• October 4, 2018

3 IT Challenges in the Financial Services Industry

IT-challenges-in-the-financial-services-industry

3 IT Challenges in the Financial Services Industry

3 IT Challenges in the Financial Services Industry 700 425 Managed Solution

We live in a time and age where you can’t even say the words finance, or financial services without having them almost immediately interconnect with IT. It’s that simple. Today, in the midst of the IT challenges in the financial services industry, they can’t go one without the other.

IT is present in every industry, and its role is even more critical when it comes to Financial Services, Healthcare, Biotech and many more. But let’s stick to Financial Services for now, due to the vast IT challenges currently facing this specific industry.

Security Threats

Hackers are continually attacking financial Services and the entirety of the financial sector from all around the globe. Whenever someone works on any devices connected to the Internet or even an office network, those devices are in danger of being hacked.

Some online attacks happen, and no one notices them, especially if the internal IT department is overcrowded with other types of work (which are plenty!) related to financial services. To be sure that your company and your clients are secured to any IT challenges and outside threats, consider hiring IT management professionals. Security is imperative to any business and the sooner a company incorporates specialized IT protection and prevention systems, the better.

 

Fast IT Solutions For Financial Services

Although financial services and the entire financial industry are very well connected to everything that’s taking place in the world, in some emerging economies, making people trust IT systems with their accounts or money is still proving to be a challenge.

Most people in emerging countries are afraid of using credit or debit cards for online payment. It is a huge IT challenge because it’s the role of IT specialists to make online payments as accessible and user-friendly as possible. They also need to inspire trust, and some people seem to rely more on traditional forms of money, rather than virtual accounts.

The big IT challenge here is convincing people that no matter what they do online when it comes to your company’s services, their money is secured and in the unfortunate event of a cyber-attack (like mentioned above), they will receive their funds back. It is why you need to make sure that your company has a professional IT department when it comes to dealing with financial services. You don’t want to waste vast amounts of money on compensation when you can spend money wisely on IT management.

Old IT Infrastructure and Lack of Trained Personnel

As technology evolves at a more and more rapid pace, staying up to date is not only proving to be hard but also very expensive for most companies. It is especially important if you are in financial services where you always need to have the best of the best to secure your company’s reputation and your clients’ funds and trust.

IT infrastructure is aging fast and spending money on new technology usually means that companies can’t afford to hire top-notch IT specialists at the same time. IT Directors, CTOs and CIOs are always faced with deciding in this sense. They either renew their IT infrastructure or hire new people who better qualify with the latest IT challenges facing the financial sector today.

However, there are still some ways in which you could have the best of both worlds without having to affect your company’s cash flow or economic stability.

IT management companies offer their IT services at lower costs than the ones involved in hiring new IT specialists as part of your own IT department. It can cut the price of continually renewing your infrastructure, spending only a fraction of the cost of hiring new personnel.

Conclusion

If you’re interested in learning more about our services and solutions, be sure to visit our official website where our specialized consultants are prepared to answer your questions and give you any additional details you require.