IT Solutions for Banks and Managed IT Services for Accounting & Financing Firms

The finance industry requires technology to carry out financial trading activities. For example, stock traders rely on technology to get instant stock information necessary for decision making in stock trading.

Apart from trading, record keeping and financial reporting are other key applications of technology in the finance industry. Through efficient information technology solutions, the keeping of financial records and the creation of financial reporting has greatly improved.

Another easily notable application of information technology in the finance industry is data transfer. Information Technology is being used in the instant clearance of financial transactions. Customers can use debit cards, credit cards or mobile money transfer instead of issuing checks or using cash transactions.

• Security Breaches:
  Cybercriminals are always coming up with new ways of breaking into financial systems either for financial gain or data theft. When a financial institution is unable to maintain the security of its systems, it is at the risk of being hacked. Managed IT Service providers handle security maintenance on behalf of financial institutions, lowering the chances of security breaches.
• Scarcity of experienced experts and talent:
  Companies depending on in-house Information Technology staff have the responsibility of training them to the standards of the market.
• Technological changes:
  Technology is rapidly advancing. Financial institutions are required to implement the most current and up to date technologies to stay at the top of the market. Managed IT Service Providers have access to the latest technologies.
• Regulatory compliance:
  Financial Institutions are required to comply with a wide range of regulations provided by governing agencies. Implementing all measures to comply with the regulations can be difficult and costly. Managed IT Service Providers take the regulatory compliance responsibilities helping financial institutions.

Financial institutions work with very sensitive data. They work with customers, employees, and data for all other stakeholders. These stakeholders expect the financial institution to protect their data and at the same time provide efficient and exceptional delivery of services. These tasks can be overwhelming. Therefore, relying on in-house Information Technology staff may prevent financial institutions from achieving their full potential.

• Save money and time:
  Managed IT Services saves money and time for financial institutions and provide predictable pricing plans.
• Access to knowledgeable and experienced IT experts:
  Managed Service providers have access to the industry’s experienced experts. Financial institutions no longer have to take on the cost responsible for hiring and training in-house Information Technology staff.
• Access to up-to-date technology:
  Managed IT Service Providers take the responsibility of acquiring and maintaining new and market-leading technologies.
• Access to top security services:
  Financial institutions are required to provide top-notch data security and storing such sensitive data is a target for cybercriminals and malicious attacks. Managed Service Providers offer highly sensitive cybersecurity services.

• High operational costs:
  Failure to outsource Managed IT Services, places the burden on the company to hire and train their own IT staff and purchase, maintain and upgrade IT infrastructure.
• Lack of access to diverse, experienced and knowledgeable experts:
  Financial institutions that do not outsource Managed IT Services may lack the access to diverse, experienced and knowledgeable experts provided by Managed Service Providers.
• Cybersecurity risks:
  Maintaining high levels of security in financial institutions’ systems requires top expertise and a strong infrastructure. Financial Institutions lacking a secure infrastructure and fail to outsource Managed IT Services are likely to have high cybersecurity risks.

• Reduced costs of operation:
  Outsourcing Managed IT Services omits the need for financial institutions to worry about the cost of buying and maintaining IT infrastructure, the cost of hiring IT staff and the cost of training IT staff.
• Access to experienced and top experts:
  Managed IT Service Providers have access to top market talent and deliver diverse knowledge.
• Focus on key business functions:
  Technology needs are handled by Managed Service Providers, allowing institutions to focus on key business functions.
• Easy and Efficient Risk Management:
  Managed IT Services Providers implement security maintenance and IT risk management on behalf of financial institutions.

According to Deloitte’s Inside Magazine - 2018 edition, the adoption of Managed Information Technology Services is rising as financial institutions try to navigate the current unpredictable regulatory and economic landscape. Many companies have opted for Managed IT Services so that they can focus on core business responsibilities. According to the magazine, market analysis shows that the value of Managed Information Technology Services in the finance industry is expected to rise to about $229 billion by the end of 2020. This shows how advantageous Managed IT Services are in the finance industry.