Financial institutions have a clear need to find reliable, robust methods for navigating unpredictable economic and regulatory landscapes. No financial firm can afford to make large up-front investments in IT equipment in response to every single new security trend or regulatory requirement.
Managed service companies make it so that financial firms don’t have to make these large up-front investments. Instead, they can invest in a tightly integrated, managed services partnership that gives them access to best-in-class IT security and services as part of a predictable monthly contract.
When a financial firm invests in this kind of managed IT solution, it gains access to the best equipment available in a scalable, accessible manner. It also gains access to a pool of IT resources that it can rely on whenever it needs – and they can avoid paying for when there is no need.
But, finding the right managed IT services firm is important. Without the right resources, the correct approach, and the expertise required to bring it all together - a less than reputable managed services firm may end up costing its client more than it bargained for.
Benefits of Managed IT Solutions for Financial Firms
Entrusting your IT infrastructure to a highly capable managed IT services provider can generate efficiencies that would otherwise be out of reach to all but the largest enterprises.
It levels the technological playing field by providing the following advantages:
• Scalable Services. Under a managed service contract, financial firms only pay for the IT infrastructure they actually use. This can be adjusted to meet needs during peak periods and then eased down when not needed.
• Market-Leading Technologies. Reputable managed service vendors take great care to implement the latest and most effective technologies for the tasks at hand. Financial firms do not have the time or resources needed to remain on top of the latest developments in the world of IT, but managed service companies absolutely do.
• Advisory Expertise. By relying on a managed service provider, you earn access to valuable advisory expertise to solve complex business problems alongside a dedicated expert. Your managed service provider can act as a virtual CIO for your financial firm, if needed.
• Business Agility. Flexible service models make it easy for financial firms to accommodate the needs of the moment while remaining responsive to changing conditions. Since there is no need to purchase IT equipment outright, financial firms can simply use the best available equipment at all times.
• Resource Efficiencies. It is easier for financial firms to focus their time and talent on core business processes when they do not have to dedicate in-house IT man-hours to infrastructure and maintenance. This lets the in-house IT team spend more time on higher-impact strategic initiatives and less time repairing broken printers.
• Industry Insight. Managed service companies have a great deal of experience working in various fields and industries. A managed service technician with experience brings hard-to-find specialist knowledge to your company, which helps you implement optimal technology solutions to your business challenges.
• Accountable Execution. Managed service providers are specialists who deliver best-in-class results in ways that are accountable and highly visible. Managed IT vendors make sure that their clients have a transparent view of the services they perform. Strictly defined service-level agreements keep both client and vendor on the same page at all times.
• Reduced Risk Exposure. Financial firms that earn best-in-class IT security infrastructure without having to go through the risky process of hiring, onboarding, and equipping a cybersecurity team are vastly reducing their exposure to risk. They also enjoy reduced third-party fees and headcount fees while enjoying outcome-based pricing.
• Global Reach. Managed service vendors have access to worldwide talent. By finding the most reliable and cost-effective ways to solve common business problems, managed IT solution vendors are able to keep up with security trends while benefitting from global economies of scale.
Managed IT Solutions Offer On-Demand Compliance
Financial firms need to implement comprehensive solutions for gathering risk and compliance data in order to adhere to regulations. With a reputable third-party vendor taking care of the IT infrastructure of the entire firm, supervisors and stakeholders are able to enjoy access to systems with guaranteed compliance.
This vastly simplifies the otherwise difficult regulatory landscape that financial firms have to operate in. Third-party infrastructure delivery ensures that financial firms can meet rigorous regulatory standards while keeping the quality of their services high, despite increased work volume. It addresses the need to respond to growth by implementing larger infrastructure by making IT services a service that grows alongside user needs.
Your financial organization could be using state-of-the-art IT infrastructure to improve security and efficiency across the board. Learn more from one of our financial IT experts today.