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How MSPs benefit the banking industry

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Managed IT services providers (MSPs) are incredibly popular among businesses across various sectors. For a monthly fee, they shoulder all your routine IT tasks from network maintenance and software updates to threat detection and data backups. In particular, banking and financial services companies like yours gain a host of benefits from partnering with a MSP. These benefits include the following:

Stronger cybersecurity measures

With an exponential rise in cyberattacks targeting financial institutions, security has never been more crucial. MSPs safeguard banks from cyberthreats with a combination of advanced network security measures, identity and access management, and endpoint protection. Your MSP may also provide security awareness training to help your employees recognize, thwart, and respond appropriately to potential cyberattacks like phishing scams.  

In the event of a data breach, MSPs can facilitate a comprehensive incident response plan. This plan may involve containing the threat, investigating the cause, and performing recovery measures like restoring data backups to minimize downtime. MSPs will even help institutions report the incident to the authorities and promptly notify affected individuals. 

Operational efficiency and scalability

A key priority of MSPs is ensuring that your banking operations run smoothly by addressing technical issues such as slow computers, faulty networks, and outdated software. Top MSPs proactively maintain their clients’ systems, which means they monitor everything for the smallest glitches and resolve them to prevent a downtime incident. Partnering with an MSP ensures that banking institutions worry less about the functionality of their IT systems and frees them up to focus on their actual operations. 

What’s more, MSPs can help banks scale up their operations when needed. If your bank needs to handle more customers or process more transactions, an MSP will make sure your systems can handle the increased workload, helping you keep up with growing demands to stay competitive in the industry.

Digital innovation

MSPs are technology partners that can recommend new solutions and strategies to streamline your operations. For instance, MSPs may recommend artificial intelligence technology to enable your business to analyze large amounts of data to identify patterns that human workers might miss, such as customer trends and even fraud. But the solutions can vary based on the organization. MSPs take the time to understand a banking company’s goals and pain points to suggest solutions that work. 

Compliance assurance and risk management

Ensuring your bank follows industry rules and regulations is crucial to maintaining trust and credibility among stakeholders. An MSP will keep you updated on the latest regulatory requirements, outlining what’s needed to comply with legal mandates and ensuring your systems and processes meet the necessary standards. 

They’ll also provide ongoing support to implement and maintain these compliance measures, helping you establish the right policies and ensuring all employees understand their roles and responsibilities in upholding them.

Furthermore, the training programs an MSP offers can help your bank staff stay informed on the latest regulatory changes and requirements. All this will help minimize the risk of noncompliance, keeping hefty penalties or sanctions at bay.

Cost optimization

Instead of investing in expensive equipment and hiring additional staff, outsourcing your IT needs to MSPs result in significant cost savings as well as extra time for your teams to focus on higher-level tasks and activities. 

The MSP can run all routine processes and maintenance in the background, from software updates to cybersecurity measures. They could also predict and manage your operational budgets more effectively, helping you allocate your resources more strategically while avoiding unexpected costs.

Moreover, the scalable solutions they provide can help your bank adapt to changing business needs. Whether it’s expanding your operations, migrating to the cloud, or responding to new regulations, an MSP will make sure you’ve got the agility to scale your IT infrastructure accordingly.

Shopping around for the right MSP? predictiveIT’s extensive range of tech solutions can provide your institution with everything it needs to stay at the forefront of the financial industry. Book a consultation with our experts today to explore our comprehensive security services, cloud migration tools, compliance solutions, and more.