Finance Firms: Outsourced Technology and Security

In order to stay ahead of the competition and keep up with customer demands, financial business owners are looking to a more digital & technology driven business model. With the rise of FinTech solutions & services there has been a dramatic shift in the FinServ landscape. Countless innovative tools & utilities have been created solely for FinServ companies to utilize in order to enhance their customer experience while also automating monotonous work tasks. According to the BDO’s Digital Transformation survey, financial services that have switched to a digital business model saw an increase of 9% in overall revenue. 

However, the digital journey can be challenging and despite efforts to go completely digital. The Agility Trap Report, stated that 91% of Financial Services organizations are facing significant challenges to do so.” With the main challenges being “digital implementations would take too long” causing a decrease in customer satisfaction & a halt on work progression and “the systems are too complex to manage & maintain” largely due to a lack of employee expertise in the technology field. In addition to these challenges, federal auditors are increasing their regulatory standards in order to ensure that customers data is protected & private.  

With so many complex moving parts, strenuous regulatory processes, and a sudden shift in the geolocation of the workforce, it is essential for Financial Services to have their systems fully functional & operating no matter where they are located. But, in order to achieve that goal, it takes an extraordinary amount of manpower with a highly specific skill set to operate and manage the systems required to keep financial services servicing their client base. The problem is that type of manpower and skill sets are extremely scarce right now in a world that is going through a complete digital transformation. As many of us have been reading, there is a global shortage of IT and Cybersecurity professionals – especially in the United States. The number of IT specialists and cybersecurity jobs significantly outweighs the number of actual professionals out there, per International Monetary Fund.  

Creating an in-house IT team is certainly an option it is not always cost effective for SMB’s with limited resources. Which is why a lot of companies are turning to outside firms to help manage and mitigate computers, devices, Microsoft365/Google Workspaces, backups, and network equipment. It all comes down to cost effectiveness. Generating the most ROI & getting the most bang for your buck. A study done by the International Data Corporation found that by outsourcing managed IT needs, companies were saving around $400,000 annually per 100 users.  

Research from Macro Tech Insights, stated that by utilizing an outsourced IT provider FinServs will see an increase in user & business productivity, a decrease in downtime, real-time infrastructure insights on behavioral analytics, and immediate expert support. As an example, we leverage a tool called Remote Monitoring & Managing (RMM) which allows us to provide IT & Information Security services without ever having to come to the office and literally works anywhere you are. With this ability, we supervise, remote control, monitor, and patch systems for financial services so they don’t have to. Couple that with 24/7/365 servicedesk support through a cybersecurity focused lens, it is important to keep all endpoints free of malware, randsomeware, and other threats while also protecting the entire company in the process. Taking a wholistic approach to help firms set up a proactive and secure technology solution that allows employees to work efficiently & effectively from any location. Technology & Cybersecurity services are an investment to not only your employees but to your clients as well. Any of this make you warm inside like it does us? Reach out to us to chat anytime at 703-297-4405, email sales@steelpatriotpartners.com, or chat with us in the chat box!