State of Observability for Financial Services and Insurance

Financial institutions are experiencing an incredible transformation, stemming from consumers expecting a higher level of digital interaction and access to services and a lower dependency on physical services. Increasing disintermediation and local and global financial services industry (FSI) players such as Apple Pay, Revolut, and neo-banks are feeding consumers’ desires to complete transactions online, including from mobile devices, whether that’s checking bank balances, making mobile deposits, getting a quote, tracking budgets, paying bills, making purchases, or transferring funds.

At the same time, FSI organizations are faced with increased regulation, with new mandates for IT and cyber risk management such as the Digital Operational Resilience Act (DORA).

All of these factors drive unprecedented pressure on modernizing core software, dematerialization, and scaling the digital infrastructure while delivering optimal uptime, reliability, performance, customer experience, and innovation.

Traditional financial institutions are in a race to modernize so they can remain relevant and competitive amidst a flurry of trends like fintech, insurtech, automation, mobile, and digital native. Many institutions are accelerating their migration toward digital-native and digital-first models rapidly.