In the era of digital commerce, information technology has become indispensable for banks and financial institutions. Whether it’s enhancing security or fostering innovation, there’s no understating the impact of technology strategy in shaping the future of financial services.
Managed IT services cut costs, automate workflows, and ensure compliance. TenHats offers comprehensive IT support for financial organizations, including responsive support, cybersecurity, and technology compliance frameworks for financial operational success.
Choosing the Right Managed Service Provider
Choosing the right managed service provider (MSP) for your financial services company is an important decision that can shape your company’s security, compliance, and day-to-day operations. Here’s how you can make a smart choice without getting bogged down in technical details.
Look for experience in financial services
The rules and regulations in finance are strict, so you want an MSP that understands your industry. Ask for examples of other financial companies they’ve worked with, and check if they have any relevant certifications or awards. Their team should know the ins and outs of financial regulations and the specific challenges you face.
Focus on information security
Your clients’ information needs to be protected. Make sure the MSP has strong security measures in place and keeps up with the latest threats. Ask how they handle emergencies like data breaches and how often they review their own processes.
Check what services they offer and if they can grow with you
Your MSP should be able to handle all your technology needs, whether it’s day-to-day support or helping you recover from a disaster. Make sure they can adjust their services as your company grows or as technology changes.
Make sure everything is clear and upfront
You want to choose an MSP that feels like a true partner that’s invested in your success.
This means taking time to understand:
- Their pricing
- What’s included in their services
- How they communicate
By following these steps, you’ll find an MSP that keeps your business safe and supports your growth.
How IT for Financial Services Provides Technical Support
Strong IT is essential for delivering better services and staying ahead, boosting efficiency and profitability while robust internal tools help teams work smarter. It empowers your financial organization by streamlining operations and enhancing security. It also supports digital banking, which is preferred by most customers.
When choosing a managed services provider for IT, make sure that they can provide:
- Reduced costs
- Streamlined workflows
- Enhanced security
- System upgrades
- Information management
- Strategic innovation
- Training and support
Reduced Costs
Managed IT services for banks and other financial businesses significantly reduce costs through effective management of IT infrastructure. This includes:
- Overseeing network operations
- Implementing efficient maintenance protocols
- Conducting timely hardware and software upgrades
Software can be especially tricky due to how complicated it can be to keep up with all the different types. An experienced IT partner can help with:
- Fraud detection and prevention
- Payment processing systems
- Mobile banking apps
- Regulatory compliance software
That’s not to mention their licensing, installation, and custom integrations. A managed IT service can provide software management to help you focus on what you care about most.
What’s more, the outsourcing of IT services emerges as a more cost-effective strategy. It allows your organization to benefit from specialized expertise without the financial burden of in-house management costs.
Streamlined Workflows
IT-managed services for finance facilitate streamlined workflows by introducing automation, thereby enhancing overall productivity. Routine tasks can be automated, reducing manual intervention and the likelihood of errors. This optimization of operational processes not only improves efficiency but also frees up resources for more strategic endeavors.
Enhanced Security
Enhanced security is a crucial aspect of IT service management for finance services. Banks require robust cybersecurity measures to safeguard sensitive financial data from potential breaches and cyberthreats. This protects your institution’s reputation as well as ensures the trust of clients.
System Upgrades
System upgrades are essential to meet the ever-evolving industry. A managed IT service regularly updates these systems to adhere to the latest regulatory standards. This ensures that your business operates within the prescribed legal framework.
Strategic Innovation
Moreover, IT fosters strategic innovation, enabling financial institutions to remain competitive by developing and implementing new products and services. This innovation is driven by leveraging technology to address emerging market trends and customer needs.
Training and Support
IT support encompasses training and support programs, ensuring that your staff is well-versed in best practices. This ongoing training ensures that your workforce is equipped to make optimal use of IT resources, promoting a culture of efficiency and continuous improvement within the organization.
IT Trends in the Financial Services Industry
The financial services industry is at the forefront of groundbreaking IT trends. Managed IT for financial services can help your organization stay at the leading edge of these trends that are shaping the financial sector’s dynamic future.
Cloud Banking
Cloud banking has gained prominence as institutions leverage private cloud environments for enhanced:
- Scalability
- Flexibility
- Security
This shift is important as, according to a BAI poll, 55% of those who responded would switch financial institutions for better digital services. Including cloud banking in your business’s offerings allows for seamless data management and accessibility, promoting operational efficiency.
Online Customer Portals and Consumer Banking Apps
Online customer portals and consumer banking apps are becoming integral for financial institutions. As a survey from Chase found, 90% of respondents preferred handling their finances from their phones rather than a computer. That’s because they provide clients with convenient, real-time access to their accounts and services.
This digital transformation extends to document verification and fraud prevention. There, advanced technologies like artificial intelligence and blockchain are employed to enhance security measures.
Regulatory Compliance
Regulatory compliance is increasingly focusing on digital payments, prompting financial organizations to prioritize secure and compliant transaction processes. This requires robust IT infrastructure to navigate evolving regulatory landscapes.
Automation
To remain competitive, financial institutions are automating more tasks, from routine customer service inquiries to complex financial analyses. This automation enhances operational speed, reduces costs, and allows staff to focus on higher-value activities, fostering innovation and agility in a rapidly evolving digital financial ecosystem.
Keeping Your Data Secure
When choosing an MSP, banks and financial institutions should look for providers with proven expertise in:
- Data security
- Business continuity
- Regulatory compliance
Your MSP should understand and support adherence to key frameworks like PCI DSS, GLBA, GDPR, SOX, and FINRA. This will help to protect sensitive financial information and ensure uninterrupted operations.
Business continuity
MSPs ensure that financial organizations can maintain operations during and after disruptions by implementing:
- Disaster recovery planning
- Regular data backups
- Rapid restoration processes
This means that if a cyberattack, hardware failure, or natural disaster occurs, the MSP can quickly restore critical systems and data, minimizing downtime and protecting customer trust. For example, MSPs provide backup and recovery services tailored to the needs of banks and credit unions. This ensures that essential data is always available even in emergencies.
Compliance
Financial institutions must comply with a range of regulations designed to protect customer data and ensure transparency. MSPs help organizations meet these requirements by offering continuous network monitoring, vulnerability assessments, and incident response services.
They also assist with regular compliance audits and help implement controls required by frameworks. This includes PCI DSS for payment security, GLBA for privacy, GDPR for data protection, SOX for financial reporting, and FINRA for brokerage oversight.
Security best practices
To protect against cyberthreats, MSPs deploy advanced cybersecurity measures such as:
- Firewalls
- Multi-factor authentication
- VPNs
- Patch management
By staying current with regulatory changes and technological advances, MSPs help financial organizations safeguard their data, maintain compliance, and ensure uninterrupted service to their clients.
TenHats: Your IT Solution in the Financial Services Industry
Plenty of IT companies can help with connectivity and troubleshooting on a small scale. However, few can manage enterprise-level tech stacks for companies with tens or hundreds of millions in annual revenue.
At TenHats, we deliver comprehensive managed IT services tailored for the financial industry, including:
- Responsive support
- Cybersecurity
- Business consulting
- On-site data center
We offer responsive support in the form of 24/7 help desk assistance to swiftly address your technical issues. Understanding the urgency of production-related concerns, we provide remote support, resolving hardware and software issues promptly.
In response to the escalating significance of cybersecurity in the financial industry, TenHats implements custom measures, including firewalls, encryption, and access controls, to shield organizations from data breaches.
Our vigilant monitoring and threat detection systems quickly identify and mitigate potential cyber threats, while regular updates and patches fortify system resilience, ensuring robust security for manufacturing operations.
Business consulting services from TenHats align technology with your organizational goals. We leverage in-depth industry knowledge to recommend tailored software solutions, automation strategies, and IT infrastructure improvements. By advising on the adoption of emerging technologies, we position your business for long-term success and competitiveness.
Distinguishing ourselves from other IT service providers, TenHats boasts an on-site security center dedicated to supporting financial IT needs. This purpose-built center enhances services across cloud environments and virtualization. By doing this, we provide a cost-effective solution to scale your efforts and secure your data for sustained operational success.
