In the digital age, information technology and finance are inseparable. IT services are instrumental for managing a large volume of financial transactions. The infrastructure for these services must be absolutely secure and highly efficient—no one wants bank data leaked, and no one wants to wait five days for their paycheque deposit to be verified.
Successful banking and investment companies build reputations for excellence by making their customers money while keeping their personal information safe and confidential. With most financial transactions occurring in the virtual space, technical infrastructure is growing ever more important in financial service delivery. Managed IT services ensure safe and effective technological systems for financial institutions.
How managed IT services relate to financial institutions
It seems simple at first: the computers need to be working properly so that business can run smoothly. But what is really meant by the computers “working properly”? At the level of a large financial institution, this often includes managing customer and transaction data, overseeing an internal network while interfacing with external networks, and guaranteeing compatibility and interoperability with related institutions and services. All this must be done while minimizing service interruptions and maintaining a high standard of security and confidentiality.
No computer currently exists that can perform all these tasks without human intervention and oversight, but at Hypertec, some of our high performance workstations and rackmount servers, sure do try.
Behind the IT, there are IT professionals with the knowledge and experience necessary for managing complex services. Learn about what managed IT services can do for the financial industry below.
What are the technology needs for financial services?
Financial institutions have three major requirements for technology: reliability, productivity, and security.
Reliable technology means maximum uptime for all public-facing software. Time-sensitive internal networks, such as those used for high-speed trading, should have multiple redundancies built in to keep the money flowing around the clock. Maintenance, when required, should not require a full shutdown of your entire system.
Productive technology is versatile and fast. Software and hardware should have the agility to deliver services across many different networks and operating systems. It should also have the capacity to handle a large volume of operations without sacrificing speed.
Secure technology protects client information and preserves confidentiality. Poorly managed secure systems may sacrifice productivity and reliability in the name of baroque encryption techniques. A well-managed security infrastructure will meet all three needs with appropriate encryption and redundancy.
What are the different types of managed IT services?
IT solutions for financial services encompass diverse network designs and server systems. Managed IT services will utilize the following methods to make your company’s technical foundation as reliable, productive, and secure as possible.
A good network forms the backbone of reliable service delivery. IT professionals can design and implement a customized WAN and/or LAN network based on the unique needs of a given financial institution. These networks will have built-in redundancies to minimize downtime when maintenance is needed.
Making financial transactions between a secure, internal network and an unknown, external network can be a dicey proposition without appropriate security measures. Encryption, blockchain management, and penetration testing can be provided as part of managed IT services.
Data centre services contribute to the reliability and security of a financial institution. IT professionals can design and implement on-site data centres. If a third party is needed to store some or all of the data, managed IT services will determine the most secure method for external data management.
Business continuity solutions increase institutional productivity. When a global pandemic hits and access to headquarters is limited, secure remote access to technical infrastructure is a must. Colocation and data recovery are key components of managed IT services, even when the world is not on fire—human error and natural disasters can compromise technical systems during the most peaceful of times.
If your company is utilizing a technology-based investment strategy, like high-frequency trading or cryptocurrency speculation, IT financial services become even more important. Custom-built servers may be required for innovative trading software.
Ultimately, managed IT services will address new needs in banking and financial sectors as clients demand real-time transactions and increasingly personalized investment portfolios. Even banks with solid existing infrastructure can benefit from IT consulting for keeping financial services up to date.
What are the benefits of managed IT services?
When you pay for managed IT services, you get a team of dedicated professionals who build and support your technical infrastructure. External web services and cloud computing may be a part of this infrastructure, but you will often use an in-house component as the hub. This gives your institution greater control over your data management and recovery.
IT failures in the financial services sector can be catastrophic. Data leaks, security breaches, and website malfunctions can lose companies millions or billions of dollars, not to mention impacting the lives of thousands of customers. Managed IT services for financial institutions will decrease the likelihood of a major technical failure.
Managed IT services don’t just prevent bad things from happening to your company. Faster, more reliable software will increase employee productivity and customer satisfaction. New clients will be attracted to a company that has the agility and interoperability to manage a global finance network. And finally, everyday operations are much easier when your computer systems have well-constructed workflows.
How will your institution manage IT services?
Your clients deserve reliable and secure technology. Your staff needs software that supports their productivity. Enlisting the right partner to manage your IT services is essential.
By investing in managed IT services, you are investing in the continued growth of your institution. Adapt to the demands of the modern world by constructing an airtight technological infrastructure for service delivery.
This post is also available in: FR