The banking industry can gain a competitive edge by using IT support in San Francisco to modernize its systems. Since the financial meltdown, the industry has remained fairly flat in profitability after the initial first few years of recovery. Bankers may be able to experience better growth by outsourcing managed services, which can lead to cost efficiency, innovation, differentiation, and even alternative revenue streams. Here are more details on how banking can improve by embracing the latest digital expertise:
Better Risk Management
Your IT support in San Francisco can enhance the risk management of your operation, particularly when it comes to guarding against cyberattacks. It is essential to protect your reputation with customers, which is precisely what corporate attackers attempt to destroy. A recent study by Deloitte Touche Tohmatsu Limited (DTTL) found that financial services firms expect cyber risks to grow in the coming years, as hackers continue to find new ways to penetrate security systems.
In 2016 alone, the cost to the financial services industry of paying for cybercrime was $16.5 million. An outsourced team of IT professionals that keep pace with evolving security solutions is more likely to protect your firm against new cyber threats than an in-house team. Higher quality IT experts are more proactive at testing backup and recovery plans as well as developing multi-layered security solutions.
More Reliable Government Compliance
Complying with government regulations is one of the cornerstones of banking, since you must protect highly sensitive customer data. Outsourcing a 24/7 help desk, for example, gives customers a sense of flexibility and comfort that they can rely on their bank at all times. Large global banks must deal with complex regulations that are different among various nations. Financial firms currently spend up to $270 billion annually to meet government regulations.
One of the keys to improving customer satisfaction is to work with quality IT talent who can solve issues quickly and create more seamless digital banking experiences. But there’s also a need for banks to solve internal problems more efficiently, such as developing more scalable solutions for future business growth. Instead of hiring in-house IT teams that may not keep up with new technology that can accelerate problem-solving, banks can outsource to managed services providers that employ specialists who are experienced in solving a wide range of technical issues.
A key drawback to using the in-house IT approach is that maintenance activity can divert attention from paying attention to innovating new solutions. By outsourcing to a diverse managed services firm, a financial institution can achieve better IT management on both levels. Your firm will be able to access talent with a wider range of skills and knowledge with cost efficiency in mind, making it a more competitive and potentially more profitable business.
Banks can enhance operations by turning to IT support in San Francisco designed to increase business efficiency through advanced technical expertise. You’ll be able to grow the company more effectively by creating higher value for customers and preparing for more flexible scalability. Keeping cyber risks under control is essential. Contact us as OneClick Solutions Group to learn more about how we can upgrade your digital environment through innovative platforms and agile services that elevate customer satisfaction.