Service Level Agreement For Banks

07 Oct

Service level agreements include metrics that measure the performance of the service provider. It can be difficult to choose metrics that are fair to both parties. It is important that the metrics are controlled by the service provider. If the service provider can`t control whether the metric works in the specifications, it`s unfair to hold them accountable for the metric. For example, you are a customer of a bank and the bank provides you with services. A service level agreement between you and the bank describes the services provided and the service levels at which they are provided. For example, the bank allows you to withdraw money from an ATM, and the transaction lasts no more than 10 seconds. This is an example of a service level agreement and part of service level management. Service level agreements are the first step in establishing a relationship between a service provider and a customer. By realizing what is expected of each party, there can be transparency and trust on both sides.

Regardless of the type of service level agreement that will be signed, each party can now be held accountable for meeting the end of the agreement. Sometimes it is necessary to compromise when the service provider does not have the necessary resources to meet the customer`s requirements. In this case, the client may need to review its requirements and the service provider may need to invest in more resources. Such compromises create a good working relationship between the service provider and the customer. Without a service level agreement, it is not clear what will happen if one of the parties does not comply with the end of the agreement. Suppose, for example, that a telecom operator`s service level goal is to answer all support calls within 5 seconds, and calls will only be answered within 5 minutes. . .

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Posted Oct 7th, 2021

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