Many financial institutions lack the necessary expertise to meet their IT needs internally, but there’s a solution: Partnering with a Managed Services Provider (MSP). Many MSPs, like TechGen, have experience working with finance clients and understand their unique challenges.
In this guide, we’ll showcase why creating an efficient IT ecosystem is crucial and the specific considerations you need to consider when choosing a financial institution provider. Don’t let technology become a burden – let an MSP handle it for you.
What Can Managed IT Services Do for Banks and Financial Institutions?
Just as armored car services specialize in transporting large sums of cash for banks, many MSPs are experts in managing and securing IT systems for the financial sector. They provide day-to-day IT system management and assist with selecting, implementing, and integrating new technology into your existing infrastructure.
Plus, their set monthly or annual fee structure allows for predictable IT costs and eliminates the unpredictability of in-house IT support. Additionally, with economies of scale in their favor, MSPs can offer a lower-cost solution than in-house management.
How a Managed IT Service Provider Can Support Banking Institutions
MSPs play a critical role in ensuring your success by providing support that enables you to thrive. From cybersecurity to compliance and beyond, MSPs offer various services that can help you stay ahead of the game.
24/7 Technical Support
MSPs provide 24/7 technical support so you can always get the help you need. With a reliable IT support team at the touch of a button, your technological disruptions are quickly resolved - minimizing disruptions, and keeping your customers happy.
Strategic IT Planning
In today's fast-paced world, you must do more than just keep your systems running to set yourself apart from competitors. It's vital to anticipate future IT needs and make informed decisions. You can improve efficiency, boost productivity, and enhance customer satisfaction by identifying innovative technologies. Stay ahead of your rivals and take full advantage of what's possible in the world of IT.
Cybersecurity Compliance
Cyber-attacks severely threaten financial institutions' operations because they handle sensitive personal and financial data. They must also comply with data security and privacy laws like PCI-DSS and GLBA, making the stakes even higher. But don't worry, cybersecurity-savvy MSPs can help! They provide services like network monitoring, vulnerability assessments, and incident response to help financial institutions achieve a strong cybersecurity posture.
Business Continuity
Business continuity planning is essential for financial institutions as it guarantees the availability of their systems and data. An MSP partner will provide disaster recovery planning and backup and recovery services to get banks back on track after unpleasant events like outages and cybersecurity breaches. Trust us. A little planning goes a long way in securing your institution's future.
Cloud Services
Financial institutions can reap incredible benefits from cloud services as they rely on cutting-edge security measures to safeguard customer data and meet regulatory standards. Fortunately, managed service providers can help you navigate and choose the perfect cloud solutions to match your business needs. You can take your business to the next level with the right cloud strategy!
Premium support offered by MSPs allows financial institutions to stay laser-focused on their core business goals and meet their regulatory requirements.
What Should Banking Institutions Look for in an MSP?
Finding the right MSP for your needs is important to make the most out of these benefits. Here are some essential qualities and capabilities to look for when searching for an MSP to partner with:
Industry Expertise
An MSP with an in-depth understanding of the banking industry's unique needs and challenges will provide you with more valuable and personalized services than those without this specialized knowledge.
Cybersecurity Background
MSPs providing services to banks should possess a solid cybersecurity background and knowledge of relevant regulations. These requirements ensure that all financial institutions are protected to the highest standards.
Flexibility
Financial institutions face constant changes in their IT needs - everything from economic factors to government regulations, cybersecurity threats, and customer demands. That's why MSPs offering IT services to these institutions must be adaptable. They must adjust quickly to new circumstances and be able to scale their services up or down as necessary.
Proven Track Record
Partnering with the right MSP is crucial for banks. Look for MSPs with a proven track record of helping other banking institutions succeed. Don't settle for anything less than experience and expertise in the industry.
Customer-Oriented Approach
Great MSPs prioritize customer satisfaction above all else and strive to build strong, lasting relationships with their clients. Regardless of the industry, they work closely with their clients to truly understand their unique needs and create successful partnerships.
If you’re in the market for an MSP, TechGen has a wealth of experience assisting financial institutions in meeting their regulatory compliance and achieving their overall goals.
How TechGen Consulting Can Help!
Our experts fully understand the unique challenges that you face as a financial institution. Our managed IT services are tailor-made to help institutions focus on their core business while our world-class IT professionals take care of the technical side. We can assist:
- Banks
- Savings and loan associations
- Credit unions
- Funds
Our range of services includes 24/7 technical support, IT strategic planning, cybersecurity compliance, business continuity planning, cloud computing, and many more. If you’re interested in any of these services, contact us today. Let us show you how we can help your business!