Monitoring Digital Experience to Stay Close to Customers: How Observability Can Transform Financial Services and Fintech

This blog was originally published July 31, 2020 on Humio is a CrowdStrike Company.

As fintech solutions have proliferated in the financial service industry, one of the emerging keys to growing a customer base is to have the best customer experience.

For services connecting with customers using digital access points such as web or mobile applications, this means monitoring the experience of users in real time and responding as quickly as possible when errors happen.

Humio provides a solution that gives companies the ability to respond to the needs of their customers in the moment with live streaming data, while also making it easier to explore issues that happened in the past with the same immediacy. Humio log management generates sub-second search results of all log data at a low cost. Its unique index-free architecture removes barriers to accessing data. This enables support, development, or any other team with an interest in customer experience to answer any burning questions as soon as they come up.

All Teams Benefit From Log Management

Humio is used across our organization. It starts with engineering and product, and follows up with QA and our operations team — a holistic view. Our operations team can hand off customer scenarios and really investigate what has happened for a customer journey. The product team can confirm that. – Steven Gall, VP of Engineering at M1 Finance

This holistic approach to sharing data is made possible by Humio’s sharable dashboards that are readable, accessible, and actionable without specialized engineering experience. When various teams are able to pass information around freely, the team member who is able to fix a problem will see it faster, and customers will benefit from a prompt response.

Build Customer Trust

Whenever something goes wrong, we have an alert triggered, and we can see that a person using the app is having an issue, or if a transfer went wrong, or whatever it might be. Our developers use that to get the customer ID and send that directly to our Customer Support team that will reach out to the customer and say ‘Hey, I think maybe you encountered some error. Can I help you with something?’ We try to be very upfront with the errors instead of having the customers come to us. – Kasper Nissen, Cloud Architect and Site Reliability Engineer at Lunar Bank

When alerted to issues in real-time, financial organizations can start to fix the problem right away. They also have the opportunity to reach out to the customer and proactively let them know about possible upcoming issues. This improves one of the most vital parts of the customer-bank relationships – trust. If customers are notified of issues before they encounter them, they are much more likely to forgive their financial service provider and the damage of the related incident will be minimized. Support teams that are able to determine the cause of the issue are also able to keep the customers feeling informed about the cause, and will be able to provide an informed repair time.

Search Deep Into Incident History

Humio doesn’t just provide solutions for real-time incidents. By enabling users to affordably log everything, it also retains a detailed historical record that can be probed after an event to determine root causes. It provides access to these archived logs with the same sub-second latency of live streaming data. And because data is stored in an append-only audit trail, every single change ever made can be examined and explored.

Look at the Whole Picture, in a Second

In addition to providing solutions for focusing on single customers, Humio gives users the ability to look at all issues being experienced by all customers at the same time. This enables engineers to prioritize which issues to deal with first based on how many customers are affected. By centralizing log data from any number of sources and putting it in visual, easy-to-read dashboards, Humio gives users actionable insights that will help them provide fixes that will help the most customers the fastest.

The visualization helps us understand what’s happening at which frequency, and which fires to put out. – Steven Gall, VP of Engineering at M1 Finance

Improve Customer Satisfaction While Reducing Costs

Financial service providers at banks and fintech institutions are finding traditional log management systems struggle to meet the growing demands of their customers.

We had a lot of issues running Elasticsearch. – Kasper Nissen, Cloud Architect and Site Reliability Engineer at Lunar Bank

If a solution can handle data at scale in real time, it is often prohibitively expensive to use. Humio provides real-time data at scale and a reasonable cost that is tied to usage rates.

See how much you’ll save by switching to Humio by visiting our pricing page.

Explore how you can use Humio to meet the needs of customers in a live demo.

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