IT in Financial Services: The Role of a Managed Service Provider

Woman stands outside self service at bank, depositing check, thus showing the importance of IT in financial services.

When handling sensitive information like credit cards, MSPs are essential for keeping your company safe and compliant. But an MSP’s benefits don’t stop and end with cybersecurity protections—it can also help you find and keep customers, better market your offerings, and stand apart from the competition. The importance of IT in financial services cannot be overstated, and an MSP can keep that IT functional and up-to-date.

Here are three ways an MSP will positively impact your financial company:  

Audiovisual (AV)

Like with legal services, AV is essential to the financial field. Good audiovisual can enhance customer experience, increase brand visibility, and provide efficiency for daily operations. For example, digital signage is useful for drawing people in, and it can serve both decorative and informative functions. Additionally, an AV control system can automate multiple technologies such as temperature and lighting, thereby allowing your business to operate seamlessly.  

Video banking is a newer process that is likely to expand in the near future. This process utilizes web conferencing tools, thus allowing customers to remotely apply for loans or learn product details. Should this technology stop working, a customer will grow frustrated, and a bank could lose business. Conversely, having this technology gives banks a competitive edge by lowering operational costs and increasing customer access.  

Cybersecurity

We’ve already spoken at length about the importance of compliance in the financial sector. And if your company works with an MSP, it’s simply better protected than a company who doesn’t. An MSP can get your company up to speed on the newest and most important compliance regulations, such as NIST 800. They’ll provide annual risk assessments and annual penetration tests to ensure you’re as safe as possible. And during these tests, if they find something isn’t up to snuff, they’ll help you make all necessary changes. Furthermore, as your business grows, your cybersecurity needs grow, too. A good MSP will grow with you, providing scaled solutions to overcome any bumps along the way.

Data Analytics

Data analytics are key to ensuring you’re targeting the right clients and offering the right solutions. Additionally, these analytics can help you ascertain credit risks, monitor collections, and manage overall funds. They can also give your institution a competitive edge by revealing patterns that drive engagements. In other words, the services offered by a typical bank are usually the same—loans, deposits, etc. And if you want to stand out, you’ll need to determine marketing strategies to set your bank apart.

Having these numbers isn’t enough to ensure success. Instead, a financial institution must understand these numbers and take active steps to utilize them. By working with an MSP, they’ll learn how best to understand and thus leverage these numbers. But without an MSP, the information will be harder to aggregate, less easy to understand, and nearly impossible to use.

A Managed Service Provider is vital to a financial institution’s success. MSPs enhance overall security and allow businesses to leverage and understand important data. With an MSP, your business will reach new heights, overtake the competition, and experience sustainable growth. And since finance is all about the numbers, we have the stats to prove that Onepath is the best MSP for your company.    

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