Managed IT As The Core Of Digital Banking

Over the years, digital transformation has become a buzzword for all verticals and banking is not an exception. Customers want banking functions at their fingertips, rather than having to visit a bank personally for carrying out regular transactions. And this is exactly what the digital shift has made possible. But everything is not as simple as it appears on the surface. A strong technology infrastructure is what a bank needs to have to keep the digital services up and running securely and seamlessly.

Additionally, they need to invest in software applications to make the services available for the customers on the web and mobile platforms. But that is just the tip of the iceberg. More importantly, they require IT support to keep these applications operating flawlessly and ensure that they deliver excellent customer experiences at all times. When it comes to availing reliable IT support, the managed service model emerges as the best choice for banks. Let us explain why and how managed IT can serve as the core of digital banking.

Assurance of seamless customer experience  

Going digital means that the bank has to go the extra mile to ensure a seamless customer experience at all times. The competition is stiff in this domain and compromised experiences are likely to translate into lost customers. Downtime remains out of the question because it can hamper customer experience and cost the bank its reputation in the long run. With a managed service provider partnering with them, they can rest assured that downtime will never be a problem. Whether it is the core infrastructure or software applications, the MSP ensures that they are always monitored and maintained. They are also available for emergency troubleshooting to get things back on track when the system or application crashes suddenly.

IT specialization

The banking domain is altogether different from IT and it is hard for the team to understand the entire aspects of technology. With a managed service provider collaborating with them, banks get the benefit of IT specialization for handling all their technology needs. Whenever the banking staff gets stuck or requires expert assistance for resolving specific issues, these experts are there to help. At the same time, they also ensure that the software applications and IT infrastructure are well looked after at all times. The approach is the perfect combination of proactive and preventive, which makes it just right for a service as critical as digital banking.

Cost-effectiveness

Collaborating with an MSP is definitely a smart decision for banks that aspire for digital transformation. This is because this subscription-based model is far more cost-effective as compared to having an in-house IT team. Everyone knows how expensive hiring, training and retaining a full-fledged IT team can be. The best approach would be to look for a partner like Electric for your managed service needs as they take care of end to end requirements so that the team can focus on their core banking operations. These providers offer reliability and round-the-clock availability for providing support when needed.

Commitment to security

The banking sector is fraught with risk, with constant concerns related to the security of applications and the privacy of customer data. They cannot afford to ignore these aspects because any data breach can cause extensive damage to their reputation and loss of customers as well. A managed service provider is committed to delivering top-notch cybersecurity for their systems, networks, and applications. With expert professionals managing their security, banks can have the peace of mind that their network security and customer data will never be compromised.

Responsibility for upgrades

Another benefit that digital banking systems can derive by partnering with managed IT services is that the latter will be responsible for upgrades in their systems and applications. Upgrading to new versions speeds up systems and also makes them more secure than before. Missing them, therefore, can be expensive in the long run. Since non-technical people may not even be aware of the impending upgrade, it is not feasible to let them handle these requirements. An MSP, on the other hand, can ensure that the banking systems and applications are always upgraded on time and run on the latest versions.

With an MSP at their service, banks can go one step ahead on their digital transformation journey. These providers serve as reliable partners and play an advisory role as well. They can guide the banks about growing their digital footprint by embracing innovative applications and systems before the competitors do. In this way, they can aid in their growth and secure a competitive advantage for them.