The finance industry, especially banks, relies increasingly on technology. However, the industry is highly governed by regulatory bodies. The regulatory framework has significant impact on technology adoption as there are several challenges. The primary challenge is security. A managed services provider (MSP) is a great fit for banks. Managed services are the way of the future because they allow organizations to discover and address technical issues proactively.

Also Read: Managed Services Transforming The Banking Industry – A White Paper

Here are the 5 key business benefits that banking institutions can leverage from MSPs:

1. Get More Time to Focus on Strategic Projects: We all know: Time is money. Leveraging an MSP enables efficient management of day-to-day routine tasks, resolution of tickets and ensuring seamless operations. This frees up your team’s time, allowing them to move beyond maintaining technology. The team can use this valuable time as a tool to improve business. They can utilize this time to work on crucial strategic initiatives that can yield better results for the business.
2. Stay Ahead of the Game: With fewer internal resources available and several daily tasks to juggle, it can be harder for an IT team to have the required bandwidth to take up modernization initiatives and/or work on the long-term strategy. Onboarding an MSP gives access to large array of resources along with best-in-class practices that can help the banks to stay ahead of the competition.
3. Predictable Costs: Managed services make it simple to keep an eye on your costs. You’ll be paying a fixed cost regardless each month, which means you’ll know exactly what to budget and what you will get. This gives you flexibility and clarity to invest in other areas of your business. Also, managed services organizations are onboarded with service level agreements that govern the way they deliver. This also entrusts great responsibility on the MSP and they are likely to deliver excellent service levels.
4. Gain Access to Broader Expertise: MSPs have access to a team of highly knowledgeable and experienced IT professionals that can handle all IT specialties. By contracting an MSP, such expertise becomes available to attend to your various business requirements, which is a big advantage.
5. Enhanced Security and Compliance: Ensuring that you’re in compliance with regulations and local laws can be a time consuming and an expensive affair. Banking institutions are at a higher risk of cyber-attacks, which means they must be even more diligent in order to prevent a breach. MSPs come with expertise for providing the necessary IT security services to organizations, giving the banks a wide variety of tools to combat the threats of cyber-attack. This helps to reduce liability and security risks as well as their associated costs.

Wrapping up:

Your business deserves to run at peak efficiency and there is a strong case why an MSP can help you achieve that. For each of the above-mentioned benefits, think about the potential impact on both your daily work and your bottom line. These benefits could be just what your business needs to transform itself to the next level.

As written by Sushant Bhosale – AGM Marketing, Clover Infotech and published in CRN India