Fintech Companies Gain Reliability Through Business Incident Detection
Financial Technology companies process transactions and lend funds in greater quantities than ever before, and they are initiating new financial business models. These money-oriented businesses need 100% uptime, and their success is predicated on a consumer perception that they are as reliable as, say, the dial tone.
If an online payment or loan request suddenly hangs in the middle, the consumer will ask herself “did it go through? do I need to resubmit? but I don’t want to end up paying or borrowing twice.” This uncertainty erodes brand equity, and makes people hesitant to use whatever fintech platform had the glitch. And while it may have gone largely unnoticed in the past, today with Twitter and other social networks, every downtime or process that does not work, no matter how minor, gets amplified by being shared widely.
Every transaction, click, purchase, etc. generates a data point, and together they form a vast number of data streams. Anodot’s Business Incident Detection automatically learns streaming data’s normal behavior including seasonal and other complex patterns, to identify and alert customers on any combination of metrics that behave abnormally. Anodot finally provides fintech companies the tools needed to detect and diagnose issues early, resolve them quickly, and take preemptive actions before they turn into crises. This is a drastic change from the static nature of BI as it exists today.
Use cases for fintech include:
- Payment Processing – Identify unusual drops or increases in error rates across multiple payment entities, geographies, devices (e.g. inability for Android users to submit payments using Visa); flag unusual number of payment declines or credit card refusals
- Partner Integration – As a fintech provider it is crucial to assure the health of your customers’ integrations. A code push on either side can potentially break the integration and cause a lose-lose situation.
- Personal Finance Apps & Web Sites – Keep partner offers running smoothly by tracking offer integration, conversion, devices and more; identify campaign effectiveness
- Lending, Crowdfunding & other Web/Mobile Fintech – Spot critical bugs post deployment in real time before they become emergencies – e.g. increased latency on pages, behavior changes among visitor activity or agents