Financial Services

As the industry evolves, numerous aspects of financial services have become key drivers in enhancing financial operations and digital processes for consumers. Here are some of the biggest IT trends in the financial industry. 

• Artificial intelligence (AI): AI-driven automation is becoming increasingly popular in financial services tech because it improves the user experience. AI can improve routine financial transactions through safer and more efficient loan approvals and fraud detection. 
• Cloud technology: Cloud technology has helped introduce the financial services industry to new applications, infrastructure and servers that make data easier to manage. One study conducted in 2020 showed that 54% of financial companies plan to adopt cloud technology by 2027.
• Customer experience: Consumers want improved and advanced technologies to enhance functionality and accessibility needs. Some examples include AI-powered chatbots for immediate assistance, open banking and additional financial application features. Financial companies can benefit from implementing these features because they may help increase customer satisfaction and loyalty.
• Advanced cybersecurity: Consumers are becoming increasingly aware of the importance of data security, making it essential for financial institutions to invest in technology that enhances cybersecurity. This tech can include AI risk assessment, biometric authentication, endpoint security and cyber threat intelligence. 

Common IT Threats in Financial Services

While trends in the financial industry continue to grow, some challenges to these trends require attention from a knowledgeable team of IT professionals.

• Keeping up with evolving regulations: When adopting cloud technology and new financial applications, financial institutions must comply with the latest regulations. Given that trending features like increased lending and expanded product offerings may cause the government to implement new regulations, companies will need to stay up to date with new laws and have compliant record storage and data safety.
• Cost overruns in adopting cloud technology: Improper merger and acquisition integration and unplanned cloud adoptions can often raise costs when you’re inexperienced or have little knowledge of how to do them correctly. It may help to get an expert opinion from a third-party managed provider about successfully integrating a cloud system that meets your unique needs. They may also optimize your cloud processes to facilitate a successful adoption.
• Hidden vulnerabilities in new financial apps: Newer online and mobile banking applications may have hidden vulnerabilities that could lead to security breaches. These vulnerabilities can make it challenging for financial institutions to balance innovation with consumers’ strict security requirements. Working with the relevant professionals can help financial companies build stronger IT infrastructures and limit data breaches.

PCH Technologies’ IT Solutions for the Financial Industry

If your finance business experiences common IT threats or plans to implement trending tech, you may want to enlist managed IT services for financial institutions. PCH Technologies is an MSP that takes a personalized approach to various managed IT support for financial institutions, helping your business run smoothly. Our managed security solutions include:

• Server management and maintenance services: With outsourced server management, we can install and configure new software and monitor your server’s performance and security remotely.
• Cloud computing services: We’ll help you migrate your entire network to the cloud and rebuild a stronger infrastructure, implement specialized cloud software or create a custom development platform, depending on your needs.
• Disaster recovery: To help financial institutions recover data after a data breach or another unexpected event, we implement cloud-based backup solutions and other critical measures, recommend best practice procedures, provide ongoing remote monitoring and offer effective business continuity strategies, helping you take proactive steps to protect company data.
• Managed IT security: We have various updated managed security solutions to improve the security and efficiency of your systems, including multifactor authentication, ransomware, file integrity monitoring, mobile device management, network and data security, firewall installation, and management and security awareness training.

Why Trust PCH Technologies for Financial Industry Managed Services Information 

As the landscape of cybersecurity in financial services continues to evolve, PCH Technologies maintains a strong team of motivated, knowledgeable and highly skilled experts who are always working to develop and implement the latest cutting-edge security and advanced technologies. 

We pride ourselves on consistently demonstrating professionalism by offering comprehensive solutions on time and within your budget. We also take the time to understand your financial institution’s inner workings and unique needs to develop an IT solution that matches those needs. 

Many of our clients have worked with us for years, receiving the hardware, software, technology speed and security training needed to maintain effective security and efficient operating systems. PCH Technologies partners with leaders in technology and security like Microsoft Corporation, Datto and SentinelOne to provide the best solutions to our clients.