Transforming Financial Operations: AI Driven Automation's Impact on Global Banking

CASE STUDY: REVOLUTIONIZING FINANCIAL OPERATIONS THROUGH NEXT-GEN AUTOMATION

A global financial services giant, renowned for its prowess in investment banking and financial services across consumer finance, small businesses, commercial banking, financial transactions processing, and asset management, operates in more than 60 countries with an employee strength of almost 300,000. This organization is technology-centric, prioritizing and automation to enhance operational efficiency and improve customer experience significantly.

Challenges

The company faced significant hurdles related to the urgency for robust testing to ensure network security and compliance with regulations on patches, configurations, and replacements. With escalating demands for faster network speeds and increased online processing capabilities, alongside a growing number of diverse devices in its infrastructure, they encountered testing delays leading to a burgeoning backlog.

These delays impacted the timely deployment of updates across their global siloed environments, resulting in substantial mntenance and support costs associated with outdated hardware and software. Meeting stringent regulatory requirements that necessitate verifying code and infrastructure compliance at least twice annually became questionable as manual testing could not keep pace with the accelerating complexity.

Key challenges included:

1. Insufficient ability to test comprehensively within reasonable timelines, causing release delays.

2. Accumulating testing backlog with no signs of resolution in sight.

3. Exorbitant costs of outsourced testing progrataling $10 million annually.

4. Inefficiencies in-house, automating only 10 out of 1800 testing use cases over a year.

SOLUTION WITH SPIRENT COMMUNICATIONS

In collaboration with Spirent Communications, the financial firm developed an ROI Return on Investment model over an 18-month period to address current inefficiencies and optimize costs. The comprehensive solution by Spirent includes the full automation portfolio comprising Velocity Core, Velocity iTest, and Velocity Switches.

Spirent's Managed Solutions group was also engaged to provide significant savings and operational efficiency through:

• -to- automation for lab access switches, test automation iTest, and lab management Core.

• 24x7x365 automated reservation management to ensure constant testing with optimal lab utilization.

• Meeting regulatory and security standards via enhanced internal testing coverage.

• Preemptive measures agnst performance outages by streamlining processes.

By implementing Spirent’s Velocity Automation Portfolio, the financial firm modernizes their testing labs and enhances operational efficiency on a journey towards substantial cost savings while mntning high cybersecurity standards and ensuring compliance adherence.

Manual Testing vs. Automated Testing

Manual Lab Processes:

• One to two test runs annually; 250 tests per run.

• Two weeks for lab setup, minimal queue time post-setup.

• Twenty minutes to set up the lab for a single test run.

• Eight hours for test execution, followed by interactive PDF reports of several hundred pages.

Automated Lab Processes:

• Multiple test runs annually; 250 tests per run.

• Execution days are shortened to days or less based on automation efficiency and scale.

• Tests are fully automated with the option for ad-hoc regression testing.

• Analytics-driven reporting, customized dashboards, and interactive analytics.

By leveraging Spirent’s solutions, the financial institution is poised for a transformation in its lab management processes, ming to achieve substantial cost reduction while upholding high standards of security and regulatory compliance.
This article is reproduced from: https://www.spirent.com/assets/u/case-study-revolutionizing-financial-operations

Please indicate when reprinting from: https://www.xe84.com/Financial_UFIDA/Spirent_Automation_Solution_Revolutionizes_FinOps.html