05 January, 2023
Credit unions, banks and other financial institutions rely on technology to serve their customers efficiently and effectively. Over the past decade, shifting needs and growing expectations of modern consumers have driven the development of new technologies, software, and applications that change the delivery of banking services. These new technologies necessitate a properly architected foundation and increased focus on security and compliance.
The ever-tightening labor market makes it difficult to find and retain top information technology (IT) talent. Meanwhile, financial institutions are adopting increasingly intricate business processes and systems. As a result, internal teams struggle to respond to emerging trends, client demands, regulatory requirements, and security threats. Selecting the “right” technology partner to deliver and support core business eliminates the HR nightmare. The technology partner comes vetted, approved, and contractually guaranteed to deliver services.
Most financial institutions partner with a Managed Services Provider (MSP) to help them meet specific areas of improvement. But virtually no MSP truly understand the financial sector or how they fit into the overall organizational strategy. Financial institutions require a technology partnership will drives consumer, investor, and employee satisfaction. And allows them to provide more competitive products and services to their customers or members.
ICG is an MSP that ensures your technology foundation seamlessly supports your business goals.
In addition to Managed Services, our IT Service offerings include:
Cybersecurity
Data Center & IT Infrastructure
IT Professional Services
Thin Client Computing / VDI
Cloud Infrastructure
.
What Should Banks, Credit Unions, and Financial Institutions Look for in a Technology Partner?
Financial institutions need an MSP with experience in the finance and banking industries. The MSP must be a process-first oriented group with experience in the myriad of applications the financial sector uses. And they should have decades of experience with necessary infrastructure. The technology partner must be transparent and build trust at all levels in the organization to promote ownership & accountability from the support desk to the datacenter.
Most MSPs just pander technology. They do not understand how a teller works or what a loan officer needs, or how the executives measure the business and the processes that drive them. Choose a technology partner that understands those requirements, along with the industry’s security and regulatory requirements. The MSP should deliver meaningful, secure, compliant, flexible, and stable applications on demand. This allows the financial institution to grow by driving customer retention and investment growth.
If your financial institution wants to gain, or regain, that competitive edge, you also need to look ahead to the future when considering different applications, systems, or security initiatives. An effective technology partner doesn’t just provide solutions for the present, but also plans ahead to architect and implement future systems. The MSP should go beyond infrastructure to improve your competitive advantage. In the end, your technology partner should have your organization’s best interests in mind as they strategically participate and support all aspects of the business.
What Should I Do Next?
Engage ICG’s IT Professional Services and Managed Services teams. They perform discoveries and health checks, and lead special projects. They do this work every day and have a highly valuable skill-set to keep your operations running seamlessly. To learn more about how ICG can help support your business operations, contact our sales team.