Adapting to Increased Demand

As the global economy emerges from the impacts of recent years, how companies perform their business operations is evolving to support their clients’ needs. The financial services industry’s main challenge is implementing and maintaining new technologies.

Technological innovations that support and maintain the data essential to drive the highly regulated financial sector include many continued advancements. At this critical point, many in this industry ask themselves, “Is it cost-effective to support an in-house IT staff, outsource the tasks completed, or partner with a trusted firm to co-manage essential financial IT services?” Two benefits of outsourcing managed services are decreased costs and increased control.




1. Increase productivity while decreasing your costs

There’s a lot of pressure on IT teams to protect digital data – especially in the financial sector. This is a considerable weight to carry, considering cyber attacks impact financial institutions more than any other, and the blame usually falls on IT teams when these incidents happen.

These attacks can be costly, from restoring account funds and customer or network data to regulatory penalties and fines. The financial impact of these incidents is devastating for smaller financial institutions that rely on maintaining a good reputation and customer base to stay up and running. Additionally, these companies have small IT teams that might not be able to fill every cybersecurity gap in their infrastructure.

Outsourcing managed services allow small financial institutions to have the same IT powerhouse as larger competitors without the financial strain of increasing their headcount. Plus, having the backbone of a 24/7/365 helpdesk and threat detection helps teams avoid any security issues before they happen, so in-house IT brains can focus on company-specific goals and let the MSP handle security. Having an MSP saves IT teams labor costs and, more importantly, prevents costly security breaches from happening.


2. Gain control and visibility of all the inner workings of your IT infrastructure

IT infrastructures can quickly get out of control in a digitally driven world. While an outsourced team provides managed services, they help in-house IT teams have complete visibility of their digital environment, which is otherwise hard to navigate.

It’s in the hands of in-house teams to decide what an MSP should and shouldn’t provide so that the services implemented are still in the best interest of in-house teams. After working with an MSP to create the perfect managed services recipe for your institution’s unique needs, you can feel more in control of your digital environment.


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Tags: Managed Services