Technology is an enabler for all businesses and when implemented effectively, can do everything from protecting businesses from cyber threats to providing actionable data insights to grow. Nowhere is this more important than in the finance industry. Whether you are the CFO of a major financial company or a CPA running their own practice, the right technologies can give you a significant advantage over your competition.
IT Areas Financial Institutions Can Enable For Success:
Financial institutions are especially susceptible to cybercrimes, so it is essential for them to have a robust cyber security solution in place to protect the money and data entrusted to them by their customers. These institutions need to have fundamental protections in place (e.g., anti-virus, anti-malware), as well as more advanced solutions (e.g., recurring vulnerability scans, cyber training, 24x7 monitoring) in order to meet stringent compliance requirements and regulations, such as those set forth for banks by the Basel Committee. Additionally, regular reviews of their cyber program is critical to ensure their cyber hygiene remains in good standing and that there are not existing security gaps that remain unaddressed.
How You Benefit: A robust cybersecurity program significantly reduces the risk of a cyber threat exploiting vulnerabilities in your network and demonstrates to your customers that the safety of their money and data is a top priority. The investment in a cyber program significantly outweighs the potential cost of a cyber breach, potential lost revenue or data, and a stained reputation.
2. Digitization & Cloud-Based Infrastructure
Having a physical, onsite network can make financial institutions an easy target if the right security measures aren’t in place. Cloud-based solutions such as server storage, Software-as-a-Service (SaaS), or collaboration, offer the best and most advanced security measures to protect the data you store.
How You Benefit: Cloud solutions are typically more scalable that onsite solutions and are offered at a per-user/license rate. In addition, the providers that offer these solutions often must meet rigorous security standards so you can trust that your information is safe.
Additionally, cloud-base solutions allow your employees to easily collaborate and access data securely both in-office and remotely, leading to a more agile, efficient workforce.
3. Data Analytics
Data is a powerful tool and is critical to effective decision making. A leading solution that turns data into powerful insights is Microsoft Power BI. This platform allows companies to easily compile, view, and manipulate data in intuitive, real-time dashboards to help promote solid decision making.
How You Benefit: Without visibility into your business’ data, your organization could be making decisions based on inaccurate data or a misunderstanding of the data available. A robust data analytics platform and strategy can allow your organization to understand historical data trends and guide future, strategic decision making to give your business a competitive edge.
IT Support for Financial Companies
Staying ahead of the technology curve is critical for financial institutions to remain compliant and competitive. These IT areas help organizations remain protected, scale easily, and make sound decisions for the future of their organization. If your financial institution isn’t using technology to its advantage, contact us today to see how we can help.
Editor’s Note: This article was originally published in June 2019 and has been completely revamped and updated for accuracy and comprehensiveness.