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3 Ways to Prevent IT System Failure in Banking

As is with other sectors, when banking and financial services are scaling their IT components, their investment into IT service continuity must scale too. The lack of robust IT framework and internal controls is in too many cases the reason to cause failure to operational efficiency. Banking and financial services thus, are more often vulnerable to IT system disruptions. 

In recent years, Bank of Ireland had hard times with their IT systems resulting in penalties worth $27.8 millions. The internal breach into IT service continuity services continued to remain activated over 4 years and led to regulatory breaches. Their ignorance to effectively pay attention to this critical matter might have raised the issue. 

With the emergence of advanced digital technology, consumers would prefer concentrated and digitally-controlled banking services. More than often, there are big and small IT incidents in financial firms. Customer inconvenience and their distress account for huge loss of money due to failure of transactions. With IT services enabling the majority of functionalities, it is critical for banking services to adopt a critical event management platform in facilitating operational resilience and continuity. 

In ensuring banking resilience and intolerance to service disruption, Zsuite, a CEM technology has a role to play by identifying risk and enabling crisis communication during IT incidents. Zsuite 

 

IoT-tied Alerts Builds Cyber Resilience 

IT incidents could be as harmful as other critical events like floods, and earthquakes in deteriorating business operations. With the growing utility of digital applications and tools, follows the vulnerability of cyber threats/cyber-attack or cyber frauds.

IT impacts are a big threat that exposes customer information to ransomware or other bad actors. Other banking activities that happen through connected entities, many of which comprise of vendors, suppliers, and customers that provide direct or indirect services. Telecommunication network providers, cash management providers, card transaction acquirers include these portfolios.

Threats are easy to creep through these channels.

Barclays, despite being a premier provider of financial services and a huge advocate of security assurance, was shattered by phishing attacks. For them, it was a familiar technical issue that exposed pin numbers of customers to the wrong doers. The incident put around 90,0000 customers to risk of money laundering risks way back in 2017. They promised to refund unauthorized transactions, but by then, it had unleashed a lot of damage to Barclays prestige.

 

These IT incident-borne events are phenomenal in recent times, and cyber resilience is the answer to this. 

Enterprise incident management comprises this critical competency to ensure cybersecurity resilience, which means giving banking leaders the ability to remain adaptable and proactive to continue operations and deliver customer service.

 

By leveraging IT service management capabilities in Zsuite, IT incident responders can gauge the critical threats caused to their cyber security and harness better understanding to reduce its impacts. Simply put, Zsuite improves mean time to know (MTTK) and  mean time to respond (MTTR), helping financial services organizations tackle critical incidents early and prevent costly repairs and damages.

 

In addition, Zsuite users can effectively use its IT incident response tool which ensures accuracy and context using IoT sensors. IoT-backed IT incident alerts streamline restoration processes without any delay and bring emergency response teams back to work in mitigating cyber event impacts.

 

 

Data Center Operations Scale with Situational Awareness 

The bank data centers always need to be performing to allow connected IT systems to work 24×7. But, a single moment of downtime or outage could be detrimental to critical operations.

 

 

If banks are susceptible to outage due to data center failure,  every piece of tool is unable to help in operational efficiency. The scenario needs the support of incident communications so that the status of the current situations are visible to emergency responders in real-time.

Businesses using a critical event management tool easily make quick strides in connecting with on-call responders and help minimize the impact of outage.

 

To keep up with data center operation management, stakeholders, partners, and emergency response team can tap Zsuite, enabling them to utilize its IT alerting solution to communicate at scale. The solution is convenient in populating IT alerts across different channels, ensuring them to build a rapid conference bridge while avoiding opportunities that could result in critical information being overlooked.

 

This efficiency gives leaders real-time visibility into what is happening around the site, thus making it easily traceable to detect threats and improve the restoration process.

 

 

Visual Risk Intelligence into IT Service Management 

 

When a data center is underperforming, the entire IT Service Management tool is not capable of handling operational efficiency. Sometimes, however, a data center perfectly works with one of the IT tools performing with its low capacity.

 

The situation that goes unnoticed is never desirable during wee hours at banks as it needs all of its tools to be able to serve their customers without a glitch.

 

Zsuite delivers a capability that syncs intelligently with the banking ITSM infrastructure, building a network to help pull IoT data and to enable end-to-end visibility into the entire IT systems. 

When an incident occurs due to the failure of any of the IT tools, Zsuite detects that threat before it could turn the situation into an unmanageable event.

Helping on-call responders to tap visual risk intelligence, Zsuite scales the competencies of situational awareness of the event in real-time and increases the effectiveness of incident response. This results in on-call personnel acting ahead of time to reduce threats to IT systems.

 

Financial deals are a 24×7 operation today that propose thousands of progressive ways for customers to leverage the benefits of innovative banking solutions. Banking users however, have an elevated need for a ceaseless service, much of which depends on the ceaseless operational efficiency of IT systems. Even a minor IT incident can put the entire banking operations at stake, leading to loss of profits and damage to reputation for banking institutions. The inability to manage this risk is an opportunity for competitors to drive customers into their own system and impact the growth.

 

For operational resiliency into IT systems, Zsuite is an intelligent CEM tool that harnesses AI tools to determine efficiency across all IT systems. 

With powerful combinations of features, including IT alerting, visual risk intelligence, IoT-powered incident alerting, and common operating pane, Zsuite provides a robust CEM platform to help you make your emergency preparedness efficient and empowering. 

To build a banking solution that is scalable, reliable, and efficient; Zsuite CEM platform is critical to ensuring cost-savings, risk management, and operational efficiency, while encouraging customers to embrace your services and expedite your growth.

 

Want to leverage AI-powered Zsuite? Schedule a demo today.  

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Why CEM platform for operational resilience in banking?

 

Overview 

With the increasing rise of global critical events, banking operations are undeniably susceptible to disruptions. A CEM or critical event management platform plays a key role in minimizing operational risks and boosting emergency preparedness that helps promote operational resilience. 

Key Takeaways:

  1. Situational awareness backed by a common operating picture clarifies visibility into the evolving threat landscape and accelerates risk mitigation efforts.
  1. Location intelligence provides granular-level mapping and tracing of critical assets, people, and processes to pivot rescue operations as well as restoration of operations. 
  1. Crisis communications bring the fastest mode of communication and collaboration with on-call responders and stakeholders for shared views and data-driven decisions. 

 

 

Providing banking services the ability to achieve operational efficiency is the core responsibility of leaders, who also ensure that financial services are always functioning at the top level after disruptions. They aim for operational resilience so that bouncing back to normal operations does not prolong and impede economic growth.

The critical events are increasingly growing at an alarming rate compared to how they looked previously. For banking leaders, building a plan for contingencies with mission-critical business continuity ambitions is the most effective way to minimize impacts from events ranging from pandemic flu to man-made disasters including severe weather patterns up to floods. Enterprise-level operations have already stepped up to leverage the AI-powered CEM platform or critical event management tool to assist with business continuity and mitigation of disruptions.

 

 

To strengthen the resiliency of the financial and banking operations, leaders can make arrangements for their contingency plans with a CEM tool, and protect their processes and assets against unpredictable external shocks. In protecting people in harm’s way, CEM provides agility, speed, and performance at scale.

 

 

Situational awareness matters when promoting operational resilience 

 

When Hurricane Katrina swept through Houston and flooded its streets, bankers had the toughest days continuing their operations. They had facility disruptions, which brought their locations to several feet down under the water. With prolonged power outages and inaccessibility, employees and customers were scattered across different locations. Banks were facing raging disruptions for several weeks.

 

Critical events are nowhere to go though. Bankers need to see these disruptions as a learning experience, absorbing key elements that could help them build operational resilience into their processes. 

 

The increasing overhaul of digital payments and other associated financial functionalities could have drawn a huge customer base, but without the banking working at the core level, facilities are denied, resulting in economic trade-offs.

 

In any circumstance, the service deliveries must continue. As is with the growing need to support the economy to scale, banking leaders become concerned with operation continuity temporarily when struck with floods, bad weather, or any critical weather conditions. 

 

Situational awareness of the evolving situations improves visibility and helps emergency teams step up their capabilities to allocate resources and find a location suitable to resume operations. Pulling large data feeds from different touchpoints makes understanding better and improves decision-making with accuracy. To fuel recovery processes and restore operations, situational awareness gives banking leaders an opportunity to withstand the impacts of disasters and meet customer needs.

 

 

A similar approach to using situational awareness is the best way to determine the threat landscape, and anticipate the upcoming vulnerabilities to processes and assets. 

 

It is not unusual for banking institutions to have their IT systems located on the ground floor. Situational awareness provides the capability of predictive analytics and helps anticipate the rate of damage to their IT systems. With real-time and contextual information from the situational awareness feed, it becomes possible for emergency personnel to prevent

IT system failure

. 

 

Location intelligence to identify risks to assets 

 

Location intelligence accurately gives information by ingesting data and analyzing it using geospatial or geofencing capabilities.

 

Today, location intelligence builds powerful communities and businesses, helping leaders meet the need of protecting critical assets. Some of the leading use cases that location intelligence provide include optimizing sites in threat-hit areas to make them operational,  managing assets in real-time, as well as maintaining critical IT infrastructure. 

With the growing interest to use location intelligence in different enterprise operations, banking operations are critical services that can tap the potential of this AI-based technology. 

 

With an enormous of devices being connected to the Internet of Things (IoT), leaders are able to harness massive amounts of data to improve visualization and analysis. Using this machine learning and artificial intelligence-based powerful capability, they can gain a competitive advantage during critical events and prepare a holistic plan to help anticipate and mitigate the impacts of the vulnerabilities. 

 

As a part of a threat mitigation effort, leaders can predict the severity of the threat to their assets through a single pane of glass, where the database clearly points at threat zones and identify evolving risks in real-time.

 

Critical equipment failure is an incident, which can occur due to a number of critical events encompassing severe weather conditions, man-made disasters, fire, or active shootouts. To take out of this crisis and continue banking operations, leaders can take tap into location intelligence and track assets to keep them safe.

 

 

Supply chain disruption is more likely to occur due to vulnerabilities of critical weather, public unrest, or terrorist attacks. A granular view into the map dashboard builds transparency and visibility into how supply chain operations are facing disruptions and assists leaders with resources to prevent disruptions. 

 

Location intelligence thus represents better visualization of threats in real-time and enhances the ability of leaders to mitigate threats to their assets and processes.

 

 

Crisis communications improve response and recovery 

 

To maintain business continuity, any organization depends on crisis communications. Emergency communications are key to communicating critical information to the right people when a crisis happens. 

 

As the banking leaders know their outdated systems lack scalability and agility, they look at powerful ways of leveraging crisis communications and not on the outdated systems. 

 

Crisis communication is integral and significant part of a critical event management tool, which is built on modern architecture to deliver multimodal message delivery capabilities.

 

Leveraging its extended features of instant messaging, voice calls, social media interaction, and email among others, leaders can ensure messages reach the right audience. Escalated by emergency triggers, and crisis communications alerts and get the right activation team onboard to handle the crisis. 

 

The effective way to leverage crisis communications during critical events is to ensure

employee safety. Combining location intelligence and multimodal message delivery capabilities, crisis communications can reach the right person in harm’s way, helping them keep informed and safe.

 

 

Why is Zsuite an invaluable partner to help build operational resilience for banking operations? 

 

The scale of critical events impacting banking operations needs an advanced and modern architecture of a critical event management platform to maintain operational efficiency. 

 

Zsuite is a leading CEM tool, orchestrated on a single platform to help bankers leverage a multifaceted suite of critical tools to anticipate, respond to, and react proactively to mitigate the impacts of vulnerabilities. 

 

Zsuite features all the capabilities, including situational awareness, visual risk intelligence, location intelligence, and crisis communication. Using this wide variety of powerful tools, emergency activation teams at banks can accomplish critical operations. They can identify threats ahead of time before they could turn out to be a major threat; prepare better, gain capabilities to respond, and recover as early as possible. 

 

In essence, by leveraging Zsuite CEM tools, banking leaders gain the ability to build operational resilience, while achieving operational risk management so as to prepare better and learn to improve their response to critical threats. 

 

So, with the right strategy to prevent critical event threats, banks can bolster their incident management program, build an enhanced communication plan, and implement robust business continuity management. 

 

As they gain an advantage in promoting operational resilience, cost-efficiency is seamlessly integrated while they allocate resources for methods to prevent disruptions. Last but not least, banking leaders are more agile in building customer trust, and thus, pushing forward to sustainable growth. 

 

Need to build an operational resilience framework for your banking operations? Zsuite can help.

Schedule a demo today.

 

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Zsuite helping banking industry prevent facility disruptions

 

The global business operations are reeling under everyday challenges, many of which refer to unexpected critical events. The ongoing crisis preceded by geopolitical crises or threatening events like pandemic impact operational efficiency  for organizations at different parts of the world. From supply chain disruptions and cyber attacks to system failure and employee safety threat, facility disruptions are a usual event that require leaders to take extra precaution and business continuity measurement.

 

Banking leaders also need to consider the scenario and ramp up their emergency response for operational resiliency in their facilities. In view of ongoing crises, or maybe the usual critical threats, facility disruptions are normal. Customer experience, however, is vital to maintaining brand loyalty, and long-term growth, which is susceptible to threats due to facility disruptions.

 

As a measurement of handling facility disruptions, banking leaders can use critical event management to anticipate, respond to, and mitigate threats. It is also critical for banking institutions to assess future threats and prepare for emergencies.

 

 

Proactive initiatives to encourage operations 

 

Critical events can expose many critical operations to risks for banking facilities, bringing operation disruptions and affecting their bottom line.

 

 

Critical weather conditions, natural disasters, active shooters including fire can impede services at facilities. A situation that can damage assets, put employees at risk, and impact operations is unlikely to subside rapidly.

 

However, it is critical that other interconnected operations continue to support indirect and some crucial operations in stimulating financial services. Banking leaders are in need to utilize a plan that was prepared with stakeholders and assess the dependencies between vendor supply chain processes.

 

 

Activating the plan during a critical event calls for immediate response to decide and activate the plan for business continuity.

 

In addition, banks also decide which processes are significant to running and maintaining critical operations. The crisis communication tools are powerful assets for banking leaders to build a small war room or conference bridge, where key stakeholders, leaders, and people on-call can connect instantly to discuss strategy for business continuity. The facility in harm’s way which is unable to operate during emergencies like fire, floods, or hail storms can immediately know which part of the work process should go on so that customers’ interactions and services should not discontinue.  Zsuite provides this ability to banking leaders during the critical event and streamlines their communication processes.

 

In case, leaders do not have any plan, historical data can be useful in identifying ways to mitigate any kind of further service disruptions that started with the unpredictable facility disruptions. 

Zsuite enables data harnessing by allowing business continuity leaders to look at different data points accessible through its embedded system. It is easy for them to analyze data and derive actionable insights that build data-driven decisions with shared views. This advanced AI-based CEM technology with its ability to provide end-to-end historical data saves them time to manage complex initiatives more efficiently. 

Determine impact with visual risk intelligence 

 

Visual risk intelligence is a powerful feature that uses AI to detect threats and improves visibility into what is happening or how situations are going to evolve.

 

 

With unpredictable weather events or natural disasters being highly vulnerable to erupt and disrupt, visual risk intelligence has unique capabilities to detect and alert on-call security personnel about the upcoming threats. A real-time threat alert that pulls feed from IoT connectivity helps them assess threat severity by allowing them to build a common operating picture using thousands of data points. By gaining a situational awareness and contextual lead, emergency responders can visualize risks to their assets, people, and processes.

 

They know how their operations are going to be affected by the disruptions. Based on the threat identification process, they know how to allocate resources to use in critical times so that their operations do not stop. Besides, it also allows them to move critical assets to other safe locations, in which they know their assets are safe and secure and accessible to operate later.

In addition to natural threats, Zsuite also helps with emergencies like man-made disasters or geopolitical issues. In the affected areas, where situations can become critical to run businesses, bank leaders can prepare a robust plan, which focuses on taking steps in managing supply chain operations and vendors. The plan can be more transparent to alert third-party suppliers or service providers about the next steps in improving resilience. 

Doing this, they can prepare themselves to survive in the global threat landscape, while getting better resources to respond to and lead ahead of potential threats. At the same time, being able to monitor the global situations through a single pane of glass, the impact of threats is less likely to be worse with an emergency response team looking at the situations proactively.

 

Build resilience and long-term operational goals

 

Businesses of all sizes and kind realized that emergency preparedness plans that they had did not match how the pandemic had happened and changed its course.

When situations are not favorable and impact the bottom line for banking institutions, a long-term goal might help. 

In fight against covid-related curbs or facility disruptions, Zsuite can help banking processes to be ceaseless and effective for overall economic development. 

Zsuite’s embedded feature that allows for an opt-in portal is a tool to keep track of the health status of each member. Starting from the vaccination drive and a proper scheduling of doses to keeping a watchful eye on the victims to alerting them for the next schedule, Zsuite works in sync with the company’s database and builds transparency to avoid complexity related to COVID restrictions. 

By allowing it to gather data from location intelligence, Zsuite rapidly makes it easy to trace disease, discover employees in harms’ way, and sends across emergency messages to keep operations running.

 

At different levels, Zsuite provides a massive volume of data, which is useful to derive insights from existing incident data and build a foolproof plan. By prioritizing resilience, organizations gain the ability to eliminate risks and avoid facility disruption failures. 

Critical events are evolving every moment. Having the right CEM tool, Zsuite means banking institutions can leverage a robust emergency preparedness tool to improve their response to business continuity. 

With visual risk intelligence, multi-modal crisis communications, Zsuite provides banking leaders with the ability to scale and mitigate risks at the earliest possible. As a result, before an incident turns into a grave situation, banks can handle the situations in real-time and promote cost-effectiveness. 

Overall, by protecting facility operations from probable threats, banking organizations are able to deliver excellent customer service, helping them build a long-term customer relationship, ensure profits, and build long-term sustainability. 

If your banking operations need to ensure uninterrupted business operations in facilities, Zsuite must feature in your existing IT infrastructure. 

Want Zsuite? Schedule a demo today

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Prepare for critical equipment management for uninterrupted banking services

 

 

For Mizuho Bank, little did they realize that their inability to transfer data to backup devices during peak operation hours could lead to computer system glitches. What did they not understand was the possible restoration preparation in a situation where their backup function could not work. Their response and reaction were not timely calculated. The outcome of critical system failure was worsening as it impacted operations across all branches, impacting operations at all customer counters. The malfunctioning of computer systems suspended transactions. The poor experience their customers faced impacted their bottom line by and large more than over a week. . 

 

With a proactive operations resilience strategy, bank leaders can prevent recurrence of data backup failure and then computer systems failure. 

 

However, the increasing number of modern equipment and device adoption could mean business disruption at any time for the bank’s operation and management.  

 

Banking leaders can relate the scenario of Mizuho Bank to their own set of financial service and operation challenges which are in most cases unforeseen and unpredictable at different times. 

 

Using Zsuite’s AI-powered critical event management tools, leaders at banks can scale their ability to mitigate unpredictable business disruptions due to critical equipment failure. As the critical equipment use cases are evolving across banking operations day-to-day, an integrated suite of CEM software delivers operational resilience and makes business agile. There are different scenarios a CEM platform can aid banking operations in becoming more accessible to customers without disruptions. 

 

CEM technology scales operational resilience for banking services

 

Banking process failures from critical equipment failure is a glaring risk to growth, which impacts hundreds of millions of businesses in minutes.  There are hundreds of possible scenarios of critical equipment failure in banking sector 一 some of which are usual and some of which can be dreaded and novel by nature.

 

The emergency response teams are interested in utilizing a technology that helps visualize risk in real-time and reduces time to mitigate vulnerabilities to machines and equipment. Harnessing visual risk intelligence delivers efficiency in identifying future risk to critical equipment not only on-premises but also off-site. There are various advantages of a CEM platform that banking operations could leverage to restore operations while they can be more capable of preparing better for emergencies in the future.

Banking equipment susceptible to critical failures 

 

Banking leaders are adopting digital transformation to provide consistent customer experience. The rising demand for instant financial services calls for maintenance and functioning of these banking devices and equipment. With emergency response teams needing to monitor each and every set of equipment, every second matters to keep equipment or devices running.

 

Banking critical equipment or devices include 一

  • remote cash capture
  • coin and currency collector
  • automated teller machines
  • interactive teller machines
  • deal drawer
  • night depository
  • cash recyclers
  • self-service kiosk and many more devices

As digital banking cannot scale without these machines and tools, their capability to operate in full swing is also significant to promoting customer services.

 

Banking leaders seeking predictive maintenance for critical devices and tools know something more than legacy tools can help them build a robust contingency plan. Failing to conform to this strategy could mean critical equipment disruption and operation failure.

 

Visual risk intelligence improves emergency responses 

 

The challenges are diverse and ideas here for banking leaders could be more of visualizing and analyzing them in real-time and possibly offer faster resolution. 

 

Some services can easily be out of order when the bank’s data center is unable to operate after a primary piece of equipment fails. Such incidents can have a drastic impact on banking centers across different locations, probably nationwide. It results in forcing system admin to declare ‘site unavailable’ on the banks’ home page. The damage translates into checks not getting encashed, leaving the service completely suspended for several days or a week.

 

As computer systems approach this critical scenario, Zsuite’s CEM capability that harnesses AI-powered visual risk intelligence helps identify the risk ahead of time. Threat intelligence works through data collected from IoT sensors overlayed by different bank equipment pieces. Having to identify this risk helps emergency responders keep the leader in charge informed of the critical incident and prevent mistakes before it prolongs the suspension of services. In addition to mitigating the impacts of critical equipment failure, location intelligence rapidly suggests response teams to reach the affected site in real-time and initiate the maintenance or restoration work. 

 

Digital workflows for faster incident communication 

 

Banking systems always need service uptime for their critical equipment. It is not unlikely for leaders to lose track of technical processes. When it happens, customer facing issues are on the rise.  Inaccessibility to finances is a primary issue for customers. 

 

Real-time trading, check depositing, fund transfers, account information access, new account opening and funding, investment account transactions 一 and many many significant banking processes may be at stake. 

 

In Zsuite, digital workflows leverages automation to facilitate emergency communications without having to populate emergency alerting at a difficult time when every second matters.

 

Based on the historical data providing critical information about operation disruptions, Zsuite allows for development of customized messages. Their CEM technology also makes it possible to use predefined message templates and set rules to be used in different scenarios. 

 

Having the ability to predict situations in real-time, it helps derive situational awareness of the system health. If there is any abnormal behavior detected by risk intelligence, it sends threat alerts to the system. In time of any critical equipment failure, digital workflows work in sync with contact centers, identifying the right person to send alerts and helps take appropriate remedial action. 

 

Banking leaders can find Zsuite digital workflows powerful integration to their IT service management platforms for delivering the right emergency alerts at the right time to the right person in taking a data-driven approach. 

Rapid risk management and operation restoration 

 

The values of a common operating picture is phenomenal that leaders seek to visualize risks to their critical equipment. Through a single pane of glass, Zsuite brings together possible threat data in a centralized location and helps analyze severity of risk as well as root cause of machine failure. By analyzing risk at a granular level, the emergency response team can allocate resources accurately and prepare their restoration activity in real-time. 

 

The emergency response team can also share their views with the stakeholders and other team members through two-way communication channels available on multiple platforms for users. With shared insights from top leadership, the emergency response team can build a faster and powerful risk management process. As a result, they can reduce mean time to response or MTTR, while minimizing time to restore the operations. 

 

In addition, a common operating picture also provides a view into equipment health and helps schedule for predictive and preventative maintenance. The practice keeps every critical equipment in checks and reduces the possibility of failure.

 

Zsuite is a powerful critical event management tool, which helps leaders prepare for every failure on their critical assets. It means banking operations leaders can experience fewer failures and damage to their reputations.

 

The technical failures do not seem like a frequent incident as end-to-end asset monitoring keeps everyone informed about the real-time status. With fewer redundancies, Zapoj that builds Zsuite CEM platform ensures profitability for banking sectors by discouraging delayed response to operational failures. Also, stakeholders and partners are capable of reducing costs to manage risks and encouraging business resilience. This CEM solution from Zsuite is indeed a powerful tool banking leaders can leverage to build plans for a fool-proof customer experience. 

 

Learn more about how Zsuite can help manage critical equipment here. If you need the Zsuite CEM platform, schedule a demo

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Bank and Supply Chain: Build Resilience for Operational Efficiencies with CEM

 

Critical event management as an option to keep operations resilient with evolving emergencies can significantly reduce the growing concern of supply chain disruptions in the banking industry.  For the industry that involves operations handling money transfers, transactions with cash or digital payment one way or the other preferably seek robust cash supply chain management processes.

 

Going forward, the cash supply chain holds similar activities as the retail supply chain does. So, the risk that retail inventory entails makes no difference for supply chain operations for banks and credit unions, forcing them to optimize operations at different levels. The effective way to maintain supply chain efficiency is by optimizing critical event management software, which ideally helps supply chain leaders boost cash flow and serve their customers. 

 

Stimulating cash flow through supply chain management 

 

The financial institutions worldwide are facing the glaring of cash handling costs, exceeding $300 per year. Leading banks are desperately in need of a way to manage their supply chain operations that would help build a strategy in restructuring their growth expenses.

 

Despite digital wallet and other sources of integrated methods, cash is still a crucial method to aid global transactions. Global supply chain management from top down encompasses a lot of devices to move cash from bank to customers. The primary sources to make cash available to customers are Automated Teller Machines (ATMs), Recyclers, Video Tellers, and Kiosks among other sophisticated technologies.

 

Unless supply chains improve their productivity to efficiently help manage, protect, transport, and process cash; optimization of these technologies is largely ineffective, increasing maintenance costs while impacting the bottom line for banks.

 

To reduce the costs of maintaining cash handling technologies, cash inventory management should scale keeping in mind the proper utilization of the network of ATMs, preventing excess cash sitting idle. The strategy is foolproof to improve cash supply chain productivity while getting competitive advantage in the market.

 

Most large retail banks are considering the strategy to optimize the cash supply chain that in other ways would help technologies to perform better and enable cost-savings. 

 

Globally, cash in circulation sees a bump in their growth. For instance, the European Central Bank and United States Federal Reserves conform to the demand of cash and currency being raised exponentially. These also encouraged the increase in cost for ATM deployment and management.

 

Overall, from central bank to customer, the cash-in-transit journey is costly for banking institutions. The demand asks for an optimized supply chain, which by and large need the support of critical event management solutions. 

 

With eagerness to build resilient supply chains for cash flows across different locations globally, banking leaders are mostly likely to improve operational efficiency of supply chain as well as optimize ATM networks.

 

Route optimization to reduce costs and encourage resilience

 

Leading organizations are applying the power of artificial intelligence to monitor end-to-end functionality across the path of supply chain operations. The strategy has effectively delivered solutions in making the supply chain resilient while meeting their ambitious goals of logistics delivery on time.

 

Retail banks also have a deep concern for their products being affected by unpredictable threats along their way to destinations. With a focus on achieving significant cost reduction, they also need a solution which helps optimize their supply chain operations for on-time logistics delivery and elevate customer experience.

 

The effective way to predict threats to their way is by gaining situational awareness into the critical events. The visual risk intelligence capability is significant in predicting risk ahead of time. By giving an effective way to supply chain leaders at banks, Zsuite helps analyze risks through a common operating picture, bringing all threat data to a single pane of glass to work through only critical threats.

 

As they identify risks to the supply chain processes, it is the easiest solution for banking leaders to optimize the logistics route. Thereby, by detecting risks much ahead of time, visual risk intelligence that builds end-to-end supply chain monitoring, helps prevent possible threats, and manage transportation costs. In addition to reducing transportation costs, Zsuite also streamlines supply chain operations while minimizing logistics costs that would otherwise meet with disruptions in absence of visualization capabilities.

 

Crisis communications in helping manage supply chain related operations 

 

 

Being able to deliver the right information during any emergency is the best thing about crisis communications. The tool built with Artificial Intelligence taps into several modes of communication networks to keep people involved in the process of cash-in-transit informed about any critical incidents.

 

Expanding its capabilities as emergency alerting or mass notifications, crisis communications can be effective during emergency situations, many of which include inclement weather, labor unrest, natural disasters, pandemic, including man-made disasters. 

 

Different forms of scenarios resulting from critical events impact cash-in-transit services. As a result, cash supply chain processes face disruptions before they can transport the money to appropriate ATMs at designated locations.

 

In addition to 40% excess cash idling at branches, armored courier services, including the maintenance of sophisticated technologies, financial institutions have not yet optimized their efficiencies, which is another primary reason for them to shell out extra money. 

But, crisis communications enable cash inventory to move through different channels with proper strategy if leaders have real-time information. Zsuite users already utilized crisis communications before, during, and after critical events to keep their people safe and operations running smoothly at different levels.

Banking operations can also benefit from these advanced crisis communications tools to communicate information which is reliable and contextual. Without having to worry about information fatigue, emergency responders gain proactive emergency preparedness strategies, helping them to mitigate impacts that would otherwise hit the bottomline.

 

If your banking operations look at ways that could help with cash supply chain management, Zsuite gives you all the tools to enhance your supply chain productivity and save the bottom line.

By leveraging deep insights into critical events, Zsuite delivers the performance in fulfilling the building of integrated supply chain networks across the banking environments. As a result, our CEM tool helps build predictive data analytics capabilities, which discourage operation silos and foster accountability through improvement of insights accuracy. The advantage keeps everyone adaptable with the system functionality, which not only delivers ease of use, but also makes it easy for non-analytics teams to comprehend deep insights.

 

The real-time comprehension of threat is thereby helpful in mitigating vague perception of the situation and help encourage real-time decision-making. With Zsuite encompassing capabilities that align with the legacy supply chain networks, its IoT connectivity simplifies the visualization of fluctuation in demand and supply, thereby helping suggest better techniques to mitigate risks in real time.

Additionally, Zsuite provides a better opportunity to gather historical data to help banking leaders integrate risk management strategy into their contingency plans to prepare and allocate resources adequately to build a competitive advantage for future risk mitigation. 

 

Having Zsuite in your banking supply chain management network gives the ability to scale and save costs in terms of enterprise cost management through developing long-term business value. This technology is available as a SaaS-based solution, which is manageable through either onsite monitoring or virtual deployment and inspection.

 

Are you ready to adopt Zsuite to transform banking supply chain processes? Zsuite helps you leverage this capability.

Schedule a demo today.

 

 

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Find Why Is a CEM Tool Critical for Employee Safety in Banking? 

Working with the banking and finance sector remains a sensitive area with exposure to workplace health and safety risks. Now, with the pandemic-related health threats, the existing threats are another level of crisis for employees which is unlikely to die down for stakeholders and leaders, prompting extra length of employee security and safety procedures. 

In most cases, the most usual employee threats can impede decisions to open a new bank operation. In this kind of scenario, bank robberies are a leading threat to employees’ life and security. Other man-made risks that encompass fire incidents, terrorism attack, or active shootout have drastic outcomes on people’s safety for banking operations. The best way for banking and financial operations to ensure safety for its employees is to use a robust critical event management tool. 

With multi-faceted capabilities built within the CEM architecture of Zsuite, the software helps banks with workplace health and safety compliance. It means a CEM is a suitable platform, making it flexible for the emergency management team to implement employee safety and security. Like many Zsuite users, banks can also optimize the CEM technology from its portfolio and build trust and confidence for employee safety. 

Combating man-made risks

Banking and financial personnel never know when they are exposed to threats as the concern for man-made risks are increasingly growing at scale. With bank robberies being one of the common threats to bank employees, the best way to keep emergency responders informed and get appropriate resources to mitigate life-threatening risk is to use AI-based MNS software. 

During any emergency, emergency communications are key to making progress with getting help and risk mitigation. The cutting-edge technology is the powerhouse for Zsuite, helping leverage fast and scalable mass notification systems. Zsuite enhances the message delivery capability, which escalates in real-time for people in harm’s way and anyone who needs information to keep people safe. 

Other than making information fast reach, it also ensures zero tolerance for information overload. It is end-to-end visual risk intelligence built in Zsuite that anticipates threat landscape and sends alerts to the MNS so that it can only relay information which is contextual and provides situational awareness. 

The other way around, by capturing location details of employees using its geo-location capabilities, emergency responders are able to reach the right people who need the right information to react and respond to threats in the most effective manner. 

Multimodal message delivery powered by a contact center is a unique feature of Zsuite that helps detect the right person in danger and helps reduce panic, thereby helping build a safe workplace for banks and financial institutions. 

Also , when orchestrated right upon the emergency  tools, Zsuite helps leaders maximize its emergency notifications or alerts during active shootings, bank robberies, and a minor situation like employee harassment.

 

Real-time connectivity in extreme weather 

As banks look at ways to work incessantly, employee safety comes as a major growth objective for banks. Situations are unpredictable more than ever now with extreme weather conditions, natural disasters, storms, or floods turning out to be real threats. 

Situations like these always seek for end-to-end monitoring into what and how things are happening. With high-alerts making it to each corner of the extreme environment, emergency leaders at banks also determine their emergency communications work at scale in keeping people safe and informed. 

Built-in real-time visual risk intelligence provides real-time status of the situations, enhancing threat monitoring and enabling targeted and timely alerts to improve response and risk mitigation.

When people are at work, the complexity only increases as banking leaders need support for their safe return back to home. Simultaneously, it is also important to make sure they have no life risk at work environments too. To build defense against weather-related risk, emergency alerts and geo-fencing assist in ensuring safety and security for employees. 

Mapping safe zones at the workplace is easy with Zsuite CEM. Leaders gain actionable insights into safe places so employees can operate safely and avoid any uncertainty of risks. 

Beyond the work territory, Zsuite also provides capabilities to reduce travel-related risks. Opt-in portal is a safe way to be in contact with continuous monitoring through the command center. GPS-tracking and two-way communication model keeps employees informed and aware of risk ahead of their way. Ultimately, employees who can use fast and secure information can respond to rescue procedures quickly and move to a safe zone. 

End-to-end wellbeing monitoring 

As things look to settle down from the phase of the pandemic, the COVID-19 threat does not seem to die down soon. When leaders are aware of the fact, which makes it mandatory to maintain compliance with the government policy for employee health and safety from COVID-19 risks, Zsuite helps. 

Banks can leverage location intelligence and opt-in survey portals, designed specifically for making handling of infections and employee safety convenient.

 

When employees sign up with opt-in survey portals, they give consent to sharing private and confidential COVID-related feedback. With the contact center working in sync with the opt-in portal, Zsuite makes it easy to trace the right employee with symptoms of infection and restrict movement and close contacts with other employees. 

Also, it speeds up the isolation procedures as well as sanitation work to improve and help compliance monitoring. 

In curbing threats to spread to other locations, leaders can find location intelligence handy as the technology provides granular level visibility into contaminated spaces, and then imply restrictions until further notice. 

By ensuring the well-being of employees, it is never too hard for leaders to enable others to work with full confidence and continue their services without any health risks. 

Having Zsuite with the existing IT system in banking zones can help everyone build a resilient service with a robust team at work 24×7. 

When you aim to build a safe and secure environment to ensure employee safety in banking fraternity, speed and data relevance are critical to responding at scale and being able to react in real-time.

Zsuite has integrated CEM features to protect your people at any time and anywhere. 

Starting from anticipating threat severity to providing deep actionable insights through a common operating picture, Zsuite helps banking leaders harness efficient methods to minimize the impact of any threat. 

Zsuite reduces the time to train emergency responders by building an intuitive interface, which is fast and easy to learn and use before, during and after any threat to employee safety. When it comes to meeting duty of care for employees in the banking setting, Zsuite facilitates employee safety by mitigating the impacts of upcoming risks. 

Reduce mean time to respond and maximize mean time to react with Zsuite to deliver optimal performance before, during, and after any employee safety risks. 

Need assistance to adopt Zsuite? Schedule a demo today. 

 

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ZSuite

Zapoj Empowers Businesses to Implement Infectious Disease Tracking

Today’s business needs to be resilient at all levels all while ensuring disease is far beyond the reach of your employees and people to give them a safer experience. Infectious disease tracking is key to staying ahead of infectious disease risks, preventing your employees from being exposed to infection, restricting transmission, ensuring employee wellness, and boosting their readiness to join offices. Zapoj CEM platform is a powerful end-to-end infectious disease tracking or contact tracing software helping business boost their confidence to facilitate the return to work as seamlessly as possible.

 

Zapoj CEM platform keeps businesses ahead of the COVID-19 vulnerabilities

Zapoj critical event management software harnesses the power of Artificial Intelligence to deep understand the source of the infection so businesses can hurriedly get insights into where is the risks generating from, how’s the impact going to be, and finally it simplifies decision making.

Leveraging this critical event management tool, it will be 10x easier to identify risk patterns related to COVID-19 in real-time which means you can take immediate action that restricts the spread of the disease and keep with government compliance.

 

How it works?

Zapoj CEM is more capable than Bluetooth-enabled contact tracing mobile apps.

The data accuracy is not always at par standard with what governments or organizations actually need to handle disease efficiently using Bluetooth contact tracing apps. To pull information from people being in the proximity of infectious persons or personally infected, apps must require people to give consent to use it. Owing to this fact, privacy becomes a concern for these people, limiting the collection of adequate information.

Harnessing the CEM capabilities of Zapoj; businesses and individuals can get better versions of infectious disease tracking flexibility.

COVID-19 tracking means you have risk intelligence in place to help your business keep track of contact events that may cause infection. Based on the fact of this information, businesses can immediately notify the person who has been in contact with the infected person. On a broader scale, organizations can identify potential threats to their employees, notify them to be extra cautious, suggest tests, and respond accordingly to ensure their wellness.

Without having to violate employee privacy, Zapoj gives every organization an opportunity to use location intelligence or awareness of their employees to accelerate the process of infection disease tracking.

 

Comprehensive location-tracking with Zapoj

Zapoj flexibly adapts to your organization’s contact management system which you’ve built for different purposes. On the other hand, if you don’t have such contact management, Zapoj CEM allows you to create a contact database that works in tandem with your organization’s compliance policy.

Location-based infectious disease tracking becomes much easier with available data such as GPS signals, addresses, contact numbers, Wi-Fi location. Zapoj dashboard provides situational awareness into identifying the person through an in-depth route mapping where the COVID-19 positive person may have moved about and uncovers other contacts with potential threats. With all tracked contacts being identified and notified, you can easily strategize isolation, wellness programs, and restrict the infection from spreading.

An advantage with Zapoj CEM is that it has built-in mass notifications and emergency alerting systems. So, not every end-user has to download it. With an accurate COVID-19 infection update in your hand, you can automate notifications or alerts right through the Zapoj dashboard which reaches the right person at the right time via a multimodal delivery path. It can be social media alerts, texts, emails, voice calls – so anything that your employees use which ensures every critical message works effectively with real-time feedback.

Geofencing and location tracking – these two intelligent tools embedded in Zapoj gives efficiency in density management in shared paces like conference rooms, cafeteria, and other places. This is a way forward to keeping you ahead of all potential threats, making risk assessment easier. It also ensures you embrace the return to work rapidly and provide a safe place for your employees to mobilize your operations.

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White papers Workspaces

Your workforce through a fully integrated communication platform

During public safety threats such as Covid-19 or severe weather conditions, as well as critical business events like Equipment failure , IT outages or Cyberattacks – ZSuite improves organizations resiliency to such events by intelligently activating response teams based on their context and location awareness over any of the communications channels like sms, email or voice call. Establishes further a communication and collaboration on workspace among all involved parties to bring impacted operations back to normal or implement business continuity with minimum disruptions.