Banking

BANKS HAVE ALWAYS USED TECHNOLOGY TO SPUR INNOVATION

Banks have always been at the forefront of technology. After all, what were the first safes and vaults except the original security technology innovations?

It’s no surprise that the near-constant arrival of new technologies, software, and applications during the last two decades have resulted in huge changes to the use and delivery of banking services. The banking industry has consistently shown itself to be forward-thinking and adaptable, as each new round of technology has been consistently used to spur industry growth, from new customer service interfaces to stronger security and faster transactions.

The foundation of customer service in banking has always been security, so it makes perfect sense that banks would continually be on the cutting edge of digital security, both in traditional network environments and cloud computing. It is also no surprise that banks have used digital transformation to enable smarter data analysis, leading to revolutions in investment practices and loan processing.

THE BENEFITS OF BEING MANAGED

In a time when technology plays a part in every aspect of the work you do, from communication to customer service to charting the past and planning for the future, it is critical to ensure that your I.T. is up to the challenge.

While it seems obvious that an unreliable network can slow down the pace of the work you are doing, bottlenecked connections and aging servers can also frustrate clients who need to access their accounts and have the expectation of making transactions 24/7. Meanwhile, the sheer amount of data in your care (a.k.a. “big data”) means that rock solid backup and disaster recovery plans are absolutely vital.

Of course, the speed at which technology changes can cause small and mid-sized banks to struggle in keeping their I.T. infrastructure up to date. It is an ongoing challenge to make the best decision regarding how to budget for investments in your own information technology. It can seem cost prohibitive to keep your infrastructure current while also trying to plan for unexpected breakages and irregular growth patterns that are dependent on multiple markets and other industries, all of which are outside your control. When you’re simply trying to maintain in the present, it can feel impossible to find a way to plan out the future.

This is where managed I.T. services can be helpful. Since managed services are planned out and billed monthly, rather than as needed, they are entirely predictable. Not only will this level out your monthly expenditure by spreading it throughout the year, it will also give you the chance to plan future spending, making it easier to decide how and when to upgrade equipment and invest in new services to help your institution grow.

Managed services also give you access to higher tier talent than you may be able to otherwise get. An I.T. company has the freedom to hire experts with deep knowledge in specific areas rather than focusing on technicians with a wide but perhaps shallow knowledge base. Full-service I.T. providers can also supply vCIO (Virtual Chief Information Officer) services to help you study, plan, and implement smart technology growth at your bank. Likewise, your MSP will almost certainly be able to provide you with access to better hardware and enterprise software for a lower price than you could get on your own.

The bottom line is that whether you need the full package of managed services, or are simply looking to augment what your in-house crew is capable of, you need an I.T. provider whose services and support can be customized to meet the specific needs of your bank; a provider whose mission is to help you surround yourself with the software, hardware, processes, and solutions that will serve to enhance your efforts and simplify your path to success—including thoughtful human support to go along with all that tech.