Calling all Financial Firms: Here’s Why You Need an MSP

October 1, 2018 0 News & Blogs


Choosing to partner with a Managed Service Provider (MSP) offers many benefits for financial institutions. Most importantly, with today’s technology evolving at rapid speeds—much like the cyber attacks that can threaten your company’s digital assets—having an IT provider on your side will ensure that your financial firm is always protected and stays current on the technology required for optimal business performance.

But that’s not all! Read below for just some of the core reasons your financial firm will benefit from partnering with a professional Managed Service Provider.

It keeps you compliant with industry regulations.

When it comes to the financial industry, it pays to stay up to date with industry regulations. (In fact, those who fail to do so will ultimately face hefty legal disputes and fines.) An IT provider will make sure your financial firm meets all necessary information security regulations, which, in turn, protects your company from being exposed to unnecessary risks, losing its good reputation or paying any of those unnecessary fines.

It promises industry-specific expertise.

By partnering with an MSP, professionals in the financial industry will also gain access to state-of-the-art technology tailored to their company needs. By taking over this part of the business, IT providers relieve financial firms of a major burden—managing their technical systems—and offer industry-specific insights that free teams to be more productive with their time, help more customers, operate more efficiently and ultimately gain a competitive advantage over companies that lack a Managed Service Provider on their side.

It saves you from paying surprise technology costs.

Staying within a budget isn’t always easy, but partnering with an IT provider makes paying for tech services easier to manage. Most Managed Service Providers operate on a per seat charge, where a firm pays a set amount every month, per group of users or “seat,” a fixed monthly fee that covers all their IT operational needs. With the exception of a major emergency, this prevents financial firms from incurring any surprise expenses, as they always know what they are responsible for paying.

It ensures technical needs are met with a Service Level Agreement (SLA).

The first thing an IT provider will do is identify the specific needs of your business and develop a Service Level Agreement (SLA). An SLA is an established contract between a company and an IT provider that details the technical services requested by the client, the desired performance of these services, what monitoring is necessary, how issues will be handled, a resolution time-frame and more. Failure to uphold a Service Level Agreement will result in various consequences, such as a client’s right to end the contract or to ask for a refund.

It guarantees proactive monitoring and support.

Cyber attacks are unpredictable—they can come at any moment, at any degree of danger. You can only protect yourself from them before they strike, by having the right tools and teams in place to monitor your systems and preempt attacks with state-of-the-art software and services. As you can assume, being proactive is key. Instead of waiting for an issue to arise, an IT provider will constantly monitor your network for any unusual activity behind the scenes, and ensure your business stays protected from cyber criminals.

It increases efficiency, and by default, your company revenue.

A financial firm is always looking for ways to save and make money, which makes an IT provider a sound investment. With its built in, state-of-the-art technology, a Managed Service Provider (MSP) will make your financial firm operate on a much smoother level, which results in fewer costs, and with the added productivity, an improved bottom line.

It keeps you up to date with the latest technology trends.

The tech world is always evolving, and it can be detrimental to companies in any industry if they fall behind the trend. Partnering with a Managed Service Provider is required by your business, you don’t want to under invest but it is almost as bad to over invest. An MSP will make sure you have latest technology that is needed for YOUR industry and business.


As one of the nation’s leading Managed Service Providers, we at CompassMSP focus on helping financial firms reach their full potential. We understand the many challenges that financial companies face in today’s workplace, and as part of our company mission, our experts promise to use the best IT services available to help your business achieve new levels of success. Contact us at any time to learn more about how we can do the same for you.

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