Corporate Newsroom

5 Common IT Challenges BFSI Companies Face and How to Solve Them

3 minutes read - June 21, 2022 - by Yondu Team
Businesses across the BFSI industry face similar IT challenges. Here's what they are and how to solve them.
how to solve common IT challenges

If you are a leader in the banking, financial services, and insurance (BFSI) sector, you’re probably wondering how to solve common IT challenges that are unique to your industry.

Because the finance sector handles sensitive information that requires high bandwidth to perform, it can be quite challenging for the IT team to keep things running smoothly. And it pays to tackle them head-on. That is if you want to stay ahead of the pack and command as much of the market as you can. Well, you’ve come to the right place.

Here, we pinpoint the IT challenges that are prevalent across BFSI enterprises, then discuss ways how to solve them.

5 Ways to Solve Common IT Challenges in Your Company

Businesses in the BFSI industry must maintain a foolproof IT infrastructure because of the inherent sensitivity of financial data and records. One small misstep could mean a huge financial and PR problem. Get proactive and prevent potential issues from happening. Fortunately, you’re not without help in figuring out how to solve common IT challenges across the BFSI sector.

1. Regulatory Compliance

Regulatory agencies exist to keep the entire BFSI industry working as it should for the benefit of consumers. And with the onset of new digital innovations for the BFSI sector, these governing bodies will introduce more regulations to act as a safety precaution in case there are unforeseen circumstances stemming from the new technology.

Complying with government and industry regulations, such as the Bank Secrecy Act and the Consumer Protection Act, means dealing with bureaucracy here and there. However, there’s no getting around it. Your business must comply to stay operational.

To ensure foolproof compliance, work with a reliable legal counsel alongside IT experts who can keep up with all regulatory updates in the industry, especially those related to cybersecurity.

2. Cybersecurity

Speaking of cybersecurity, it is perhaps the most important aspect to consider in the BFSI sector. Most concerns regarding how to solve common IT challenges boil down to this issue. A cybersecurity glitch could mean paying up hefty sums of money to an aggrieved party. That is on top of significantly undermining your brand’s credibility.

Here, it’s crucial to weed out the root causes or sources of cybersecurity threats. Three factors typically emerge in this department: internal threats, ransomware, and antiquated systems. 

To address internal threats, make sure everyone on your team is on the same page when it comes to the responsible use of IT and digital systems. As for ransomware and antiquated systems, the obvious solution is an upgrade to more robust technology.

3. Unique IT Infrastructure and Need for Expertise

Because of the unique setup of the BFSI industry, its IT infrastructure is also vastly different compared to other industries. Moreover, the infrastructure evolves as quickly as innovations are adopted within the sector. The fast-paced nature of development in this sector may be too much for your in-house team to handle. Yet, your organization can’t be clueless about how to solve common IT challenges.

Hence, it is a reasonable idea for your company to augment your workforce with IT experts who are well-versed with new technologies that you could adopt to stay competitive.

4. High Customer Experience Expectations

Customer experience refers to a customer’s assessment of their entire journey with your business. From the start to the end of the transaction, this process must be seamless. And that owes a lot to the IT infrastructure you have got in place. For example, if your mobile app keeps freezing, expect to receive a low score customer experience-wise.

You can’t go wrong with unique and innovative solutions. Your IT team’s goal is to update existing infrastructure driven by customer-centric priorities.

5. Maintaining and Troubleshooting BFSI Software

Even the most top-notch technologies will suffer downtime from time to time. The important thing is your IT team is always ready to troubleshoot.

Scale up with the proper process management tools and systems. Conduct training when needed. Most importantly, make sure your team is composed of people who are uniformly adept with IT systems while boasting diversity in terms of specialization. 

These Common Problems are Avoidable

BFSI businesses face similar concerns when it comes to their IT infrastructure. And you’re probably getting the same tips on how to solve common IT challenges as your competitors. 

One hack that is seldom cited has to do with how you build and manage your team of IT experts. This is where staff augmentation comes in. This business strategy will help you scale labor based on existing requirements. Expand when needed. Downsize if necessary. Either way, rest assured that you’re getting the services from the best minds in the field.

For your staff augmentation needs, look no further than Yondu. We specialize in the BFSI industry and boast certified, highly skilled, and well-trained experts. Do you want to learn more about the services we offer? Don’t hesitate to reach out.