IT Support for Financial Services: 4 Key Benefits

Business

IT support services are becoming a high priority in terms of services that businesses pay for. For a while now, businesses have been opting to outsource their IT efforts, as an alternative to the time-consuming and resource intensive process of hiring and training one’s own IT staff, acquiring own hardware and software, and devising one’s own IT strategy. We spoke with TechQuarters, a company providing IT support services London based companies have been using for over a decade, and they told us about their experiences supporting businesses in the financial services sector.

If your business uses Manged IT Services London based companies that work in finance trust – you are on the right track! 

IT support for Financial Services

Information technology is rarely a one size fits all situation, because very business will have different needs. Those needs come down to many different factors – from the size of the organisation, their workflows, the types of technologies they use, and of course their sector. When we asked TechQuarters about the kind of IT support financial services companies need, for instance, they went into some detail about the types of tools that are unique to the financial services sector – these range from industry-specific CRM solutions, marketing automation and business intelligence, to enterprise resource planning (ERP) systems, and hybrid-cloud infrastructures.

Even within a single sector there is a diverse array of technologies that can be utilised – it is the job of an IT provider to understand those technologies, so that they can advice the client on the best ways to leverage them.

What Do Financial Companies Need from an IT Partner?

  • Forward Thinking IT Strategy

The majority of businesses around the world have internal IT departments, as opposed to outsourced IT support. The downside to having internal IT departments is that they can develop tunnel vision from working with a single organisation and IT infrastructure. What is more, it might be that an internal IT department is more prone to having their resources stretched thinly.

On the other hand, professional IT companies are also working with multiple customers, which has a few positive implications: Firstly, it means they need to have plenty of staff, hardware and software to go round all of their customers (so business that outsource their IT are unlikely to experience a shortage of resources). Secondly, working with multiple organisations, each with different infrastructures, means an professional IT company will have a more versatile approach to support than most internal IT teams.

 

  • Security-First IT Services

IT security is a high priority among all businesses nowadays, but none moreso than companies in the financial services sector. The fact is that the finance industry is a highly regulated sector, where companies deal with a lot of highly sensitive (and highly valuable) information. This means that security needs to be baked into every single area of an organisation’s IT infrastructure.

As mentioned in the first point, IT support companies accrue a very diverse and in-depth pool of experience whilst supporting multiple customers – this means that, when it comes to security, a top-tier IT support company will be well-versed in the different tools, solutions, and approaches that can work for different types of organisations. An IT support company with experience in the finance industry will know about the most cutting edge security solutions that companies should be using, and will be able to help their customers adopt them.

 

  • Opportunities for Growth

The finance industry is a fast-paced sector that generates a lot of revenue each year, which means there is a lot competition. Competition results in innovation, and innovation nowadays can be facilitated by cutting edge technologies. An example of how technology has driven innovation in the finance industry is the Cloud; and of course, Fintech is one of the fastest growing industries around the world. Working with an IT support company for more efficient technology management can free up a financial organisation’s time and resources, and help them develop new services for their customers.

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