Financial institutions run on technology that has to work every time, for every transaction, for every customer. Falling behind on infrastructure doesn’t just slow you down, it costs you the trust that took years to build.
One way to maintain this important differentiator is choosing to partner with a managed IT services provider. By outsourcing to an industry leader in the financial sector, you gain immediate access to expertise and resources. This article will review managed IT services for the financial industry.
Not sure where your IT setup actually stands?
What are Managed IT Services?
Managed IT involves business information technology services that a third-party handles for a company. General tasks either support or go beyond the scope of an in-house IT department. Choosing managed services can reduce costs and free your internal team to focus on core business functions.
Managed IT Solutions for the Financial Industry
The finance industry relies on cutting-edge technology to provide fast and efficient services. This makes investing in a reliable and proficient infrastructure essential to meeting customer demands.
Like other firms, you may already have in-house IT staff with significant duties. A managed services provider will not replace that team. Rather, an MSP with experience in the finance industry serves as a supplement to fully supporting your IT needs.
A professional MSP with industry-specific knowledge can offer IT solutions unique to your company’s issues. In addition, they provide managed services that can improve uptime with up-to-date systems.
Regulatory compliance is a focal point for your industry. With this in mind, adhering to strict laws like FINRA and SOX is critical, and the regulatory landscape rarely stands still. An IT services provider takes on the complexity and stress of managing your network infrastructure to keep systems running smoothly.
When the slightest misstep can lead to crippling losses and reputational damage, you need customized solutions that mitigate cyber threats. Proper cybersecurity policies and procedures help to strengthen your company’s position beyond minimum standards.
Benefits of Working with an MSP
If you are considering a partnership with a managed IT provider, here are a few benefits to making this decision for your financial services company.
Proactive Monitoring and Maintenance
A managed services provider can proactively manage the hardware and software infrastructure central to your company. Most have the capacity to do this remotely. Consistent proactive system monitoring can:
- Eliminate glitches
- Decrease downtime
- Improve accessibility
Your company can benefit from remote monitoring and maintenance that flags potential issues. Even if a problem occurs, the provider is prepared to implement the right remedy to get the system back online as quickly as possible.
Access New Technology Trends
Another benefit to using managed IT services is having access to resources such as the latest technology for financial institutions. Costly, legacy infrastructure can contradict the advances you want to make for business growth.
For instance, you may want to implement the next best device or solution to improve the current infrastructure. However, deciding which one is the best for current and future needs may be difficult. An MSP brings knowledge to make customized recommendations about new trends.
Stay Abreast of Finance Industry Regulations
Data and compliance standards or migrating to a newer system may overwhelm your in-house team. An MSP has IT experts with specific knowledge and skills for the heavily regulated financial services industry.
Some common regulations that require layered security protocols and policies include:
- Anti-corruption
- Tax compliance
- Anti-money laundering
- Surveillance of trading activities
- Client onboarding
Typically, an IT services provider hires professionals with finance industry-related certifications to cover these areas. A deep bench of experts ensures the provider stays abreast of regulations that can affect how you do business.
In addition to keeping up with regulatory standards, solutions from an MSP can assist with audits. By keeping your company operating within compliance requirements, you can breathe a sigh of relief before the audit begins.
Curious what a compliance-ready IT environment looks like?
Customer and Financial Data Protection
Typically, finance institutions have massive amounts of sensitive data at high risk of cyber attacks, and the threats keep multiplying as attackers get more sophisticated. One breach and cyber criminals could access personal details about your customers’ identities along with other sensitive business information.
Therefore, keeping this data secure will maintain business integrity. One of the first steps a managed IT provider takes is a full assessment of the current network environment. With a detailed plan of action, you will know what security measures are necessary.
From installing new security software to training employees on security awareness, your company is in a stronger position against hackers. A partnership with a managed provider gives you direct access to cybersecurity tools that monitor, detect and swiftly respond to threats.
Increased Employee Productivity
It is very easy to redirect attention from key projects toward a system interruption. This immediate problem impacts daily operations. Working with a managed IT provider means you can devote more time to core business goals and future milestones.
Outsourcing management duties to an IT services provider allows your in-house IT team to focus on meaningful work. The provider will deal with malfunctioning business applications and help you avoid business-critical downtime.
Improve Efficiency and Cut Costs
Managed IT services offer a comprehensive suite of solutions. You receive customized services designed specifically for the finance industry to manage and maintain critical technology systems. This helps you budget your company’s technology needs.
Also, you can realize significant savings with lower labor costs associated with hiring and training in-house staff to manage the IT infrastructure. Furthermore, you reduce the cost of making hardware and software purchases.
Stay Ahead of the Game with Managed IT Services
Being a part of the financial industry means having solid technology and the right management team. Meriplex is the IT services provider that can greatly benefit your company. We lift the burden of daily IT, compliance and cybersecurity issues.
Our professional team of experts can design customized solutions while also implementing, managing and supporting what you need to compete. We can supplement your in-house IT team with the skills needed to maximize the protection and function of your network.
