bank-focused managed service provider vs local it
DESCRIPTION
Many financial institutions are leveraging the benefits of outsourced information technology (IT) services, including the cloud. The advantages include lower costs than managing IT in-house, improved efficiency and capabilities, access to enterprise-level security, experts managing your IT systems, stronger disaster recovery and built-in redundancy, and more time to focus on your customers. So now the question is, which type of vendor offers the best fit for your institution—a local provider or a financial industry-focused managed services provider (MSP)?TRANSCRIPT
BANK-FOCUSED MANAGED SERVICE PROVIDER VS. LOCAL IT WHICH ONE IS RIGHT FOR YOU?
1
PROXIMITY
LOCAL IT:• Closer when you need a
technician on-site
BANK-FOCUSED MSP:• Can remotely start solving the
problem while a local IT provider is driving there
• Also offer on-site visits when needed
2
STAFFING & AVAILABILITY
LOCAL IT:• May be stretched thin during
peak times and after hours
BANK-FOCUSED MSP:• Provide 24x7 security, systems
and access to a wide variety of technical experts
3
INDUSTRY FOCUS
LOCAL IT:• Generalist view of IT
o Consider how they’ll satisfy examiners
BANK-FOCUSED MSP:• Specialized solutions for FIs
o Often audited by FFIEC-based exams in addition to other third-party audits
4
COST
LOCAL IT:• Often have a lower up-front cost
BANK-FOCUSED MSP:• Often provide more bang for your
buck and cost savings over time
5
