Financial institutions rely on technology now more than ever before. As services transition to digital, customers expect a seamless experience that both adheres to regulations and protects their private data. Luckily, keeping up with these demands doesn’t have to be a roadblock. Not when you partner with a managed bank services provider.

Can managed services providers help banking businesses?

The short answer? Yes. Managed services providers for banks are third-party firms that remotely manage and monitor a financial entity’s IT infrastructure, security and regulatory compliance. Outsourcing these responsibilities to a skilled consulting company, such as CGI, ensures 24/7 system uptime and enhanced data protection, among other benefits.

What do MSPs handle for financial organizations?

Bank managed services providers can offer a wide range of services, often tailored to each client’s needs and goals. The exact functions may vary, but each proactive approach involves maintaining always-on systems, bolstering security systems and ensuring strict compliance.

Examples of banking managed services:

  • Credit and risk management: Reducing operational, technological and compliance risks with proactive infrastructure management and cybersecurity enforcement to help organizations move away from a “break/fix” model.
  • Business continuity: Establishing secure data backups and creating well-rounded recovery plans to ensure minimal downtime in the face of disruption.
  • Payroll: Managing the entire payroll life cycle, streamlining payments and tax compliance and acting as an intermediary between leadership and vendors.
  • Payment management: Enabling businesses to accept electronic payments by facilitating secure debit or credit card transactions, reducing fraud with analytic tools and managing payment processing workflows.
  • Regulatory and compliance: Conducting regular risk assessments, implementing high-tech security controls and documenting compliance needed in the financial industry.
  • IT infrastructure: Managing, monitoring and securing a company’s IT infrastructure, including networks, cloud-native architecture, workstations and servers with 24/7 technical support off-premise.
  • Cybersecurity: Protecting financial companies against potential attacks by detecting vulnerabilities, strengthening firewalls, investing in patch management and providing endpoint security.

Why do banks need managed services?

Although it is possible to evolve your financial organization with an in-house team, nothing beats the aid of a managed bank services provider. Instead of wasting time and resources on new-hire searches or retraining existing employees, MSPs come ready with specialized, industry-specific expertise. Having access to consultants with pre-existing experience and innovative technology gives you a leg up on your competitors and gives your team more space to work towards strategic growth and goals.

By partnering with a managed bank services provider, financial services can enhance the overall customer experience. By automating processes and ensuring system uptime, MSPs can improve reliability for staff and clients. This results in a more loyal user base and a consistent satisfaction rate.

Managed bank service providers can also scale flexible, newly implemented IT infrastructure and systems both up and down to match evolving market demands. If you were to attempt to scale on your own, overhead costs would increase proportionally. To alleviate financial concerns, MSPs maintain operational efficiency while deploying resources specifically designed to help scale.

What kinds of technology and tools do managed IT services providers deliver for banks?

When you work with a managed IT services provider for banking, you’ll notice they rely on a balanced combination of cloud computing, AI and machine learning and advanced cybersecurity tools. Though the exact platforms and programs vary based on the consulting firm you choose, the goal remains the same: deliver scalable, secure and efficient services.

How to pick a managed services provider for your financial institution

With different experience levels and areas of expertise, it’s clear that not all managed IT services providers can give you equal support. When it comes to finding your perfect partner, you’ll want to choose a consulting firm that serves as a strategic extension of your team, providing proactive, not reactive, IT support.

The best managed banks services providers will have a proven track record of working with the specific challenges and technology found in the financial sector, as well as documented experience with financial regulation standards. Professional companies will also be able to provide you with a strong governance framework, efficient onboarding expectations and transparent service level agreements (SLAs). Once you evaluate the MSPs, you can see clearly whether or not they’d be a good fit for your workplace culture.

Our CGI solutions for banking and financial managed services

With decades of experience transforming banking businesses, we have developed innovative technologies and platforms that outpace the competition. Explore our suite of banking solutions and services today.

CGI banking solutions:

  • CGI Credit Studio: An event-driven credit management software that uses real-time insights to streamline vital stages of a user’s credit journey.
  • CGI All Payments: A modern cloud-proven platform that covers your customers’ end-to-end payment experiences.
  • CGI Trade360: A SaaS that handles all software, infrastructure and support resources needed to power an organization’s global trade business.
  • CGI Credit Studio for Collections: A comprehensive SaaS that delivers software, business processes and underlying IT in a single suite.
  • Risk, regulatory and compliance services: Empowers your organization to build efficient and effective regulatory change management programs amid constantly evolving compliance requirements.

Real-world example of CGI’s managed IT services for banks in action

When a larger U.S.-based financial services firm underwent a merger and acquisition, it entered into a multi-year managed IT services partnership with us. As part of the agreement, we assumed ownership of its operations and successfully integrated over 120 skilled IT and business experts into its workforce.

This success wouldn’t have been possible without our consultant’s deep knowledge of the client’s systems and modern industry standards. In the early stages of our contract, the organization experienced no service disruptions, and we worked tirelessly around the clock to maintain and improve service quality throughout the partnership. Today, the scope of the partnership continues to grow, with clients experiencing our ongoing management and maintenance of resources and skillsets.

Connect with CGI to learn more about managed services for banking

If you believe your bank could benefit from managed services, now is the time to take the next step—choose CGI as your partner today. Contact us further to explore how our unique and tailored MSP services could support your organization’s goals today and in the future.