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:
- 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.
Customer and Financial Data Protection
Typically, finance institutions have massive amounts of sensitive data at high risk of cyber attacks. 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.