Financial services companies are faced with the challenge of keeping up with technology because they cannot sacrifice data security or compliance. As a result, more organizations are turning to co-managed IT services as an option that provides a balance between cost efficiency and reliable service.
What are Co-Managed IT Services?
Co-managed IT services involve the sharing of responsibility for managing and maintaining an organization’s technology infrastructure between a third-party managed service provider (MSP) and the company itself. The MSP takes on responsibilities like providing hardware, software, networking, and related services. The financial services company can retain control of day-to-day operations and overall strategy.
How Financial Services Companies Use Co-Managed IT Services
Financial services companies use co-managed IT services to leverage the expertise of experienced providers, who have their own best practices and tools for managing a range of technology solutions. This allows them to focus on their own core competencies. They can rely on the MSP for maintaining and troubleshooting their IT infrastructure. This can include installing updates, patching software, monitoring security threats, and providing support to end-users.
Co-Managed IT Services Use Cases for Financial Services
Businesses in the finance sector have been major leaders in digital transformation. The financial services industry is under constant pressure to protect customer data, meet stringent compliance requirements, and prevent outages. As a result, many financial institutions are turning to co-managed IT services to help them meet these challenges. Here are five common use cases for co-managed IT services in the financial sector:
- Security: A robust security infrastructure is critical for companies in the finance sector, and rightfully so. Financial institutions must implement strong security controls to protect customer data and prevent attacks. Co-managed IT services can help by providing 24/7 monitoring and response to potential threats. MSPs are also able to provide enhanced security measures, such as firewalls and encrypted data storage. This helps to protect sensitive customer information and financial transactions.
- Help Desk: Financial services companies rely heavily on their IT infrastructure to provide customer service. A co-managed IT help desk can ensure that any technical issues are quickly and effectively resolved, resulting in improved customer satisfaction.
- Infrastructure: As financial businesses digitize their business model, a robust IT infrastructure is needed to support their critical applications and systems. Co-managed IT services can help by providing comprehensive management of servers, storage, networking, and more.
- File Management: More and more documents are now being shared digitally within businesses or between businesses and customers. While this is much more efficient, it also means that finance companies now need a secure system to protect these files – a digital filing cabinet of sorts. Furthermore, finance institutions handling customer data must be extra careful about managing these files lest they face legal trouble for any breaches in privacy or compliance. This is where co-managed IT services come in: providing file management solutions that cover all the necessary bases.
- Application Management and Maintenance: Financial institutions rely on a variety of applications to support their business operations. Co-managed IT services can provide ongoing management and maintenance of these applications, while ensuring they remain up-to-date and compliant.
Choosing the Right Co-Managed IT Provider for your Financial Service Organization
When choosing a co-managed IT provider for your financial services organization, there are several important factors to consider. It’s important to take into the below three considerations to make sure you are choosing the right IT partner:
- Pricing is complicated. It can be a tricky task to manage costs while still maintaining quality, but it’s important to find this balance. Though going with the cheapest option might save you money in the short term, it likely means sacrificing quality and could lead to more expensive problems later. To avoid this issue, look for providers that offer reasonable rates without skimping out on the quality of service.
- When choosing a service provider, consider their experience and whether they have worked in the finance sector before. This is important because managing digital operations in this industry comes with unique challenges that not every provider will be familiar with. Choose a provider that has the relevant expertise and can offer comprehensive support to ensure all your needs are met.
- Seamless integration with your company’s existing systems and infrastructure is vital for any IT provider you might consider. Make sure to choose a provider that will be able to seamlessly integrate with your existing systems and provide comprehensive support for any issues that may arise.
Questions to Ask When Considering Co-Managed IT Providers
IT providers are essential for any business owner, but when it comes to the finance industry finding a provider with experience in this field is key. Axxys has extensive experience building security infrastructures for businesses, as well as compliance knowledge unique to the finance industry. Here are five questions you should ask when considering an IT provider:
- What financial institutions have you worked with in the past?
- How will our company improve by working with you?
- Do you have any concerns about our company’s IT infrastructure?
- How will you ensure our data security?
- What relevant experience do you have?
By inquiring about the topics below, you will be able to distinctively understand what each IT provider can offer and how they could potentially help your business excel. With so much on the line, selecting an IT provider that is experienced and knowledgeable in your company’s specific field is crucial.
Co-Managed IT Services and Your Financial Services Organization
In order to reduce costs and increase efficiency, more and more finance companies are turning to digital solutions. While these can offer significant benefits, it’s essential that there is a reliable IT support system in place to make sure everything runs smoothly. Co-managed IT services play an important role here by ensuring systems are always functional. When choosing a provider, look for one with extensive experience supporting finance businesses so you can be confident your company will benefit fully from its digital transformation.
If you’re looking for a company with the right experience when it comes to the finance industry, look no further than Axxys. We understand the unique challenges that come with managing digital operations in this industry and have the expertise to provide comprehensive support. Contact us today to discuss more.