What if banks had an intelligent assistant that not only detects anomalies in real-time but also predicts potential issues before they even occur. Well, AIOps has made that reality today. AIOps in banking is a perfect example of technology blending with financial services to redefine operational excellence and customer experiences. From bolstering security measures to reducing banking costs, AIOps offers several game changing benefits that address challenges faced by the BFSI sector for a long time.

For IT operations, staying ahead demands innovative solutions that can efficiently manage the complexities of modern IT environments. With AI trending, the adoption of AI in IT operations (AIOps) is gaining traction within the IT community. What exactly is AIOps? AIOps is the convergence of artificial intelligence, machine learning, and big data analytics, aimed at redefining the management of IT operations. It enables unprecedented efficiency, effectiveness, and proactivity.

There isn’t a boardroom today that isn’t asking what AI and generative AI in application can help drive efficiency and accelerate their business. For organizations looking to capitalize on ML and automation to improve their efficiency during incidents, AIOps is a tangible, proven application thatproves to be an exciting opportunity for ITOps teams. As we’ve seen across market landscape evaluations, there are a number of ways that solutions can be implemented.

There are many instances in our lives where we are stuck in issues and try to understand what caused them. Our initial thoughts are to identify the reason and the cause. We aim to trace the issue back to the origin and try to address them from where it all started. Just like, when we get common cold, we try to figure out where we contracted it. Was it the late-night smoothie or exposure to someone with COVID symptoms? We never know until we figure out.

Ever been jolted awake by a midnight alarm because some server decided to take a sudden break? If you’ve been in IT operations, you know this isn’t just about fixing a problem; it’s about understanding and fixing it. Think of a favorite detective show, the detective is not just identifying the culprit, they are aiming to unravel the mystery “who done it?” and understand the motive.

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With the recent advancements in technology and online digital services have transformed the way the banks work. Decades ago, banks used to handle everything on paper and the services opted for were very limited. Services were not unified, and account holders were forced to visit the bank even for small number of deposits or withdrawals or just to raise concerns. Today, technology has penetrated almost every industry and the banking sector is no exception to this undeniable reality.

It’s been two years since Gartner published the Market Guide for AIOps Platforms in April 2021. The report states, “There is no future of IT operations that does not include AIOps. It is simply impossible for humans to make sense of thousands of events per second being generated by their IT systems.” The recent wave of acquisitions of AIOps vendors makes us reminisce about a time when AIOps was a buzzword.

This article is the final installment in a 4-part series on leveraging artificial intelligence and machine learning (ML) for IT operations (AIOps) to provide a more efficient, reliable, agile, cost-effective, and optimized IT infrastructure. Just as our roads and highways evolve overtime to meet the demands of the travelers who use them, AIOps will continue to transform how organizations build, use, and manage their infrastructures.