More and more financial institutions are exploring managed IT services, and it’s easy to see why. Managed services allow you to dedicate your time to more critical tasks, such as running your business.
But, how exactly can the banking, financial services, and insurance (BFSI) industry benefit from it? Read on as we drill down into the benefits of managed IT services for BFSI.
What are Managed IT Services?
Managed IT services refer to the delegation of IT tasks to expert third-party companies, otherwise known as Managed Service Providers (MSPs).
They handle either a portion or an entire business IT system, as stated in the Service Level Agreement (SLA). The services and other crucial information are defined in the SLA, including the metrics for success measurement.
10 Ways Managed IT Services Can Benefit the BFSI Industry
Banks, insurance companies, and other financial institutions have a crucial responsibility to their customers. If you’re in the BFSI industry, turning to a reliable third-party provider for managed services gives you the following benefits:
1. Predictable Spending
Setting up IT infrastructure and systems requires a vast amount of investment. The thing is, it can be challenging to predict operating expenses as your organization grows.
When you outsource IT services, third-party providers will consolidate these expenses into a single, fixed OPEX. MSPs calculate hardware issues, repairs, and maintenance into your operational budget since their monthly rates are typically fixed.
Put simply, your operational budget won’t get hurt when unexpected IT issues occur. You’re able to predict and manage your spending by investing in the right solution.
2. Qualified and Certified Experts
One of the most significant managed IT services benefits is that you onboard highly qualified IT professionals. These experts are well equipped with qualifications, certifications, training, and experience.
A reliable managed IT services provider will give you access to a top-notch IT team with specialized expertise and skillsets. You no longer need to rummage through job portals to find the right people to manage your IT systems.
For instance, Yondu, a leading IT service provider in the Philippines, deploys well-rounded IT professionals to BFSI organizations. These IT experts are armed with proper training and digital practices to ensure your projects are implemented quickly and optimally.
3. Proactive Management
Managed IT services also give you peace of mind, knowing you have proactive IT experts managing your systems. With a highly skilled and well-trained IT team, you can catch issues before they worsen into a serious dilemma.
Proactive management helps ensure business continuity with minimal downtime. As a result, you can go about your operations without disruption and respond to your customers’ needs faster.
4. Quicker Response Times
In today’s busy world, employees work fast, so you must avoid downtimes and technical difficulties. Managed IT services provide 24/7/365 support to ensure your staff remains productive, especially during high traffic times.
By having a support services provider, you can be confident that help is always available. This is especially important for your customers when they need to access their accounts anytime, including weekends and holidays.
5. Reduced Capex
Managing an in-house team means you need to deal with high costs, such as monthly salaries and benefits. You also need to spend on office upkeep and training to ensure employees are familiar with your systems and processes.
By outsourcing IT services to experts, you reduce these capital expenditures and other IT costs. Managed services also help lower your expenses on consultations, licensing, training, emergency fixes, and labor rates.
Are you looking for a Managed IT Services company? Find out how Yondu helped businesses grow with its top-notch tech solutions through these case studies.
6. Data Compliance Support
Many organizations, including those that belong in the BFSI industry, need to meet strict integration requirements and standards. These standards include specific rules regarding financial services and data privacy.
A managed services provider is well-versed in these requirements, providing more benefits for your business. The data compliance support MSPs offer will also help you save time and money.
7. Enhanced Security
BFSI organizations handle sensitive customer information. For this reason, you must reduce risks related to data leakages and credit card use, among other things.
Outsourcing managed IT services provides this significant benefit: It helps ensure your organization remains compliant with security standards. MSPs put in place security measures to keep your customer data safe so that you can prevent serious problems.
8. Vendor Management
It’s a tall order for many businesses to maintain a list of IT-related vendors. Thankfully, MSPs also have access to hardware and software vendors, which means you don’t have to worry about them, too.
In short, you no longer need to engage in complex, technical conversations. Additionally, you can get the best equipment rate on the market with your chosen managed IT service provider.
9. Eliminate Inefficiencies
All businesses carry some degree of risk, which includes evolving technology, financial conditions, and changing market situations. Managed IT services help you mitigate common business risks since IT experts understand the ins and outs of the industry.
These experts are also knowledgeable about security and compliance; hence, they can support your organization properly. IT management with cloud computing also helps reduce inefficiencies, resulting in improved productivity and faster time to market.
10. More Focus on Business
Outsourcing IT services means you’ll no longer have to waste time trying to understand what’s wrong with your system. If you’re not knowledgeable about computer technology, it can be taxing and time-consuming to analyze how to fix an issue.
MSPs provide you with the right tools, knowledge, and people, so that you can focus on your core business. As a result, your organization can attain the highest level of efficiency and best results possible.
Keeping your business operational and running smoothly is key to delivering outstanding customer service. You’d want your organization to lead your industry, so it makes sense to explore innovative solutions to level up.
Managed IT services bring incredible value to your organization, from providing highly skilled experts to achieving improved business efficiency. The key is to choose the right IT service company that can provide the best solution for your business.
Do you want your financial institution to scale in today’s digital economy? Get a FREE consultation with our experts today!