Today, the financial and accounting industry faces unique challenges. These businesses find it hard to handle, secure, and run data efficiently because of the economic and regulatory landscape. A strategic partner can help you achieve these goals.

Businesses in the financial services sector are under intense pressure to transform into a more global, accessible, and unpredictable market. The challenges these companies face:

Market and regulatory– Structural market shifts, higher capital requirements, and revived and stepped-up regulatory action after the financial crisis of 2008. Some of the vital regulations for the financial industry are:

• Sarbanes-Oxley (SOX)
• Payment Card Industry (PCI) Data Security Standards (DSS)
• Bank Secrecy Act (BSA)
• System and Organizational Control 2 (SOC 2)

Technology – Pressure to develop and integrate digital solutions while removing costly, obsolete, and inefficient legacy systems. Some emerging technologies for the financial sector are Artificial Intelligence, Cybersecurity, Robotic Process Automation, Blockchain, hybrid cloud servers, and Data Analytics.

Talent – Challenge to search and retain the right financial services experts with the in-depth technical knowledge to efficiently manage an internal IT department.

Costs– Total cost of hiring the risk and compliance teams while satisfying regulatory standards and putting in-house IT solutions into place.

How do Managed IT Services help the financial sector address these challenges?

The technological revolution has significantly reduced the entry barriers to financial services.

As a result, many FinTech startups have surfaced. Some have matured into formidable rivals to traditional financial institutions, striving for the same customers and revenues, while some ended up partnering with FinTech startups.

But, keeping up with this fast-paced business and technology scenario requires adopting disruptive technologies like the cloud, blockchain, automation, artificial intelligence, etc.

Since most firms would need to abandon outdated procedures and systems and adopt new ones, digital transformation will be challenging for many.

FinTech startups that grow into large enterprises, on the other hand, require their technology infrastructure to mature. As they grow, startups must pay off any accumulated technical debt too. They must also be concerned with maintaining their technological edge and agility.

Historically, this industry has found outsourcing to be a competitive way to tackle hurdles while maintaining a core focus on the crucial goals of the clients and business.

Managed IT is now regarded as the next vast area for outsourcing, particularly in terms of risk and compliance. And this is evident with these whopping figures. The managed IT service market was valued at USD 312.72 billion in 2022 and is forecasted to grow at a CAGR of 12.6% between 2022 to 2030, hitting USD 757.10 billion by 2030.

With Managed IT services, the financial sector can:

1. Efficiently use time and resources and focus more on high-value, top-priority goals vital to the core business.
2. Get top-notch solutions crafted by industry-leading experts.
3. Access to a pool of talent with expertise in innovative technologies.
4. Reduce costs with controlled, affordable cloud-based solutions and services.
5. Upgraded and improved operations and business processes.
6. Get continuous access to SMEs to address your pain points.
7. Help your business respond rapidly to the dynamic market and scale instantly.

Finding the right strategic partner is the game-changer for long-term relationships, innovation, and best-in-class services with the highest levels of compliance and efficiency. So, to entrust your organization’s IT services, you need to weigh some key considerations such as:

Assess your business and IT needs; For example, do you require 24X7 monitoring? Would you require remote, on-site support, or both? What is your monthly budget for a managed service?

Analyze your short-term and long-term goals. For example, business owners may have long-term goals like improving customer engagement, hiring, or launching a new product or service.

Seek a partnership for the long haul. For example, with a valued partnership, your MSP (Managed Service Provider) ensures that you are up to date on the latest IT trends, have a good risk management plan, etc.

Know more about the team. For example, ask about the team’s experience, projects they have worked on, expertise, certifications, etc.,

Check your MSP’s proven record of accomplishment. For example, check client testimonials, case studies, reviews, and references of your MSP.

Check out the services by the MSP. You need to find out if your chosen MSP offers the services, you have been looking for. For example, if you need a mobile app development service for your business and your MSP offers custom app design and development, then it is a win-win for both of you.

Check their industry-specific experience. For example, see if your chosen MSP has relevant experience or is willing to learn your industry-based methodologies.

Check their partnerships and integration with third-party applications. For example, how well they gel with third-party applications like AWS, Azure, etc., and what partners they have in the IT space like Microsoft, Dell, etc.,

Pay attention to business culture. For example, check if your culture aligns well with the MSP’s culture. Do you feel listened to? Are your problems getting addressed? How well is the communication between both teams?

Managed IT Service Roadmap

How can WaferWire help you with Managed IT services for your finance and accounting needs?

WaferWire specializes in a wide range of managed IT solutions for the financial and accounting industries, including flexible financial software, secure data solutions, and Cloud solutions, as well as assisting your office in reaching its paperless goal. Contact us today to learn how we can help you streamline your operations, secure your data, and ensure that your processes are compliant, efficient, and adaptable.