In the first few months of 2017, I have spent a considerable amount of time meeting with the banking community around the world. In my travels, I have noticed a repeating phrase from those executives and managers responsible for driving improvement in their business – “If only.”
Customer satisfaction in the banking industry is key to retaining not only today’s business but growth into the future. In an ever increasing competitive environment maintaining an “always on”, “always connected” infrastructure is what the whole customer chain expects and deserves. With financial services buildings, data centers, bank branches and ATMs located in both urban and remote locations sometimes numbering well into the thousands, the number and reliability of connected power distribution and electrical assets can vary widely.
Assets in bank buildings and branches are at risk of downtime if not managed and maintained properly.
In fact, one client recently commented that ‘asset reliability’ is his single biggest source of downtime and client dissatisfaction stating that “a bank building in central London or a remote office in Africa are equally important to our clients. They all want a reliable infrastructure that affords them access to their funds and our client resources when and where they are needed.”
At the end of the day, providing a world-class experience to their end users is what our commercial and retail banking clients want, meaning no downtime and no latency for digital services.
Banks and financial services companies with bank building and branch infrastructures across cities, countries and even continents have historically relied on customized, rudimentary record-keeping to log the maintenance and health of their assets. As we move into the IoT world of Big Data, the challenges in pulling together these diverse records are daunting. With changing consumer habits and rapidly evolving digital banking needs, everyone is looking for well connected, automatic systems to deliver clear, timely decision-making information. The aim is to minimize and eliminate downtime or latency that can cost money, or worse, a bank’s reputation.
Now with digitally connected technology or the IoT, banks and other financial services companies can take advantage of digital technology services that are designed to get ahead of asset performance management issues and prevent downtime before they become a problem. Schneider Electric calls this EcoStruxure Asset Advisor, and it is a cloud-enabled predictive analytics solution to manage the performance of your assets, and it is provided as a service through Schneider Electric’s global field services team. Through asset specific algorithms, the EcoStruxure Asset Advisor solution will provide insight as to the operating conditions of your asset to help mitigate the risk of electrical failure, and it offers banks with complex building infrastructures peace of mind that a trusted source with OEM expertise is looking after their assets. This predictive approach compliments other on-site service and preventative maintenance plans while improving capex planning such as proactive equipment replacement based on condition. Predictive maintenance can also determine maintenance adjustments for better cost optimization and risk mitigation such as keeping staff safe through early warnings and maintaining critical processes.
If managing the reliability and performance of assets in your buildings and branches is a challenge for your organization, the IoT is enabling solutions that let you get ahead of the issues before they cause downtime. Visit our website for more information on EcoStruxure Asset Advisor and our banking industry solutions .
If you like this blog, you may like my blog on cyber security regulations which are also fundamental to reliability and managing operational risk in the banking industry.