How IT Outsourcing Works in the Banking Industry

by | Sep 18, 2020 | Managed Services, Security

You have many tough decisions to make for your community bank. One of the most common ones is how you plan to manage your bank’s IT. Does your current IT staff understand all of the ins and outs of security in the banking industry? Could a partner who has the expertise and experience needed help guide you through this maze of information technology and security?

In this blog, we’ll cover a few of the top questions around outsourcing IT for community banks.

Key Benefits of IT Outsourcing

What are some of the benefits of outsourcing your IT resources? By using a managed service provider (MSP), you will have access to the top talent in the IT field. They are there to work with you as if they are part of your staff – but you pay one predictable price rather than the salary of each IT expert.

Hiring an MSP also frees you up to hire the top talent that you need in the other areas of your business. Further, MSPs offer 24/7 monitoring of your business-critical systems. This protects you in the case of an outage, suspicious activity or other issue that needs attention.

Costs of Outsourcing

The costs of using an MSP are usually fixed and predictable. And since the MSP is responsible for preventing costly data breaches and other issues, it significantly reduces the chance of surprise costs down the road.

There is also no need to worry about engineer salaries, benefits, training and other resource-heavy burdens associated with hiring talent in-house. The MSP takes care of all of that, allowing you to concentrate on what you do best.

Is a Hybrid or Co-Managed IT Services Approach an Option?

Maybe you don’t want to outsource all of your IT resources, and prefer to keep certain functions in-house using a co-managed IT service. An MSP gives you options for that as well. It doesn’t have to be all or nothing. MSPs can offer expertise in the areas where you may be deficient and partner with you and your in-house staff to accomplish what you need.

Partnering With a Managed Service Provider

Peters & Associates is a family-owned MSP that knows the details of the banking industry and how it relates to your community bank. We continue to navigate the changes brought on by industry and market conditions as well as customer preferences. We have engineers with the knowledge and experience to help guide you and your bank through this market. We will partner with you to decide how we can best support you and your business.

For a more in-depth look at the pros and cons of outsourcing IT for community banks, download our comparison guide, Outsourcing vs In-House: A Comparison for Community Banks.

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