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IT Support

Your essential guide to IT support for financial services

In this essential guide, we're taking a look at IT support for financial services, examining the different challenges and benefits, and how to select the right provider. We'll cover everything from overcoming technology challenges to innovative trends, offering insights on leveraging IT support and technology to your advantage.
A photo of Ian Welch, who is a partner & technical director for Network

Written by

Ian Welch

Ian is the Technical Director @ Network and a certified ethical hacker (CEH), security professional (CISSP) and ISO27001 lead implementer with over 25 years experience.

Updated on

February 6, 2024

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Key Takeaways

  1. Gain insights into the role of IT support plus the benefits and challenges for financial service businesses regarding technology.
  2. Explore the tailored advantages that specialised IT support brings to the financial services industry, from compliance and cyber security to strategic technological alignment.
  3. Understand the criteria for selecting the ideal IT support service, focusing on factors like sector expertise, specialist skills, and experience to meet the unique needs of financial firms.

What is the role of IT support for financial services?

Many businesses, especially in the financial services industry, now opt to outsource their IT support. The significant cost benefits drive this choice compared to maintaining an in-house IT team.

High-quality IT support companies deliver services that parallel those of internal teams, yet they come without the associated operational costs and HR complexities. This approach allows financial institutions to focus on their core business, with the confidence that their IT infrastructure is managed efficiently and effectively.

The importance of IT support for financial services businesses

Outsourcing IT support is becoming increasingly crucial for financial services businesses. It's not just about solving technical problems but strategically avoiding them. These services offer the dual advantages of high-level expertise and reduced overheads, providing financial institutions with an edge in a digitally competitive environment. Effective IT support ensures not only the smooth running of day-to-day operations but also fortifies the business against evolving cyber threats and compliance demands. It's a strategic choice that enhances overall business resilience and efficiency.

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Do these technology challenges sound familiar to your business?

You're working with IT support that moves at a snail's pace, leaving you and your team hanging.

You’re worried your business is not fully prepared for the next major cyber attack.

You're frustrated that the business technology you've invested in isn't performing as well as it could be.

Explore how we solve these problems

What challenges does the financial services sector face with technology?

In the financial services sector, navigating technology challenges is a pivotal part of staying competitive and secure.

One of the key hurdles is cybersecurity

As financial institutions handle sensitive data, they become prime targets for cyberattacks. Ensuring effective cyber security protocols and constant vigilance is essential to protect both the institution and its clients.

Another challenge lies in regulatory compliance

The financial industry is heavily regulated, and keeping up with evolving regulations requires a dynamic IT strategy. This includes data protection laws and operational standards, which can be complex and demanding.

Technological advancement presents both an opportunity and a challenge

Financial services must continually adapt new technology solutions to meet customer expectations and remain competitive. However, integrating these technologies smoothly and efficiently, without disrupting existing services, requires expert IT support.

Data management and analysis are crucial

Financial institutions have access to vast amounts of data, but leveraging this data effectively for decision-making and customer service enhancement is a significant challenge.

Addressing these challenges often involves outsourcing IT support, which offers expertise and cost-effectiveness, allowing financial institutions to focus on their core competencies while navigating the complex technological landscape.

What are the benefits of specialised IT support for financial services companies?

Specialised IT support brings a few key benefits tailored to the unique needs of the financial services industry. Here are some of the advantages:

  1. Data security: With cyber threats constantly getting smarter, specialised IT services can provide data security measures. This is crucial for financial firms dealing with sensitive client information. By implementing advanced security services and protocols, you're able to mitigate risks and protect against data breaches.
  2. Compliance assurance: The finance industry faces stringent regulatory requirements. Specialised IT services ensure that your IT infrastructure is not only compliant with current regulations but also adaptable to future changes, thus safeguarding against compliance risks.
  3. Optimised IT infrastructure: Tailored technology solutions enable financial services companies to have an IT infrastructure that's not only efficient but also scalable. This means your technology grows with your business, ensuring you're able to flex and scale when required.
  4. Focused cyber security strategies: Specialised IT services go beyond generalised solutions to offer cyber security strategies specifically designed for the finance industry. This targeted approach means financial firms receive protection that aligns with the unique threats they face.
  5. Operational efficiency: With expert support services handling the technical aspects, financial firms can focus on their core business activities. This leads to improved operational efficiency, as staff can concentrate on client-facing and revenue-generating tasks.
  6. Strategic IT planning: Specialised IT support for financial firms involves not just problem-solving but also strategic planning. This ensures that the technology solutions in place not only address current needs but also anticipate future technological trends and requirements.

In summary, specialised IT support equips financial services with the tools and expertise necessary to navigate the complexities of the finance industry, from ensuring data security to maintaining compliant IT infrastructure.

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Selecting the right IT support service for your financial services business

When it comes to financial service businesses, choosing the right IT support service is important. The ideal provider should align with your business goals and also understand the nuances of the financial sector.

Evaluating IT Support Providers

  1. Expertise in the financial sector: Look for providers experienced in working with financial service businesses. Their understanding of your specific needs, such as compliance and data security, is invaluable.
  2. Disaster recovery plans: Ensure the provider offers enterprise-grade disaster recovery solutions. In the financial world, data loss can be catastrophic. A reliable IT support service will have effective disaster recovery plans in place to protect your assets and data.
  3. Proven track record with leading technology providers: Check if the IT support service has partnerships or certifications with leading technology providers. This indicates their ability to recommend state-of-the-art technology solutions suitable for the financial industry.
  4. Responsive technical support: Evaluate the responsiveness and availability of their technical support team. In the fast-paced financial environment, timely support is crucial to resolve issues and maintain continuous operation.
  5. Customisable service offerings: Look for IT support that can tailor their support packages to your specific needs. Customised solutions mean more efficient support for your unique business processes and technology infrastructure.
  6. Scalability and flexibility: As your financial services business grows, your IT needs will evolve. Choose a provider who can scale their services and offer flexible solutions to accommodate your changing requirements.

By carefully assessing these factors, you can select an IT support service that not only meets the current demands of your financial services business but also supports its future growth and success.

Innovative IT Trends in financial services

The financial services sector is continuously transformed by technological innovations. Here are some key IT trends shaping the future of financial services:

  1. Artificial Intelligence and Machine Learning: AI and machine learning are revolutionising how financial firms process data and make decisions. From risk assessment to customer service, these technologies offer enhanced efficiency and insights, driving smarter business strategies. A significant statistic to note is that 54% of Financial Services organisations with over 5,000 employees have adopted AI, with 86% planning to increase their AI-related investments through 2025.
  2. Blockchain Technology: Originally known for underpinning cryptocurrencies, blockchain is now being explored for its potential in secure, transparent, and efficient transaction processing. Its applications in areas like contract validation, asset management, and fraud prevention are particularly promising. The technology behind blockchain and DeFi has the potential to grow the global economy to $1.76 trillion by 2030.
  3. Cloud Computing: Cloud solutions offer financial firms flexibility, scalability, and cost-efficiency. They allow for secure data storage and access, as well as the ability to rapidly deploy new applications and services, adapting to market changes more swiftly.
  4. Cybersecurity Innovations: As cyber threats evolve, so do cybersecurity measures. Advanced encryption, biometric security, and AI-driven threat detection are becoming integral to protecting sensitive financial data and maintaining client trust. The landscape is governed by stringent regulations like the GDPR and PSD2, and upcoming frameworks like the Digital Operational Resilience Act (DORA) are shaping operational practices
  5. RegTech (Regulatory Technology): Keeping up with complex regulatory environments is a challenge. RegTech uses technology like AI and big data analytics to simplify compliance processes, making them more accurate and less resource-intensive.
  6. Internet of Things (IoT): IoT's application in finance, though still emerging, shows potential in areas like enhanced customer experience and improved risk management through real-time data collection and analysis.
  7. Mobile and Contactless Payments: With the rise of digital banking, mobile and contactless payment technologies are becoming more prevalent, necessitating robust IT support to ensure seamless and secure transactions.
  8. Big Data Analytics: Big data analytics enables financial firms to make more informed decisions by providing insights into market trends, customer behaviour, and operational efficiency.

These trends represent just a glimpse into the dynamic future of IT in financial services. Embracing these innovations can propel financial firms towards more efficient, secure, and customer-centric operations.

Summary

Does your business share similar challenges? How does IT support affect your team and business? We'd love to hear from you to find out more. And if you're in search of a new managed IT service for your financial business, our expertise is at your disposal. Feel free to contact us if you need a hand.