FINTECH: How Financial Services use Humio to improve the customer experience

Observability can transform CX by anticipating customer needs

July 15th, 2020

Traditional banks are waking up to the fact that they can no longer count on brand loyalty alone to retain customers.

In order to maintain their base and grow, they need to increase the quality of the services they provide. This means making applications with web and mobile interfaces that are customer-friendly and allow all sorts of mobile banking and digital financial transactions. However, all the work banks put into creating great interfaces and shiny features won’t matter at all if the customer has to deal with downtime, unresponsive support teams, or unexplained errors.

Customer success is crucial. We're a digital-only bank. We only have an app and no web, no branches for traditional banking institutions. So when a customer calls us or attempts to chat, we need to have some feedback right away.
Bjørn Sørensen

Web Architect at Lunar

Technology failures undermine all other efforts to create a positive customer experience

We’re able to take that customer ID and see a holistic view of all activity that has happened for that individual across all of our different services. We can quickly use Humio’s expressive queries syntax to search for all interactions on this customer ID and we can see any potential errors.
Steven Gall

VP of Engineering at M1 Finance

Behind every successful customer experience (CX) there must be a powerful, robust, and flexible infrastructure creating a positive user experience (UX). It’s vital to keep data flowing from all endpoints, and enable developers and support teams to know what the user is seeing in real time.

To achieve a centralized, real-time view of all data in a system, log management like Humio is the best tool for the job. Humio is an infrastructure monitoring tool that can efficiently track behaviors from any number of endpoints from the network, the local infrastructure, or in the cloud. It enables organizations to see all activity related to a single user’s account by using a customer ID number. It also facilitates seeing all customers affected by disruptive events or outages. Built on strong compression technology, it provides a longer historical look months into the past, allowing developers and debuggers to get a better understanding of recurring issues.

No matter when an error is detected, log management helps

Log management can collect logs from any part of a system and alert financial service providers to errors in real-time. This facilitates a prompt, appropriate response that supports a positive customer experience. Humio can:

  • Detect errors in test environments - With lower costs for collecting log data, companies can expand their monitoring in the test environment, leading to more polished finished products.

  • Detect errors before customers notice - Real-time alerts can trigger a response via webhooks to fix the problem by automatically increasing bandwidth or setting up a firewall as well as a number of other options. Developers and security personnel can also be notified to correct the issue through a variety of configurable alerts via Slack, PagerDuty, and more.

  • Detect errors at the same time as a customer - If a company is unable to get ahead of the customer, it should still be able to provide them with quality responsive support. In these cases, log management provides a real-time view of errors, allowing support teams to explain why it’s going on and what steps they’re taking to help.

  • Customer experiences errors you did not detect - It is always possible to have unexpected errors. By collecting all possible sources of data, log management provides a vital resource when responding to unknown problems — a searchable record of activity which users can filter through in seconds to get to the root cause without having to make affected customers wait.

“We can see so many users experiencing these problems. We can actually inform the exact users experiencing problems.”

Bjørn Sørensen, Web Architect at Lunar

For known issues, log management provides flexibility to gain greater understanding. For unknown issues, it provides a means of discovery.

Humio allows users to customize their experience. Through dashboards, it provides a means for a team that doesn’t know its customers to develop an idea of their behavior by examining it in real time. And by making it easy to search any part of the stored data, it allows them to explore the details following incidents.

For teams that do know its customers well, it allows them to use their insights to optimize the customer experience, and speed up mean time to resolution for any performance issues.

Additional features of modern log management

Works in distributed environments

Humio’s log management is cloud native. It is optimized to provide the real-time flexible intake of logs from any unstructured or structured source. Designed to compress log data and store it on AWS S3 bucket storage, it supports the least expensive types of cloud storage.

Humio is used in all departments I can think of – from security to developers, to user support and network.
Roman Kovalenko

Product Manager for Observability and Monitoring Solutions at SpareBank 1

Securely share data with teams

Humio’s dashboards can share info with teams in an accessible way, passing along a curated cross-section of data without overwhelming teams with all the data at once. Support is able to access relevant data without having to ask permission each time from an administrator. As this data is accessed, Humio also provides audit trails which show who is accessing what data, helping financial institutions maintain compliance and also see what data is the most useful.

Nothing is missed

Made with efficiency in mind, log management reduces hardware, maintenance, operations, and license costs, enabling users to afford to log everything. Once everything is logged, Humio provides a full historical account of system data which can be investigated forensically and revisited months later.

Security features

As stories of cybersecurity breaches become more and more commonplace, having a prompt and effective security response is vital in shaping positive perceptions from customers of financial institutions.

By providing real-time searching and alerting, modern log management facilitates a more precise security response to possible intrusions and limits damage. And by storing a comprehensive set of logs for longer, security teams are able to decrease mean time to resolution (MTTR) when an issue is discovered.

There are a lot of use cases — everything from support asking day-to-day questions to running reports, looking for trends, pattern matching, and alerting. It’s been quite transformative!
Stephen Williamson

Ops Team Lead at FreeAgent

Additional Resources

Hear how Deutsche Bank and Stash improve their customer experience by attending our Financial Services Roundtable.

Hear customer stories about how Humio improves the way organizations better understand how customers use their products and services.

Explore more content related to Humio’s role in financial services on our Industry page.