IT support for financial services is key. But are organizations in this industry outsourcing IT, or are they building their own IT support teams? According to Statista, the financial services sector leads the pack in IT outsourcing. The report highlights that the BFSI (Banking, Financial Services, and Insurance) industry accounts for 30% of the global IT outsourcing market revenue—the highest percentage among all industries. It’s clear that outsourcing IT support is a popular and legitimate choice in this field.
But here’s the thing: while outsourcing has its perks, it’s not the only option. Building your own in-house IT support team can give you unparalleled control, allowing you to tailor solutions to your unique needs and respond quickly to industry demands.
In this blog post, we’ll explore why IT support is so crucial for financial services, guide you on how to choose the right IT support system, and tackle the key challenges this industry faces. By the end, you’ll have a clear understanding of how to create a solid IT support strategy tailored to your organization’s needs. Let’s get started!
Why is IT support important for financial services?
In the fast-paced world of financial services, IT support isn’t just a nice-to-have—it’s a must. The industry thrives on speed, accuracy, and security, all of which depend heavily on reliable IT infrastructure. Let’s break down why IT support is so critical:
#1: Data security and compliance
The financial services industry handles massive amounts of sensitive information, from customer financial records to transaction histories. Protecting this data is non-negotiable. IT support ensures that your systems remain secure and compliant with regulations like PCI DSS, GDPR, or GLBA. A strong IT team can monitor for vulnerabilities, apply security updates, and implement best practices to reduce the risk of breaches and avoid costly fines.
How InvGate Complies with GDPR (and How We Help You Comply too!)
#2: Seamless customer experiences
Today’s customers expect uninterrupted access to financial services, whether through online banking, mobile apps, or ATMs. IT support ensures uptime by quickly resolving technical glitches and maintaining infrastructure stability.
As Luke Jamieson aptly put it in episode 93 of Ticket Volume - IT Podcast, “CX is a complex network of all the things that need to go right to remove friction.” Even a minor disruption can lead to customer dissatisfaction and reputational damage, making reliable IT support indispensable. By addressing issues proactively and ensuring smooth interactions, IT teams play a critical role in delivering seamless experiences that keep customers happy and engaged.
#3: Complex and evolving technologies
From blockchain to AI-driven fraud detection, financial services rely on cutting-edge technology to stay competitive. IT support helps implement these tools, ensuring seamless integration with existing systems. Without expert guidance, the complexity of adopting new technologies could overwhelm your operations, leaving you lagging behind competitors.
#4: Disaster recovery and continuity
Financial services can’t afford downtime—it can disrupt operations, lead to financial losses, and erode trust. IT support is vital for disaster recovery planning and proactive monitoring, ensuring your business can quickly bounce back from outages or unexpected crises. This resilience is crucial in an industry where every second counts.
#5: Scalability and innovation
The financial services sector is evolving rapidly, driven by trends like digital banking, fintech, and mobile payment solutions. IT support enables institutions to scale operations without sacrificing efficiency. Whether expanding infrastructure or adopting innovative tools, IT teams ensure smooth transitions that align with business goals.
How to choose the right IT Support system for financial services
When it comes to IT support for financial services, there’s no one-size-fits-all solution. The choice between outsourcing and building an in-house IT support team depends on your organization’s goals, budget, and operational complexity. Let’s explore these two options to help you decide which is best for your financial institution.
When should you outsource IT support?
Outsourcing IT support can be a smart move for financial institutions that want access to specialized expertise without the overhead of maintaining an internal team. It’s particularly advantageous for small to mid-sized organizations or those looking for predictable costs and flexibility.
External providers can handle a wide range of responsibilities, from cybersecurity to maintaining critical financial platforms like core banking systems, trading platforms, or payment processing solutions. They also bring industry-specific expertise to ensure regulatory compliance and system optimization. For example, an outsourced IT partner can manage the implementation of cutting-edge technologies such as AI-based fraud detection or blockchain systems while keeping your data secure.
Outsourcing also provides scalability, allowing your organization to adjust IT services as your needs evolve. However, it’s crucial to partner with a provider experienced in financial services to avoid misalignment with your industry’s unique demands.
Should you build your own in-house IT support team?
Building an in-house IT support team offers unparalleled control and customization, making it ideal for larger financial institutions or those with highly complex systems. An internal team can quickly respond to emerging issues, deeply understand your systems, and align IT strategies with your long-term goals.
For example, if your organization manages sensitive data across multiple platforms or frequently implements new technologies like advanced analytics or robotic process automation, having an in-house team ensures immediate troubleshooting and tailored solutions.
However, maintaining an internal IT team comes with challenges, including recruitment, training, and infrastructure costs. To maximize the effectiveness of your in-house team, having the right tools is critical.
Tools for financial IT support
Regardless of whether you choose to outsource IT support or build your own in-house team, one thing is clear: the tools you select will determine your success.
Effective tools are critical to streamlining operations, ensuring compliance, and delivering excellent customer experiences in the financial services sector. A great example of how the right tools can transform IT support in financial services is the case of Efectivo Sí, a leading financial services company.
How Efectivo Sí leveraged InvGate Service Management for success
Efectivo Sí is a financial institution in Argentina offering loans, credit cards, and other financial services to individuals and businesses. Like many companies in this industry, they faced unique challenges in maintaining exceptional customer service while managing complex internal processes and adhering to strict regulatory requirements.
Their goals included:
- Streamlining and automating IT Service Management workflows.
- Enhancing operational efficiency to better serve customers.
- Meeting compliance standards through transparent and audit-ready processes.
To address these challenges, Efectivo Sí implemented InvGate Service Management, a powerful IT Service Management platform designed to optimize service operations. The results were transformative:
- Centralized Service Management: The tool enabled Efectivo Sí to consolidate IT service requests and incidents into a single, intuitive platform. This improved visibility and accountability across teams, ensuring faster resolution times.
- Audit-ready processes: InvGate Service Management helped the company establish robust, standardized workflows that aligned with industry compliance requirements. These audit-ready processes reduced risks and improved overall governance.
- Enhanced efficiency: Automating repetitive tasks freed up the IT team to focus on strategic initiatives, improving productivity and reducing costs.
- Customer satisfaction improvements: By ensuring faster resolutions and seamless support, the company saw a direct impact on its Net Promoter Score (NPS), a key metric for measuring customer loyalty.
This case illustrates how effective IT support tools, like InvGate Service Management, are not just about improving internal operations—they directly enhance customer experiences, which is critical in financial services.
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The right tools for any approach
Whether you decide to outsource IT support or build an in-house team, having the right tools is essential. Along with InvGate Service Management, InvGate Asset Management offers critical capabilities for financial institutions, including:
- Lifecycle Management: Advanced tracking of hardware and software assets to ensure compliance and optimize resource usage.
- Automated reporting: Streamlined reporting to meet regulatory requirements without manual effort.
- Infrastructure visibility: A clear view of IT assets, allowing institutions to align their technology with business objectives.
These are just a few of InvGate Asset Management capabilities. By adopting InvGate’s solutions, financial institutions can tackle the unique challenges of IT support in their industry, from maintaining operational continuity to safeguarding sensitive data and ensuring regulatory compliance.
As the case of Efectivo Sí demonstrates, the right tools don’t just solve technical issues—they empower financial services companies to build stronger, more resilient IT ecosystems that drive customer satisfaction and business success.
Key challenges in IT support for financial services
IT support in financial services comes with a unique set of challenges, given the industry’s high stakes, regulatory demands, and reliance on complex technologies. Let’s dive into the key hurdles financial institutions face when managing IT support and explore why addressing them is crucial for success.
#1: Regulatory compliance and data security
Financial institutions operate in one of the most heavily regulated industries, with strict compliance requirements like PCI DSS, GDPR, and GLBA. Ensuring that IT systems meet these standards is a constant challenge, especially as regulations evolve.
IT support teams must stay up-to-date with changes, implement robust security protocols, and manage audits seamlessly. A single compliance failure can result in hefty fines and reputational damage. Additionally, the increasing sophistication of cyberattacks targeting financial institutions makes data security a top priority.
#2: Managing complex IT infrastructure
The financial services sector relies on intricate IT ecosystems that include core banking platforms, trading systems, payment gateways, and customer-facing applications. Ensuring these systems operate efficiently and integrate seamlessly is no small feat.
IT teams often face challenges like system incompatibility, legacy software, and the constant need for updates. Without proper support, these complexities can lead to downtime, errors, and decreased productivity—issues that directly impact customer trust and business outcomes.
#3: Rapid technological advancements
The financial industry is at the forefront of adopting cutting-edge technologies like blockchain, AI-driven fraud detection, and big data analytics. While these innovations offer significant benefits, they also add layers of complexity to IT operations.
IT support teams must navigate the implementation, integration, and ongoing management of these technologies. Staying ahead of the curve requires continuous learning, as well as tools and strategies that support scalability and adaptability.
#4: Ensuring business continuity
For financial institutions, downtime isn’t just an inconvenience—it’s a potential disaster. A single system outage can disrupt transactions, delay critical operations, and erode customer confidence.
IT support teams must implement robust disaster recovery and business continuity plans to minimize downtime and maintain operations during crises. Proactive monitoring, regular system backups, and quick response mechanisms are essential for resilience in this industry.
#5: Balancing cost and efficiency
Financial institutions need to strike a delicate balance between cost management and maintaining high-quality IT support. Investing in IT support is essential, but so is optimizing resources to avoid overspending.
Challenges like managing IT budgets, maximizing ROI on technology investments, and maintaining skilled personnel can strain resources. Leveraging solutions like InvGate Asset Management can help streamline operations and improve cost efficiency without compromising performance.
To sum up
IT support is vital to the financial services industry, ensuring compliance, data security, and technological innovation. Whether outsourcing or building an in-house team, success depends on aligning IT strategies with organizational goals and leveraging the right tools.
The success story of Efectivo Sí highlights how solutions like InvGate Service Management can centralize operations, ensure compliance, and enhance customer satisfaction. Paired with InvGate Asset Management, these tools empower financial institutions to streamline workflows and tackle industry challenges with confidence.
By adopting effective IT support practices and tools, your organization can build a resilient, efficient, and future-ready IT strategy that drives success. Ready to get started? Ask for your 30 day free trial and see for yourself!
