Banking technology continues to evolve and partnering with a managed service provider will ensure that your bank remains on the cutting edge of the latest tech. An IT service provider gives your bank access to custom software development that will make the job tasks of each employee easier, while also keeping financial information safe and secure. New banking technology continues to develop at a rapid pace, and a managed service provider plays an essential role in helping you meet the needs of clients in today's digital world.
Here are a few ways that banking technology is changing and why it is essential to use a managed IT service provider for all of your technical needs in the banking industry.
1) Increase in Mobile Banking
Mobile banking continues to grow in popularity, as it makes it easy for people to access their bank account and perform various transactions from a mobile device. One of the main advantages of mobile banking is the convenience of allowing users to pay bills, deposit checks, or send money from almost any location. Of course, keeping personal information secure is always a top concern, and a managed IT service company offers multi-factor authentication to keep accounts protected from identity theft.
2) Open Banking & Digital Partnerships
Open banking allows third-parties developers to create applications that focus on improving the entire user experience and increasing service options for financial institutions. These public APIs offer greater flexibility in building innovative apps that will generate new revenue streams and transform the entire online banking experience. A managed IT service provider plays a pivotal role in helping your bank adapt to this emerging technology that will only continue to grow and expand in the near future.
3) Reliance on AI & Automation Services (YOU DIDN'T PROVIDE HOW/WHY AN MSP IS IMPORTANT BECAUSE OF AI/AUTOMATION
The reliance on artificial intelligence (AI) and automation services continues to increase, as it reduces employee workload, while also making it much easier to collect and analyze large amounts of data. For example, AI can simplify the risk assessment process by automatically reviewing market trends and an applicant's recent financial transactions to help you determine the risk level of a loan. These automation services will only continue to develop in the future and allow banks to operate much more efficient.
4) Customer Data Security
Cyber threats continue to evolve and pose significant challenges in the banking industry. A managed IT service provider plays a crucial role in protecting the data of clients by offering real-time monitoring and advanced analytics. Of course, following regulatory compliance is essential and gaining access to state of the art banking technology minimizes the chance of costly cybersecurity incidents that damage the reputation of your bank.
5) Hybrid Cloud
Hybrid cloud technology continues to expand in the banking industry and offers a wide range of benefits. Ultimately, the hybrid cloud allows banks to combine the public and private cloud to improve daily operations, enhance data security, reduce costs, and remain in compliance with banking regulations. A managed IT service provider will help your bank take advantage of this innovative technology and is always available to provide quick and reliable tech support.
Banking technology will continue to expand in a variety of ways, and a managed service provider is an excellent investment that will help your bank unlock its full potential with the latest tech. CompassMSP is a managed IT service company that understands the critical role of technology in the banking industry. We also have many years of experience in cybersecurity, as keeping financial data safe and secure is always a top priority.
Contact us today to learn more about the emerging trends in banking technology and schedule a free consultation.