The research by global data and analytics company, LexisNexis® Risk Solutions highlighted a concern that criminals are outpacing efforts to protect banks and their customers.
– Four-in-ten (43%) financial services organisations believe the cost-of-living crisis will
lead to an increase in financial crime and fraud
– More than two thirds (69%) of financial services organisations plan to increase
investment in technology to fight the rising threat of financial crime and fraud over
the next 12 months
– 59% of financial services organisations such as banks and fintechs are prioritising
financial crime and fraud risk orchestration platforms to better protect customers
and their operation
What Is Orchestration Technology?
Orchestration is the process of setting up, managing, and coordinating computer systems, apps, and services using automation. Orchestration makes it easier for IT to handle tasks and workflows that are complicated.
IT teams need to keep track of a lot of servers and applications, but doing this by hand isn’t scalable. The more complicated an IT system is, the harder it can be to keep track of all its parts. There is a growing need to combine multiple automated tasks and how they are set up across groups of systems or machines. Orchestration can help with this.
Automation and orchestration are two different ideas that are still related. Automation makes your business more efficient by reducing or eliminating the need for people to interact with IT systems. Instead, tasks are done by software to cut down on cost, complexity, and mistakes.
In general, automation means making a single task run on its own. This is not the same as orchestration, which is a way to automate a process or workflow with many steps that takes place across different systems. When you start by automating your processes, you can then set them up so that they run on their own.
IT orchestration also helps you streamline and improve processes and workflows that you use often. This can help you use a DevOps approach and get your team to deploy applications faster.
Orchestration can be used to automate IT tasks and workflows like server provisioning, incident management, cloud orchestration, database management, application orchestration, and many more.
