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IIFL is a retail broking and finance organization offering trading services for retail brokerage and individual financial institutions.
For India Infoline (IIFL), a retail broking and finance organization, business is booming. Over 30 million customers grace its books, with the company growing 20-25% every year.
But in order to sustain this growth, it needed to make sure it had continuous monitoring and alerting in place. It needed something that could manage multiple different infrastructures and clouds. So, said Prashant Ahire, VP of information technology at IIFL, it needed a monitoring solution that could bolster its burgeoning business.
Previously, IIFL’s hosting of multiple different platforms meant that each platform was treated separately. As a result, the lines of communication were blurred between teams reporting on issues. This meant a lot of hoops to jump through before issues were eventually reported to the technology team. This in turn slowed down response times, according to Ahire, and made customer engagement much more difficult.
The problems did not just arise from a business perspective. The monitoring of IIFL’s platforms and resources was conducted within silos specific to each platform, and these different tools did not have a correlated alert mechanism. As a result, teams were unable to identify or mitigate issues until it was already too late. So, IIFL was on the lookout for a coordinated monitoring solution that could cohesively send alerts across all of its different platforms.
In the world of trading, time is money. This is something that, with over 30 million customers in trading and brokerage, IIFL knows all too well. This creates huge value around customers' time in IIFL’s business operations.
Ultimately, it was vital for IIFL to ensure maximum uptime for its services where customers do their trading so they can carry out their financial transactions in real time without any data loss.
With Site24x7, IIFL finally found the real-time visibility for which it was looking. IIFL currently has millions of customers in retail broking and FinTech. So with Site24x7, the company is now able to monitor multi-cloud and on-premises environments, including workflows and infrastructures, via the web and mobile apps. Plus, the company can monitor it all 24/7.
After looking for a solution that could provide a single-pane dashboard for monitoring multiple tools and parameters, IIFL chose Site24x7. IIFL had already experienced a number of evolutions in the market. These supported it in making a single dashboard for monitoring all these tools and parameters.
After Site24x7 ticked all of its boxes, IIFL was able to increase its ROI, create happier customers, and receive alerts and notifications in real time to avoid incidents.
Thanks to Site24x7’s integrations, IIFL was able to bring down both its SLA and response times. How? In addition to improving visibility, IIFL implemented automated messages to its customers through SMS, email, and its ITSM tool. This kept IIFL's external business stakeholders informed. In turn, by keeping customers engaged and more in the loop than ever before, the company enhanced both the customer experience and customer loyalty.
Using a single product to monitor multiple environments has had even more advantages for IIFL. Thanks to Site24x7’s integrations, IIFL reduced the total cost of ownership (TCO) by 20%. Ultimately, this resulted in an even better ROI, which is vital for such a fast-growing organization.
What Ahire liked the most about Site24x7 was the out-of-the-box APIs that can easily integrate different in-house ITSM tools. These tools have helped IIFL serve all its customers without any fuss.
This also means that IIFL never has to worry about compliance, thanks to the APIs’ capabilities for compliance-related monitoring and alerts in accordance with the exchange bodies.
When previously monitoring within silos, IIFL quickly found that troubleshooting proved to be a nightmare. But thanks to implementing a more correlated matrix for collaborative monitoring, IIFL now relies on Site24x7's log management to make sense of the logs of network applications and APM performance databases. These logs have made it much easier for teams to track and troubleshoot issues across different platforms and infrastructures before they become major problems.
Before using Site24x7 for monitoring, IIFL used to take 5-10 minutes to detect an issue. Now, the team is able to not only detect issues within 2-3 seconds but also alert stakeholders within that time frame.
As a result, IIFL has been resolving issues much faster, making monitoring much easier for the team. Also, as an extra bonus for IIFL, this easier monitoring has also reduced the overall effort required, letting the team work on other important areas of the business.
The reduced time and effort needed from the team to detect issues significantly reduced the TCO. This had a more widespread effect on the rest of the organization. It reduced the overall cost of monitoring across all the enterprise-wide environments. As a result, this increased the ROI, thanks to an improved customer experience, and led to further capital investments in IIFL applications.