How Application Management Service boosts application performance in Banking and Finance

In the fast-paced business world of today, technology is a key part of any company’s success, especially for business critical applications in the banking and finance industry. As these industries become more dependent on technology, it is important to make sure that the apps they use are always running at their best. This is where the Application Management Service comes into play.

What is an application management service?

Application Management Service (AMS) is a comprehensive service that manages and maintains business-critical software applications, ensuring that they are performing optimally and meeting the needs of the business. AMS offers a variety of services, such as maintenance, monitoring, upgrades, and problem-solving, to keep applications running smoothly and efficiently.

Scope of Service

• The necessary office and IT infrastructure, as well as resources.
• Functional and technical support through a Service Desk for the customer’s employees.
• Training for support staff and knowledge preservation on the application.
• Proactive monitoring and alerting of the application.
• Updated operational and application documentation.
• Consultation on functional and technical matters related to operation and further development.
• Regular installation of security updates for the used 3rd-party libraries.
• Proactive identification of security vulnerabilities through vulnerability scans.

3rd-level support as well as updates to the application that are not customer-specific change requests. The scope of services includes all activities required to resolve an incident. An incident is a malfunction identified during operation that requires a correction in the application’s code. This includes:

• Receiving reports from the customer’s 3rd-level support.
• Problem analysis and error description.
• Error correction, including functional testing.
• Delivering the updated application or security updates.

Priorities and Error Description

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Service Level Agreements (SLA) provides the following services:

Customers are given the opportunity to obtain support services outside of the times defined in the support package that is normally used.

Benefits of AMS in Banking and Finance

1. Enhanced support and availability:

AMS offers round-the-clock support, ensuring that any issues or incidents are addressed promptly. This can result in higher application availability and reduced downtime.

2. Risk mitigation:

Application management involves handling various risks, such as downtime, data breaches, and compliance issues. AMS providers are equipped to handle these risks and implement appropriate measures to mitigate them effectively.

3. Expertise and skill gap:

Organizations might lack the expertise and skills required to effectively manage and maintain their applications. AMS providers are specialized in managing various types of applications, bringing in a pool of experts with diverse skill sets, including software development, infrastructure management, security, and support.

4. Focus on core competencies and save costs:

By outsourcing application management, the organization can concentrate on its core competencies and strategic initiatives, leaving the management of applications to experts. This can lead to improved efficiency and competitiveness in the market. By optimizing resource utilization and implementing industry best practices, AMS can help organizations save costs and improve their bottom line. Building an in-house team with all the necessary resources and skills can be expensive.

Conclusion

In the banking and finance sector, applications play a critical role in the day-to-day operations of an organization. With the help of application management services, organizations can ensure that their applications are performing optimally, providing a better user experience, and meeting the needs of the business. AMS provides a comprehensive approach to managing and maintaining applications, resulting in increased efficiency, improved performance, enhanced security, and cost savings.

In conclusion, the benefits of AMS in the banking and finance sector are numerous and cannot be ignored. It is essential for organizations in this sector to implement AMS to stay ahead of the competition and provide the best possible service to their customers.

Take action now!

Do you want to optimize your applications for better performance and security? Don’t miss out on the benefits of Application Management Service.

Let’s take your business to the next level together! hello@modeso.ch