MSPs for Financial Services – a Strategic & Regulatory Perspective

Maria Sadek
By Maria Sadek | Apr 15, 2021 11:30:00 AM

As businesses try to navigate today’s unpredictable economy, more and more financial firms are realizing that partnering with a Managed Services Provider (MSP) is to partner with a powerful ally. Building in-house capabilities can be slow and commercially unviable. Additionally, finding people with the necessary skills and experience also proves to be challenging. Adoption of an MSP is rising as firms seek a more strategic response in order to better operate and safeguard their business. Given that the implementation of managed services entails the transfer of a higher degree of control to a third party, determining how an MSP can benefit your firm is the first step.

Providing Market-Leading Technologies & Platforms

A qualified MSP strategizes, transforms, and runs business operations and processes to improve operational quality and efficiency on a long-term basis. The MSP can provide access to cutting-edge thinking, methodologies, and technology that can get pricey and too complicated to build in-house. Today, new data regulations create significant demand for MSPs and make them far more critical to the operations of financial services. Promising agility, resources, and industry insight; it’s crucial to partner with a reputable firm to reap the benefits.

Risk & Compliance

The long-term, tightly integrated nature of a managed services partnership offers substantial strategic benefit in addition to cost reduction. Risk and compliance leaders are looking to transform business critical risk processes, taking advantage of scalable, innovative technology, and reduced exposure to financial risk. With cyber services, model risk management, and regulatory reporting – there is substantial strategic benefit when partnering with an MSP. As confidence in the partnership grows, your firm will be able to focus their resources and skills where it matters most—on driving growth and competitive advantage.

Meeting Rising Expectations

Engineering transformation and cloud enablement have been top-of-mind for financial institutions of all sizes. Old technologies and processes won’t be enough to address the rising expectations of customers. Without changing their frame of mind, legacy businesses won’t be prepared to handle the interference from digital newcomers. The financial industry needs to focus on cloud transformation central to their strategy. New technologies are elevating the concept of cyber security and system resiliency in bank architecture to the next level.

Partnering with the right Managed Services Provider can result in significant reward. The long-term innovation, talent, and quality benefits of an MPS requires a strong focus on strategic fit. Contact Lloyd and see how we can help your financial firm flourish in today’s economy.

Topics: Security, Partner, IT Services, Technology, Leadership, Cyber Security, Cyber Attacks, Microsoft, industry events, IT Management, Collaboration, Remote work, financial services

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