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Financial Services: Managing Banking and Wealth Management Systems Around the Clock

Posted on September 14, 2018
   
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Business efficiency is top of mind for any company, and it's particularly essential to financial services. One key to keeping a banking or wealth management business competitive is to stay ahead of the financial services technology curve. 

Implementing that technology -- and finding the time to manage it -- can be tricky, though.

Customer Expectations

Customers place a significant amount of trust in their banks and wealth managers as care takers of their money.  Therefore, it’s not surprising that customers expect access to their money at all times.  Few are willing to wait until their bank branch opens or wealth manager is in their office, making it an essential that financial services firms provide online access around the clock.

 

Being in the 24x7 business

Small banks and wealth managers could provide online access themselves, but this would pose several expensive challenges.  They need technical staff with expertise to manage all of their systems, infrastructure, and cyber security, and staff would need to provide around the clock coverage seven days per week.  Staff would expect extra pay for working overnight shifts or weekends, and would need specialized tools to monitor and manage systems to keep them performing in an “always on” mode.

While this is a possible alternative, it would be attractive to few small banks and wealth managers due to costs and talent retention factors alone.

 

The need for a Managed Service Provider

A better alternative for small banks and wealth managers is to engage a managed service provider (MSP) to keep systems secure and performing well around the clock. There are many reasons to engage an MSP, including:

  • Better security - All businesses have security concerns, but financial services' are particularly sensitive. Your business is money, and that money is managed electronically. There cannot be a doubt in your mind that your client data is secure. Working with an MSP allows your business to count on this.
  • Increased response time - An MSP assumes full responsibility and is responsive to problem solving, which simplifies technology management, takes the burdens off your hands, and allows you to focus on customer satisfaction.
  • 24/7 Monitoring - With an MSP, your business receives monitoring and management of critical IT systems in a secure manner around the clock.
  • Trusted partner - Managed service providers are trusted technology advisors, partnering with banks and wealth managers to ensure technology delivers business outcomes. 
  • Reliability - If you partner with the right MSP, it has a large enough technical staff to serve your business, but is small enough to care about the intricacies that make your business unique.

 

Why Apogee IT Services is the Logical Choice

Apogee IT Services is a Pittsburgh managed service provider that provides network infrastructure and design, security monitoring, help desk support and more to small- and medium-sized businesses, a large portion of which are in the financial services industry.

We offer secure IT resources that take the complexity out of banking technology, so you can focus on providing customer satisfaction in your day-to-day business transactions. Let us keep your business running around the clock - contact Apogee today!

 

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Tagged Security, Financial Services, Banking, Wealth Management

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