The financial services sector is a fast-paced industry with a lot of competition in it. In recent years, modernization – in other words, the leveraging of information technology – has been a major priority for financial organisations.
Information technology is a major part of business these days. Owing to the amount of data businesses deal with, and the fast-paced nature of business and society, there’s just no way around using technology in business. The challenge is that having to manage one’s IT means they have less time to dedicate to achieving their business goals. We spoke with a provider of managed IT services London financial organisations have been partnering with for the better part of a decade. The company, TechQuarters, told us about how managed IT services can benefit organisations in this sector.
Managed IT Services for Financial Services
According to TechQuarters, the primary goal of the financial organisations that they have supplied managed IT services to is to eliminate the burden of manage their IT; this can definitely feel like a major drag on productivity, especially when your area of expertise is not technology. Like many of the IT support companies London businesses partner with, TechQuarters goal has always been to ensure their clients don’t ever has to worry about their IT, and can focus on what they do best.
Other than relieving the responsibility of IT from the client, there are many other benefits of managed IT services that financial organisations can get – below is a list of the some of the most significant ones:
One of the most attractive benefits of managed IT services for financial companies is the opportunity to reduce one’s overheads. According to TechQuarters, managed IT services usually include the provider helping the client modernize their IT infrastructure – for example, migrating to the cloud is a popular goal for businesses. Solutions like cloud migration can help a business cut out hardware costs; managed services providers can also leverage new technologies to optimize their client’s workflows, which may result in long-term cost savings.
Another way that managed IT service providers can help financial organisations is by helping them optimize their processes and workflows. For instance, TechQuarters have a lot of experience providing IT support financial services companies need, but they have also worked with all kinds of organisations, systems, software, and hardware – this means they know a lot about the best way to leverage different solutions. On the other hand, a company that keeps all of their IT management in-house might not be doing things in the most efficient way, due to a narrowing of experience and expertise (MSPs work with lots of different organisations, and so benefit from diverse experience). A managed IT service provider can help organisations leverage different technologies so that they are doing things in the most efficient way possible.
There are all kinds of regulations and frameworks which companies in the financial services sectors must comply with. Furthermore, these regulations are constantly changing, and it can sometimes be a lot of work to keep on top of those changes and make sure one is still compliant. According to TechQuarters, there ways in which managed IT service providers can make compliance a lot easier for an organisation. They cited a product called Microsoft 365 Compliance Manager. What is more, MSPs can help businesses leverage solutions like cloud storage, data backups, and disaster recovery, to ensure that the data they work with is protected according to regulation.
Following on from the previous point, financial organisations need to ensure that their own data is as well-protected as their clients’. Data security a major priority, not just for the finance industry, but for all businesses. Managed IT service providers understand this, which is why they put a lot of emphasis on helping clients modernize their cybersecurity strategies. This might include implementing new security solutions, getting industry standard certifications, or even simply training staff on security best practices (often it is a combination of these, and more).