scaling reliable services
Financial institutions must inspire trust with their customers. In order to do this, banks must reduce risk and provide secure, reliable, resilient, and always available services.
The accelerating pace of digital banking service adoption is constant, and the need to scale reliable services has never been greater.
How our tools improve SRE within financial services
Different teams and departments will think about reliability differently and how it impacts customer satisfaction - Reliably provides the tools needed to reduce risk and provide secure, reliable, resilient, and always available services.
With Reliably you can
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Be SLO-oriented
Use an SLO oriented approach to reliability in financial services
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Score your System Health
Give a live view of system health through scoring
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Shift Reliability Left
Enable cultural shifts that promote and increase reliability
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Measure & Track Reliability
Define what a reliable system means to a team, and keep track of it
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Integrate Chaos Engineering
Proactively track weaknesses with Chaos Engineering
FAQ
- Does reliability improve customer satisfaction within banking?
- Yes, delivering on your SLOs is critical to developing and maintaining trust with your banking customers. The cost of not delivering reliable services could result in people using another competitor.
- What are the qualities of a good financial system?
- Trustworthy, reliable, secure, and fast services are the qualities of a good financial system.
- What is shift-left culture in finance?
- Shift-left culture in finance means empowering engineers and developers to be more proactive and mindful of their users’ experience by increasing access to tools that allow them to define what good looks like in their system.
- Can I try Reliably for free?
- Yes, sign up for free (no credit card required) and get started with defining and observing your reliability.