The finance industry, from banks to private equity firms and more, is a highly regulated vertical that relies increasingly on technology. If your business is part of the financial industry, you need a good technology management team behind you in order to perform everyday tasks as well as continue to grow your organization. A managed services provider can be a great fit for your financial firm. Below are the top benefits of managed IT services for financial institutions.
#1 – Staying Ahead of the Game
Oftentimes, if a bank or financial firm has an internal IT department only, their vision can become narrow. They only work with one specific organization, so typically they only think within the boundaries of that organization. Additionally, with fewer resources available and a lot of daily tasks to juggle, it can be harder for an internal IT team to have bandwidth to consider bigger-picture items. A managed services provider with years of experience has worked with many businesses across the financial industry, and as such, understands multiple methods for applying technology to the business. This can bring a fresh perspective that allows the business to use best-in-class practices positioning itself to become an industry leader.
#2 – A Highly Regulated Industry
SOC II certification is extremely important to most businesses in the financial sector. Many organizations can’t use managed services providers who are not SOC II, Type 2 certified. One of the general benefits of a managed services provider is the wide variety of certifications an MSP can have due to their breadth of expertise and depth of resources. This includes industry certifications and regulations such as SOC II. Mature MSPs will have the processes and procedures in place for certifications like SOC II. They also have a deep bench of expertise to stay on top of industry regulations in general unlike a small internal IT department, who typically will not have bandwidth; therefore, the level of expertise, that is optimal for industry regulation compliance.
#3 – Staying Secure
It’s more evident than ever that no organization can be complacent when it comes to IT security. Businesses in the financial industry are at an even higher risk for cyber attacks, which means they must be even more diligent in order to prevent a breach. Managed services providers have experience providing IT security services to many companies, giving them a wide array of tools to help protect your bank or financial organization. Similarly to shaping the overall technology strategy, an MSP is able to gain experience within the financial industry outside of your organization. An internal IT department likely does not have the same opportunity.
There are many benefits of managed IT services for financial institutions. Overall, an MSP’s level of expertise can be very beneficial for any organization in the financial industry. They are able to bring daily experience from outside your organization in a way internal IT departments often can’t, providing you with best-in-class technology strategy, IT security, and more.