In a hybrid and digital framework world, banks and other financial services companies cannot afford to fall behind. As indicated by International Bankermassive investments in fintech companies have spilled over into the banking world. Now, traditional and digital banks are creating “composable” frameworks that leverage everything from cloud computing and data analytics to advanced application programming interfaces to help banks stay ahead of the game.
But how do financial services firms free up time and space for cutting-edge innovation? With changing regulatory and compliance expectations, not to mention complex IT environments that require additional resources and effort to reduce downtime and increase availability, it’s easy for bank IT teams to getting caught up in keeping the lights on rather than pushing the boundaries.
Managed services offer banks a way to get the best of both worlds.
RELATED: Find out how the cloud can help financial institutions manage regulatory compliance.
The rise of everything as a service
It started with Software as a Service and quickly expanded to Platform as a Service and Infrastructure as a Service. Now almost any technology function can be redesigned as a service, from big data to network monitoring and security.
Even IT staff can be onboarded using a service-based model: the rise of virtual CISOs and other management roles enables financial firms to bring the expertise they need, when they need it. need it, allowing them to avoid the inherent challenges of trying to find great talent in the midst of a growing skills gap.
And with more reliable cloud and networking technologies, these as-a-service options are no longer exceptions: banks can find reputable vendors to help businesses succeed.
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The Three Cs of Managed Services for Finance
There is no one-size-fits-all solution when it comes to managed services for finance. The nature and complexity of these services depends on the current infrastructure, business objectives and potential budget. For example, a small bank or credit union might turn to a managed service provider to keep their database environment operational, while a large enterprise might choose an experienced partner to take over the management of database farms. large-scale servers to reduce compliance issues. .
Regardless of the specific use case, three Cs are common to managed services adoption:
- Cost: Managed services offer organizations the opportunity to reduce their total costs. By implementing the services they need, when they need them, financial firms can avoid the costly downtime that comes with getting new solutions up and running. They also have access to on-demand expert help, without having to navigate the increasingly competitive tech talent landscape.
- Control: Managed services also provide financial organizations with increased control over their IT environments. While this may seem counter-intuitive at first, as managed services naturally involve the inclusion of a third party, the sheer complexity of today’s environments makes it nearly impossible for teams to gain full visibility. The right mix of services and service providers puts banks back in control.
- Consolidation: Banks also have the ability to consolidate their technology spend and operations. Here’s why: While the rapid move to the cloud over the past two years has seen banks adopt a slew of new technologies, the number and type of new solutions have created significant technology proliferation. With the right managed services partner, businesses can securely consolidate key services under one managed umbrella.
READ MORE: Find out how banks can use AI to mitigate risk.
How CDW Can Help Financial Institutions
Whatever your need, CDW can help.
For financial companies looking to reduce risk, CDW managed security services can help uncover potential risks, reduce the risk of data loss, and provide security as a service that includes endpoint, email, and website protection. When it comes to customer experience, CDW offers you support for telebanking frameworks, advanced collaborative tools and the transformation of the inherited ecosystem.
Managed services are here to stay. With the right managed services provider, businesses can contain costs, improve control and increase consolidation.
This article is part of BizTechit is Equity Blog Series. Please join the discussion on Twitter using the #FinanceTech hashtag.