Bank managers are always searching for ways to improve the efficiency of teams and cut costs. One of the most powerful ways to achieve these goals is by using managed information technology (IT) services. Managed IT services can help banks save money on IT costs while also improving their IT security.
Investing in powerful modern tools that enable improved collaboration and fluidity within your organization can be the difference between staying competitive or losing your edge.
What To Know About Managed IT Services for Banks
Managed IT services are a type of contracted assistance that is provided to organizations in order to help manage and monitor their IT infrastructure. This can include managing and monitoring servers, networks and applications, as well as providing updates and patches for software and hardware.
A managed IT service acts as a complete IT department. This team helps develop and maintain all of your organizational technology needs while providing expert advice based on the unique requirements of your teams. These managed services eliminate the need for training and hiring new staff and ensure the business is benefitting from the latest standards in technology.
How Managed IT Services For Banks Help Cut Costs
There are a few main ways that a managed IT provider can help your company reduce costs and enable improved efficiency:
Managed IT services can help banks save on the costs of hiring and training staff
It can be costly for banks to hire and train staff to manage their IT systems. By outsourcing these services to a managed IT provider, banks can save on the costs associated with hiring and training staff.
Banks can outsource their IT needs to a third party, which can lead to cost savings
Completing the proper training in order to bring a local IT department up to the industry standard can be a very costly endeavor. Going straight to a high-quality managed IT provider will ensure that you have access to expert guidance when you need it most.
Reduce the amount of hardware and software needed
Banks rely heavily on technology; managed IT services for banks involve outsourcing part or all of the IT operations to a third-party provider. This can include, among other responsibilities, hardware maintenance and software upgrades to network security and data backup. By outsourcing these tasks, the bank can reduce its need for the costs of installing, updating and maintaining hardware and software.
Banks that use managed IT services are able to focus more on their core business activities
Managed IT services can help banks focus more on their core business activities by overseeing all aspects of their technological needs. This includes managing and monitoring the systems and networks, providing technical support, and making sure that the bank’s technology and cybersecurity is current. By outsourcing these tasks to a managed IT services provider, the bank can focus more time and financial resources on its core business strategy.
Benefits of Utilizing Managed IT Services
Expert-Informed Decision Making
To stay ahead of their competition, banks must have the ability to make expert decisions to keep up with the latest technologies. Managed IT services improve this ability by providing a team of experts who are dedicated to managing and monitoring your IT infrastructure.
This allows your bank to focus on its core business instead of being burdened with IT issues. In addition, managed IT services can help you save money on IT costs by optimizing your infrastructure and providing expert support when needed.
Focus On Improving The Business
Banks that use managed IT services can typically save between 30-40% on their IT costs. This is because managed IT service providers have economies of scale that allow them to purchase hardware and software at a discounted rate.
Additionally, these service providers focus solely on providing the highest level of IT management and optimization, which makes them able to be more rigorous and flexible for your organization. Even with extensive training, this can be difficult to achieve with internal teams.
Improved Cybersecurity Posture
One of the main benefits of managed IT services is their ability to improve cybersecurity posture. By having a dedicated team of experts monitoring and managing your IT systems, you can rest assured that your networks and data are secure from cyberattacks.
Managed IT services provide an added layer of protection against malicious threats and ensure that your systems are up-to-date with the latest security patches. Additionally, they can help you develop necessary procedures that will enable you to quickly identify and respond to any cyber incidents.
Having this capability can potentially save your organization a significant amount of money by avoiding the cost of addressing a cybersecurity breach that you cannot manage independently.
Focus On Improving Agility and Cost-Efficiency
Managed IT services offer a wide range of benefits for banks, including cost efficiency and improved agility. By outsourcing your bank’s IT needs to a managed service provider, you can save on labor costs, hardware and software expenses, and reap the benefits of having access to a team of tech professionals.
In addition, because managed service providers are experts in IT infrastructure management, they can help your bank stay current with the latest trends and technologies in the industry, ensuring that your systems are always up-to-date.
This improved agility can be crucial for banks that need to quickly adapt to changing customer demands or regulatory requirements without sacrificing the investment needed to build and train an in-house IT staff.
For more information about how managed IT services can help your organization maximize cost efficiency while establishing a highly competitive IT department, contact our team of experts today at 212-886-0790.