5 Advantages of Managed IT Support for Financial Institutions in 2022

The Financial Services sector is highly competitive, fast-paced, and constantly growing and changing. This means that Finance Institutions need to be doing everything they can to stay ahead in the market – one of the best ways that they can do this is be adopting managed IT support services. With technology becoming increasingly important within the sector – Fintech, for example, is one of the fastest growing sub-sects of the tech industry – institutions must stay abreast of the technology that is available to them.

What is Managed IT Support & How Does It Help Finance Institutions?

Managed IT support is an IT service that enables a business to outsource responsibility for their IT infrastructure – either partially or entirely – to a third-party, such as TechQuarters, an IT support company London financial institutions have used for years, who were able to speak to us about the different benefits one can expect.

  • Offload IT Responsibility

The first and most obvious advantage for financial institutions that work with an IT support service provider is that they don’t need to worry about their IT support, which can allow the organization to put more time, energy, and even money, into other areas of the business.

Traditionally, businesses would manage all of their IT support needs in-house; hiring and training internal staff. While this definitely works, it is also costly and time-consuming, considering there are solutions that enable you to get access to support that is proven to be effective, much more immediately.

  • Simplify IT Spend

When we spoke to TechQuarters, one of the points they offered regarding the benefits of services like theirs, was that your budget for IT becomes simpler. Having provided IT support services London businesses rely on for many years, TQ knows all about the costs incurred by IT, and by supporting it – for instance, having a dedicated in-house IT department multiplies the cost of staff, and HR work.

So, using managed IT support gives financial institutions the opportunity to condensed a number of IT-related expenses into a single outgoing.

  • Get Proactive Support

Another great benefit of using a high quality managed IT support service provider is that fact that one can get a much more proactive support service from them.

Traditionally, IT support was understood to be a service in place for when businesses experience IT issues. Now, however, a good quality IT support service helps businesses avoid IT issues.

When we spoke to TechQuarters, they cited methodologies such as 24/7 network monitoring, which helps them detect problems in real-time, which enables them to work on solutions immediately – thus restoring normal operations much more quickly.

  • Access Cutting Edge Technology

Managing an in-house IT department can be difficult, and as a result, just keeping one’s IT infrastructure running normally may be the best of what you can expect from it. However, in an ideal world, your IT department would be helping you explore and implement new, cutting edge technologies.

When we spoke to TechQuarters, they told us that the IT support financial services institutions need should include recommendations on cutting edge technology, and opportunities for acquiring and implementing them.

IT companies like TechQuarters – who have a number of high profile technology partners, namely Microsoft – are able to offer clients access to the latest solutions to help their business; they can even do the work of implementing them, through project work (another important feature of a good IT support service).

  • Account Management

Just like any good business providing a service to other businesses, a good IT support provider will offer their clients dedicated account management. The main advantage of having account management with your IT support service is that you get full transparency into the service you are receiving.

Your account manager will keep your updated on all the key performance indicators; they will keep you in the loop of everything that’s happening with your IT infrastructure; and they should also make recommendations to you regarding your service – e.g. what technologies would benefit your organisation, etc.

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