Pub. 6 2017 Issue 2

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 16 W HAT IF YOU HAD A TECHNOLOGY SOLUTION THAT NOT ONLY solved technical issues at your bank, but recognized and resolved issues before you knew they were a problem? Would you be surprised to learn that other banks are already benefiting from this technology, allowing them to operate more efficiently? Virtual Engineers utilizing artificial intelligence (AI) are being used to improve security, efficiency and reliability. BankOnIT, specifically founded to provide for the technology needs banks have, introduced Virtual Engineers into its Bankers Private Cloud® service. Implementation of the Virtual Engineers allows technical issues to be addressed more accurately, more efficiently and with faster resolution times for client banks. Designed to analyze the massive amounts of data relating to systems’ performance and security that flow through the firm’s own data centers, the Virtual Engineers are designed to use artificial intelligence to detect patterns and identify anomalies. The Bankers Private Cloud® Virtual Engineers utilize AI decision support systems while simultaneously working alongside human engineers. The Virtual Engineers take action when specific issues arise and seamlessly hand off other issues for human engineers to review. The combination provides capabilities that are not possible with people or AI systems alone. The Virtual Engineers are a first-of-their-kind capability to be widely available for the traditional bank. Ransomware and other security threats are a big risk for banks. When BankOnIT was creating the Virtual Engineers, the firm worked to ensure that they complemented the Threat Mitigation Shield. The Threat Mitigation Shield was previously introduced as part of the Bankers Private Cloud® service, further enhancing the firm’s security capabilities. “It’s surprising to us how many vendors out there have a new solution to sell every time there is a new threat,” Robert Mendez, EVP at BankOnIT said. “We were founded by bankers, and as a result, we take a different approach. As risks change – whether they be a security risk like ransomware, a new regulatory risk, which creates the need for new IT policies, or one of numerous other risks - we have created solutions to address these risks within our Bankers Private Cloud® solution. And, we’ve provided those capabilities at no additional cost to our client banks.” The Threat Mitigation Shield and Virtual Engineers are only two of many examples of this. At best, excessive downtime creates productivity risk with your staff and reputational risk with your customers. With technical issues like ransomware, it creates a lot more risks than that. Technical issues can also create security risks. In the typical bank IT environment, technical issues may be queued for hours before they can be addressed. And, if an issue occurs after hours or on a weekend, it could take even longer to identify and resolve. With something like ransomware, if the bank is only relying on a firewall, anti-virus and backups, there may not be enough time to recognize the problem and implement a solution before serious loss occurs. “Traditionally, most banks have left network performance, security and other issues to their employees to identify and report to the IT staff, with IT being an order taker and simply responding to employee requests when something breaks,” Mendez said. “That’s really inefficient and costly, and for security issues it’s very risky. If you are waiting on someone to tell you a problem has occurred, you’re addressing it in a reactionary manner. BankOnIT changes that dynamic by having our Virtual Engineers identify issues - doing so faster than your employees or your IT staff could identify them. In many cases, the Virtual Engineers have automatically implemented a solution before the employee realizes there was an issue. That reduces risk and downtime. It’s a proactive solution rather than a reactionary one.” The technology has benefited banks by substantially decreasing the occurrence of a bank employee needing to request technical support and speeding resolution times when an employee does need help. These benefits reduce risk and provide the bank gains in employee productivity. Ernie Yake is senior vice president at BankOnIT. Yake has over 35 years’ experience in the banking industry, including as a correspondent banker. He understands day-to-day challenges that a bank faces, having previously served as president of a community bank. UTILIZING TECHNOLOGY TO SOLVE TECHNOLOGY PROBLEMS By Ernie Yake, Senior Vice President