IT Support for Financial Services: Adapt to a Changing Landscape

The past few years have certainly been eventful for those working in the financial services industry. With factors like rising interest rates and fluctuating inflation, plus supply chain interruptions and all kinds of political events across the world impacting the entire global economy, it seems that no part of the financial landscape has gone unchanged—making IT support for financial services not just a luxury, but a necessity. 

Today, while factors like unemployment and inflation are improving, there are still fears of economic downturns and recessions that are making many financial professionals—and their clients—proceed with caution. Wealth management and planning firms, banks, certified public accountants (CPAs), credit unions, and insurance companies are seeking ways to strengthen their revenue streams and keep costs low, while also prioritizing security and compliance. 

How can financial professionals keep up with such a demanding environment? It all comes down to their IT infrastructure. Now is the time to invest in technology to navigate this rapidly changing landscape—and it’s also the perfect opportunity to invest in IT support to manage it all. From using technology to achieve business objectives to safeguarding data and maintaining compliance, IT support will be the key to adapting to all of these changes in 2023 and beyond. 

Current Trends and Changes Within the Financial Industry

In July 2023, reports shared that inflation had fallen to its lowest level since the early months of 2021, with prices for everyday purchases like gas and groceries coming back to more affordable levels. Even so, the effect of things like higher interest rates meant to counteract inflation has financial professionals making careful, conscious decisions. 

One significant way these professionals are working with caution has to do with implementing the right technologies to limit risk, make smart spending decisions, and maximize efficiency. Here are some of the current trends and changes we are seeing happen within the world of finance right now:

Evolving Opportunities

There are so many options for how consumers can access financial services today—and fintech brands, digital-first firms, and the introduction of partnerships with big tech names like Amazon and Google are shaking up the industry and providing embedded solutions at the point of sale. These inclusions are encouraging financial institutions to introduce similar innovations to keep up.

Consumer Expectations for Incredible Experiences

Today’s consumers expect great digital experiences. They want solutions that are efficient, easy to use, and most importantly, convenient. Over 70 percent of consumers share that they would make the move to a different financial institution if they had a better digital experience, which means brands need to consider technology-based solutions like:

• Mobile-friendly offerings including apps
• Self-service options
• Round-the-clock access

Better Efficiency Behind the Scenes

The financial industry has been notoriously slow to adopt new technologies—and with good reason. Concerns regarding security and compliance mean that financial institutions need to proceed carefully. But with the rise of improved security and better IT support, many financial organizations are rethinking their back office operations to automate many of their processes, integrate systems, and take their infrastructure to the cloud to fully enter the digital marketplace. This can keep operating costs down while also boosting productivity.

Bolster Security 

Emerging trends like a push for more remote work and an increasing number of digital transactions have amplified the need for stronger cybersecurity to ward off bad actors and prevent fraud. As a result, regulatory commissions including the Federal Trade Commission and the Federal Financial Institutions Economic Council have added new compliance guidelines to help banks and financial institutions protect their sensitive data and make security a priority—which means implementing stronger security solutions.

Navigate New Changes with IT Support for Financial Services
Financial professionals have incredibly sensitive data in their care—which means implementing new technologies or meeting a changing tech landscape without the support of skilled experts can be quite complicated. There are so many steps needed to secure data both in motion and at rest when it comes to personal financial information—and that’s just the start! 

Managing IT for financial professionals also includes addressing potential outages, implementing new solutions, installing updates and patches, or building an IT infrastructure that helps you achieve your business objectives—to speak nothing of the actual work of handling client funds, growing portfolios, or offering advice. 

This is where employing IT support for financial industry professionals can make all the difference—a managed service provider can take on the task of handling a firm’s IT infrastructure so financial professionals can focus their valuable time and energy on what they do best. In the meantime, an outsourced IT provider can tackle all the necessary IT work—things like:

• Monitoring for suspicious activity
• Handling outages and downtime
• Build and test disaster recovery plans
• Performing updates and security patches
• Encrypting data and performing data backups
• Controlling and monitoring access to sensitive data
• Selecting and implementing systems and solutions to maximize efficiency
• Establishing security protocols like firewalls, antivirus and malware systems, and VPNs

The work of a financial professional is never easy—it takes nuance, skill, and specialized knowledge. There’s just no room on the to-do list for the full-time job of maintaining a well-oiled IT infrastructure.

Managed IT support for financial services can check all kinds of boxes—including handling the intricacies of cybersecurity compliance for clients’ personally identifiable information. Financial firms can strengthen their cybersecurity strategies with ongoing IT support.

In short, IT support for financial industry professionals allows you to spend more time serving your clients; you can increase your productivity and customer satisfaction and actually improve the way your technology solutions serve your work. 

Christo IT: Local IT Support With Extensive Financial Experience

Your digital assets should only enhance your performance as a financial firm—not get in the way of doing what you do best. Why waste time and resources managing and securing your assets when you can leave it to the professionals? That’s why Christo IT offers managed IT support for financial services. 

We know the ins and outs of creating a secure IT infrastructure for the financial industry that meets changing regulations, improves efficiency, and maximizes your unique potential. We know that your time is in short supply—and that you deal with sensitive information all day long. We’ll help you curate an IT ecosystem that truly serves your needs and adheres to industry compliance standards.

At Christo IT, our team of experts has learned what it takes to best serve financial professionals and meet their IT needs—that’s why we’re the leading managed IT service for financial advisors and other professionals throughout the greater Philadelphia area. You’re the best in your business and we’re the best in ours. Let’s pair up. 

Ready to discover how we can help you? Connect with us today!