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Revolutionizing Banking: How Cloud Managed Services are Streamlining Operations and Elevating Customer Experience
As an business owner, navigating the complex landscape of IT and infrastructure can pose numerous challenges. To address these challenges, businesses can either maintain an in-house team of IT professionals or seek the expertise of companies like ITSS (Information Technology Services & Solutions). By utilizing ITSS’ Managed Services, businesses can entrust their IT infrastructure’s management, security, upgrades, staffing, maintenance, and troubleshooting to a team of experts. This enables business owners to focus on growth and scalability, even with limited resources and infrastructure at their disposal.
What are managed services?
An IT-managed service model involves a strategic partner, such as ITSS, who takes on the responsibility of transforming and running your business operations and processes to improve overall operational efficiency on a long-term basis. These services are particularly useful for banks and financial institutions that may not have the manpower or experience in IT infrastructure and management. Managed services can help such establishments by freeing up manpower, resources, and time spent on handling server glitches, downtimes, and hardware issues.
Why are managed services important for banks?
Banks and financial institutions navigate through unpredictable economic and regulatory challenges, with huge pressure on risk and compliance models. In this scenario, the adoption of managed services is rapidly rising as firms look for a more strategic response to better organize and safeguard their business operations.
We are living in a digital and hybrid framework world, and banks and other financial companies cannot afford to lag behind. According to International Banker, significant investments are pouring into the banking industry as both traditional and neo banks are creating ‘composable’ solutions that leverage everything from cloud computing to advanced data analytics, enabling banks to stay ahead of the game.
The long-term and tightly integrated nature of a managed services partnership offers substantial strategic benefits in addition to cost reduction and saving resources. There are some key focus areas like financial markets, governance, risk regulation, and compliance where managed services are extremely relevant and profitable in the banking sector.
Benefits of Managed Services:
By outsourcing services to specialised providers, banks can reduce their operational costs significantly. Managed service providers like ITSS can help banks save on capital expenditures by providing them with the latest technology, tools, and infrastructure required to run their operations. Banks can avoid the cost of purchasing and maintaining expensive IT systems, hardware, and software. ITSS also offers a pay-as-you-go payment model in which banks pay only for the services they use.
Ø Improved Security
Security is a huge concern in the banking industry. Managed services providers offer advanced security solutions that help banks protect their customers’ data, transactions, and personal information. Managed services providers use the latest security technologies and tools to monitor and protect the bank’s infrastructure and applications from cyber-attacks, malware, and other security threats.
Ø Enhanced Scalability
Managed service providers can help banks scale their infrastructure, applications, and systems to meet the needs of their customers and stakeholders. Banks can focus on their core business functions while managed service providers take care of the technical aspects of their operations.
Ø Better Service Levels
Managed service providers operate on a 24/7 basis, providing round-the-clock support and assistance to banks. Managed service providers use the latest tools and technologies to proactively monitor and maintain the bank’s systems, infrastructure, and applications. Banks can minimize downtime and improve the availability and reliability of their services to their customers.
Ø Access to Expertise
Managed service providers employ specialists in various fields such as cybersecurity, cloud computing, data analytics, and more. Banks can leverage the expertise of managed service providers to develop and implement cutting-edge solutions to meet their business needs.
Typically, a managed service is most applicable and fruitful when failure poses a high enterprise risk, when there is an urgent need for skill, ability, specialization, and quickly evolving, and when competitive differentiation is low. In these scenarios, the costs, and challenges of building a cutting-edge function in-house may be expensive, time-consuming, and may still not produce the desired results. At these times, managed services come to the rescue and impart several advantages which help in the long-term growth, expansion, and scaling of business operation.