Observability isn’t about knowing the success and failure of every component in your IT landscape. In fact, information overload often makes IT practitioners confused or even complacent.
Many financial services professionals cite alert fatigue associated with observability tools as an issue. Nearly half (49%) call it somewhat or very problematic.
Yet nearly 1 in 3 (29%) say their biggest challenge with observability is slow or undelivered alerts causing problems to go undetected.
Embracing observability as the path forward can help organizations rise above these difficulties, gaining value in the process.
Being an observability leader pays off in a big way. Our data reveals leaders experience greater success in nearly every area— innovation, speed, resilience, and more.
Survey respondents report that just 12% of financial organizations are leaders in observability, while 40% are still in the beginning stages.
But investing in observability has proven significant value. On average, financial organizations report an annual return on investment of 2.5x.
Telemetry data helps organizations improve user experience, ensure security, maintain compliance, and enhance overall operational efficiency. Managing this data using an OpenTelemetry (OTel) framework can further strengthen your observability practice.
The good news: 53% of financial services organizations report their primary observability tool leverages OTel. And they cite more standardization throughout their teams and tools as the number one reason they’ve adopted it.
Financial organizations see the advantages of OpenTelemetry:
45%say it offers better control and ownership over data
45% like the access to a broader ecosystem to provide coverage for more technologies
Platform engineering helps organizations reduce complexity, improve collaboration, and enhance scalability. It also frees up time to devote to observability practices.
Nearly three-quarters (73%) of respondents already practice platform engineering, either extensively or for select projects. Another 23% say they’ll implement it over the next year.
Adopters are seeing the benefits:
At this point, using AI and machine learning (ML) within observability tools has become table stakes.
Half (50%) of respondents find AIOps most useful for gaining greater visibility because it consolidates data from multiple monitoring systems.
But that’s not the only benefit: 67% of financial services respondents say ROI from AIOps tools has exceeded expectations, compared to 54% in Splunk’s State of Observability 2023 findings.
99% of financial services respondents are exploring generative AI in observability
64%have used generative AI for data analysis
Yet only 16% have fully adopted these capabilities
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