Dec 03

Industry Insights

Technology in Financial Services: How IT management can transform your business

IT in financial services

Over the past decade, the financial services sector has undergone considerable change. Once a legacy industry, the financial sector is now at the forefront of implementing technological advancements.

However, as the financial sector evolves, business processes have become progressively more complex. From data security to cloud computing, navigating today’s technology landscape can be a difficult task, and many financial services companies may need to turn to an experienced and reliable IT partner to reduce risk and enable growth.

Want to know how an IT partner can support a financial services company? Here are four ways that better technology and IT management can positively impact financial services:

1. Prioritising data security

Like many other sectors, the financial industry is increasingly reliant on technology for the safe storage, protection and recovery of large amounts of customer data. However, the financial sector is a key target for cyber criminals looking to obtain large amounts of sensitive user data. Using outdated infrastructure or siloed systems can put your organisation at risk of cyberattacks or data breaches.

Poorly handled data can not only incur huge financial fines and cause major business disruption, it can also have long term consequences for your businesses’ reputation. It’s vital to ensure that your company has robust security measures in place that can withstand the management of huge volumes of data and reduce IT downtime.

The Novi team makes reliability and safety a priority in all of our service offerings. Our proactive support can reduce unplanned systems outages by 87%.

2. Risk awareness

IT support for financial services has never been so important. As one of the sectors that is beginning to embrace new technologies like Blockchain, artificial intelligence and automation, financial organisations need to be aware of the associated risks that adopting new technologies can have on the security of their business.

Just as technology evolves, so too does the complexity of cyberattacks. To guarantee business continuity and mitigate the risk of attacks, companies in the financial sector need to constantly monitor for threats.

At Novi, not only do we track and report all of the latest cyber threats in Ireland, we focus on preventative security measure - helping us to identify and deal with risks before they emerge as a problem.

3. Security focused flexibility

Financial companies today have a number of requirements that their IT system must be capable of meeting to satisfy customers’ increasing expectations for a reliable and quality experience. Capacity to handle high demand and increasingly complex transactions is crucial. As businesses move towards flexible working solutions, responsive and efficient performance is also required.

An integrated IT system that equips employees with the best technology to perform productively and effectively will drive business growth in the long run.

In partnership with leading cloud providers, Novi works to implement collaborative IT solutions that maximise flexibility, mitigate data duplication and reduce customer delays for our clients and their employees.

4. Growth oriented solutions

Financial services is a fast-paced and ever-evolving industry. It’s imperative to have IT solutions in place that can keep up with the speed of your organisation’s growth. Scalable solutions can give your company a key competitive advantage and propel your business to the next level.

By placing IT at the core of your organisation’s strategy, you can streamline operations, save costs and drive growth.

Data security and risk mitigation are cornerstones of a successful financial services organisations. Furthermore, by focusing on flexible and growth-oriented solutions, companies can set themselves apart and become leaders in their field.

If you would like to find out more about the effect that technology management can have on your organisation, get in touch with the Novi team.

Contact Novi