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Atlassian for Industry-Specific Needs: 4 Ways FinServ Organizations Benefit from JSM

By Elizabeth Clor

Many different organizations use Jira Service Management to fulfill their ITSM strategy, from mortgage lenders to retailers and biotechnology companies. However, each of these sectors comes with different challenges and opportunities, whether robust regulatory requirements, budgetary constraints, or growing competition. 

We’re creating a series to unpack how Jira Service Management benefits Atlassian users across different industries. In this piece, we’ll dig into how financial services organizations have leveraged Jira Service Management Features to bolster their internal communication and customer support. 

Customer trust in financial services companies is lacking—and many companies aren’t taking the correct steps to see a positive change.

A report from Forrester Research published late last year found that consumers ranked the majority (57%) of finserv brands ranked as “weak.” Only 2% ranked “strong.” The poor performance is a result of finserv companies misunderstanding the best strategy to earn consumer trust, according to the researchers. One often-overlooked opportunity: customer experience. 

As more and more finserv companies offer key services online, customer experience can be measured in support tickets, data security, and interactions with support agents—all of which fall under the domain of IT service management (ITSM). Today, 45% of financial institutions have low ITSM maturity, which spells a huge opportunity for the industry as a whole to increase consumer trust, and in turn drive business growth.

Making a change starts with choosing the right tool, designing an appropriate configuration, and then deploying and maintaining it correctly. For finserv organizations looking to uplevel their customer experience, Jira Service Management (JSM) offers efficient ticket organization, integration options, and security and compliance features that can streamline service operations. These benefits allow financial institutions to communicate more ably in a dispersed environment and provide the support their customers deserve.

  1. Customized ticket organization helps meet high-stakes customer needs, faster

Mortgage lender Newrez faced down the prototypical nightmare of service management: too many tickets, too little organization, and uncertainty about where to begin solving the problem. The team’s ad-hoc JSM configuration resulted in a plethora of custom fields and tickets, meaning a clogged, slow-moving JSM instance. 

At the time, the company was using its JSM instance for both internal communication and customer support. “We didn't know what was causing us the most issues, so we didn't know where to focus on getting fixes,” said Joe Koch, Director of Business Application Delivery. This slowed-down software in turn made the development and response process slower, making it difficult to give customers efficient responses to pressing questions about their loan. Quality customer support is especially vital when a user’s finances are on the line, and slow responses were greatly detracting from customer experience. 

As an Atlassian Platinum Support Partner, Contegix helped evaluate their team’s needs and reconfigure processes to match. JSM’s flexible field and qualifier options allowed Contegix experts to design a customized ticket organization solution. As a result, Newrez now enjoys a cleaner Jira instance, faster runtime, and more efficient development sprints—and their customers receive higher-quality, efficient support. 

  1. Robust integration securely adds powerful cross-platform capabilities

With the ever-expanding state of toolstacks, any service management platform must be able to seamlessly integrate with other work tools. JSM offers a wide-ranging suite of flexible integrations with external tools. 

Atlassian’s robust API allows developers to ensure that any transfer of data between two work tools is made securely and safely, improving the customer experience while protecting customer privacy. For instance, integration with Slack allowed teams at microlender Kiva to seamlessly access internal tickets, enabling team members to more easily communicate remotely and across departments. Similarly, integration with other Atlassian tools meant that employees at EQ Bank could convert incident report tickets from JSM into linked issues in Jira Software, improving efficiency and reducing the risk of errors. 

  1. Zero-trust reduces security and compliance risks

Regulation and compliance are vital considerations for finserv organizations, and can hold them back from agile maturity. To support such businesses, JSM harnesses Atlassian zero-trust security protocols and compliance resources, allowing teams to benefit from agile processes and tooling while minimizing risk. 

One area where this fastidious attention to security benefits organizations and customers alike: external plugins. Atlassian Marketplace tools are a key draw for Atlassian users across industries. Atlassian provides extensive security information on marketplace apps, simplifying security and compliance for finserv organizations. That means that organizations like EQ Bank can confidently use add-ons that add key functionality, like Opsgenie, Draw.io, Easy Agile, and Comalatech. As a result, customers receive faster, better service, delivered securely. 

  1. Automation provides scaffolding to serve customers at scale

Besides security and compliance, many financial institutions struggle with service management for a more straightforward reason: scale. At institutions operating on a national or even global level, thousands or millions of customers can create a volume that makes it difficult to scale support in an efficient way. 

Edenred, a digital payments platform, uses JSM for ITSM support across over 15,000 customers—and they’re aiming to use JSM to service their entire, 52-million strong customer base across 45 countries. They chose JSM in part because its powerful automation capabilities have allowed their IT team to easily access service requests and increase visibility, at scale. And, JSM’s flexibility supports the enormous scale of growth that they’re undertaking for the future, while ensuring a solid foundation of support. 

Making ITSM tools work for financial institutions, not the other way around

JSM offers flexibility, customization, and security benefits provide what finserv organizations need to deliver on customer experience. A flexible, secure service management platform allows businesses to better support customers whose finances may be on the line. 

Between streamlining internal communication and responding to customer needs more quickly, financial institutions should consider whether Jira Service Management is the right solution for their service management needs. With the right tool, configured well, financial institutions can scale support and deliver the experience their customers deserve. 

Interested in learning more about if Jira Service Management is right for your organization? Reach out to Contegix today.