The financial industry is a fast-changing area. Technology plays a massive role in driving efficiency, security, and innovation. To run smoothly, reliable IT support has become more important than ever.
IT support makes the technology used in finance more effective. Learn how the service helps financial businesses and how it can revolutionise the technology used in your company.
What’s Included in IT Support for Financial Services
IT Support manages everything to do with your technology. It’s a service offered by service desks that looks after your tech to prevent and fix issues. IT support is focused on improving the potential of your IT systems to enhance your digital capabilities.
IT Support often includes services like:
- Cloud solutions
- Cyber security
- IT service management
- Data protection
- Network monitoring
- Hardware and software management
Why Financial Services Need IT Support
Every industry has different priorities. Finance businesses have unique goals and challenges that IT support addresses. Here are some of the key areas finance businesses need to focus on and how IT support can help.
Data Management
Businesses working in finance handle a lot of data. This data can often be hard to manage, leading to ineffective processes. According to research from Gartner, financial organisations attribute an average annual loss of $ 15 million due to having poor data.
IT support can combat this. By implementing efficient data management systems built for purpose, you’ll have more accurate data that can be transferred and used more easily.
The information you hold will be more accessible for those who need it while ensuring that you’re compliant with regulations like GDPR and the Financial Conduct Authority.
Customer Service
We live in a digital age, and financial services are seen as technology leaders. Your customers expect a seamless online interaction. IT support ensures that you match their high expectations by allowing you to offer the best customer service.
An IT service desk helps maintain a user-friendly interface across all your communication channels. IT support also focuses on delivering a fast transaction process and responsive customer care platforms. It focuses on leveraging your IT to provide the best customer experience possible.
Innovation and Adaptation
The finance industry is a driving force in technological innovations. Your business needs to be able to adapt and integrate trending technology just to keep up. According to Gitnux, 77% of financial institutions plan to or already have implemented AI technology. Businesses that haven’t are expected to fall behind.
IT support for financial services helps businesses seamlessly adopt new technology, and crucially use it in a way that benefits their business. Partnering with a support expert will ensure you’re using new technology that improves your business and guides you on the trends that you should follow.
Infrastructure Maintenance
The IT infrastructure within financial services is complex. Made up of multiple servers, networks and databases, this can become tough to organise and manage effectively without IT support.
Service desks are on hand to provide regular monitoring, maintenance and updates. By providing proactive maintenance and self-healing IT, support teams prevent disruptions and ensure that everything is running smoothly.
This reduces financial loss and keeps your business productive.
Cyber Security
Financial services hold a lot of important, sensitive data. This makes organisations like yours a prime target for cybercrime. Finance businesses need the best cyber security they can get to prevent an attack.
Suffering a data breach can be costly for businesses in the finance sector. According to Security Intelligence, finance firms lost around $5.9 million per data breach on average. This is 28% higher than the global average. This means a cyber-attack will affect your financial business more than a business in any other industry.
IT support teams designed for finance services work around the clock to create robust security measures. Protection like firewalls, encryption, and intrusion detection fortifies your business, making it harder to breach. Cyber Security Awareness is important and will help improve your business.
How we tailor our IT Support for Financial Services
IT support needs to be made bespoke for each industry. The technological needs of one business are drastically different from another, especially if it’s in a unique sector like finance.
When providing IT support for financial services, we make sure that it’s focused on the specific challenges and pain points you face.
To make IT support that’s effective, we get to know your business needs and make IT support that aligns with them.
Compliance
The financial sector has a lot of regulations and standards that businesses need to follow. They need to be FDA-approved while keeping up with the GDPR data protection standards.
Our IT support teams have a deep understanding of these requirements and implement systems into your IT to help stay compliant in all that you do. IT support makes it easier to match these standards, which builds trust, authority, and reliability.
Disaster Recovery
A loss of data, ransomware attack, or security breach can be disastrous for a financial business. In addition to adding strong cyber security protocols, IT support will also build a useful disaster recovery process. These plans include data backup and other measures so that operations can be restored quickly in the case of unforeseen events.
24/7 Monitoring
Finance services are rarely limited to 9-5. The financial industry runs around the clock, so you need IT support that never stops. Our IT support for financial services provides continuous monitoring so that issues can be resolved quickly, limiting downtime while keeping your business protected.
Scalability
Finance is a constantly growing sector, with the market size increasing year after year. According to Statista, the finance market is expected to show an annual growth rate of 12.25%. As financial businesses are expected to grow and scale, IT needs to evolve to match it.
Our IT support offers scalable solutions that can accommodate increased workloads and bigger operations. Our support is future-proof to help push your business to achieve your goals.
Choose our IT Support for Financial Services
IT support provides the foundation for modern financial services. It plays a huge role in maintaining robust infrastructures, ensuring cybersecurity, and enabling innovation. As the financial landscape continues to evolve, choosing the right IT support partner is key to your long-term success.
With our expertise and tailored solutions, we are committed to empowering your institution to thrive in the digital era. Get an IT support audit to learn more about how our IT support services can elevate your financial operations.
References:
- How to Create a Business Case for Data Quality Improvement. Gartner 2018 [Accessed 20 February 2024]
- AI Use In Financial Services Statistics And Trends in 2024. Gitnux 16 December 2023 [Accessed 20 February 2024]
- Cost of a data breach 2023: Financial industry impacts. Security Intelligence 30 August 2023 [Accessed 20 February 2024]
- Finance - United Kingdom. Statista 2022 [Accessed 20 February 2024]
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