An interesting IT trend has cropped up in the field of financial services: big banks, once regarded as ahead of the curve when it comes to technology adoption, now lag behind smaller financial firms that are bringing in new tech faster. It presents an interesting chance for managed services providers to help both small and large banks manage these investments better.
The trend was covered this week by Wall Street and Technology, which reports that the big investment banks have become complacent with their IT purchasing and now simply seek tools that will help them do just enough to get by. Meanwhile, smaller banks are investing more in the high-performance tools that experts say will be difference-makers down the road.
The technologies these banks are embracing – or ignoring – of course include the cloud but also infrastructure upgrades needed to deliver better consumer experiences. Small- to mid-sized banks, the article said, have done a much better job offering mobile applications and deriving better business insights from data analytics.
Big banks have lagged behind partly because they’ve been forced to cut costs in times of stricter regulation and tighter purse strings. But staying on the edge of technology doesn’t always involve major financial investments, and as the piece suggests, smaller banks are making significant headways even through incremental IT upgrades that enable larger strategy changes.
MSPs can help banks of all sizes make better IT investments
The opportunity for the IT channel rests in MSPs’ ability to serve as a technology consultant. After all, big banks will want to know how to catch up to their smaller counterparts, and smaller banks will want to know how to make cost-effective infrastructure upgrades to stay competitive.
The channel is well-positioned to deliver on these demands, especially if MSPs leverage emerging technology like virtualization. And of course, in a highly regulation field like financial services, encrypted data backup will play an important role in protecting sensitive banking information.
Ultimately, financial services firms of all sizes could stand to benefit from IT help – even those large enough to have their own internal IT departments. MSPs can add value if they are able to provide their clients with the tools they need to work smarter and deliver a better customer experience.