Case Study
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Large Regional Bank Saves More Than $65,000 Annually on FDIC Audits
About The Customer
The Device42 customer is a leading financial institution that provides banking and mortgage services for consumers and commercial clients. The customer is one of the largest banking and mortgage operations in the United States with $1.9 billion in assets, six bank branches, over 160 mortgage centers in 42 states, and over 1,600 employees.
The Challenge
In 2019, the customer merged with a banking operation that required an audit by the U.S. Federal Deposit Insurance Corporation (FDIC) to keep the bank’s FDIC-insured status. FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution financially fails.
For the Bank’s IT organization, this meant documenting the network assets that existed and where they were located, how they connected, and how they interacted. This was only a few of the questions for the FDIC Audit findings/recommendations, which is required for the Bank to be a FDIC-approved bank.
The Senior Service Delivery Manager at the Bank commented: “From an impact perspective, we had the FDIC findings at the beginning of the year, and we were able to close the audit finding and respond to the FDIC intelligibly using Device42 in roughly 90 days, which is a good look for a rising bank.”
“From an FDIC perspective, they want to know where Personally Identifiable Information (PII), credit card, and other sensitive data lives,” said the Manager of Technology Operations at the Bank. “Now I can easily generate a report from Device42 with all the assets that are tagged with critical Information.”
Value of Device42
“Even if we doubled our staff, we would not be able to discover, inventory, and maintain our CMDB in real time without Device42. At best, we would need five or six more headcounts who might give us 70% data accuracy at any given point and that is being optimistic,” said the Senior Service Delivery Manager. “This could impact our budget as much as $65,000 to $400,000 a year depending on how many staff would be needed to manually chase the information.”
Agnostic, Standalone Solution
When the Bank’s IT team was evaluating solutions, they found that many of the Configuration Management Database (CMDB) solutions on the market were integrated into a vendor’s larger offering.
“When we started talking to Device42, one of the first things that hit us was that this is a solution that is specifically pointed at the need we have. It’s not a bunch of bolt ons. It’s not a bunch of upsells. It’s not a bunch of other features and solutions that we didn’t need in our environment because we already have those solutions,” the Manager of Technology Operations said. “Being able to just drill right into the functionality and the features that we needed was fantastic”
The Senior Service Delivery Manager added, “I can certainly tell you, we would not be getting a budget approval to rip and replace all of our IT tools just to get the CMDB. We’re getting just as much core functionality without the full overhaul and expenses of the all-in-one solutions, which could cost in excess of $500,000. Device42 is a focused CMDB tool that is easy to manage and tailors its area of focus very well without the corruption of too many forced dependencies and unnecessary integrations.”
”I was in love with you guys through negotiations. I was in love with you guys through everything up to implementation. We are very happy with the product.”
—Senior Service Delivery Manager
Improves Speed of MTTR
The Bank was working with their IT partner to stand up a virtual machine (VM) with numerous internal SQL databases. They were having some issues with the VM coming up cleanly.
The Manager of Technology Operations commented: “If an application is down, we jump straight to Device42 and look at the impact of the application on the business, who the escalation contacts are, and our overall availability. By having this information easily accessible, we spend time remediating the problem rather than investigating what the problem is.”
“Device42 gives us the ability to be proactive. When we know we’re getting into something, we can see how deep that well is before we do anything, and that was something we didn’t have in a real dynamic form before,” the Senior Service Delivery Manager added.
“This really has more value than the plan of care because I know the cleanup on a major incident now. Being a financial institution, this can be extremely significant. The further we go down the road, it’s nice to know that we’ve armed ourselves with a good preventative tool before we find ourselves in those situations.”
Customer-Focused
Device42 is relentlessly focused on the success of our clients. For example, this particular customer requested a change to be made in the product to support a specific use case of capturing business escalation information in the notes fields of business application. Within two weeks of the request the features were added to the product.
“In this day and age, getting that kind of support from our vendors is not always consistent. You guys were all over it,” The Manager of Technology Operations said.
“When we feel like the people we are working with are the type of people we want to work with, that makes a huge difference,” the Manager of Technology Operations noted. “Because if you are committed to the solution as much as we are, we have mutual goals.”