The online world of banking has evolved greatly over the past few years. And unfortunately, that includes an evolving cyber-criminal world, targeting the banking industry. Although digital banking is all about building customer relationships and improving the convenience of banking services for clients, anything online is at high cybersecurity risks and security must be a top priority.
Client’s confidential information is of great value to any bank and it needs to be protected at all costs. It must be considered continually in all banking spheres, from traditional banking to corporate banking. Recent statistics show that banks in Singapore are at high risk of being hacked. This is where IT services for banks in Singapore are crucial—to help stay one step ahead of any financial crime that may be directed at you or clients.
Current IT Issues that Singapore Banks Face
The financial sector is experiencing a radical shift. There are several issues in the banking industry that banks deal with, as set out below.
1) Major Banking Regulations in Singapore
The MAS (Monetary Authority of Singapore) is a corporate body established under the MAS act. It is the sole bank regulator in Singapore, regulating over 150 financial institutions in the country. With this comes great responsibility and a set of rules all institutions must adhere to. However, Singapore is a major financial center, making it hard to comply with all the regulations set out by the MAS.
2) Lack of Understanding of Customer Expectations
Customer expectations are the drive behind the decisions of every financial service provider. A clear understanding of what is required and what your customers expect from you will help you set up the perfect IT infrastructure to meet your clients’ needs best.
In the banking sector, it is crucial that financial institutions have high-end security measures in place. These measures give customers the peace of mind to put their future in your hands. To maintain this trust, banks must continually spend time and energy managing customers’ expectations.
The Important IT Services to Outsource in the Financial Industry
Outsourcing processes help financial service providers stay ahead of the competitive market by regularly improving their products and services. Your outsourcing process is crucial and needs to be approached with careful consideration.
You may not have the budget to outsource all tasks, but getting the necessary expertise from experienced companies is vital, rather than only trusting in-house employees without the necessary insight. Here are some of the most important IT services to outsource:
- Infrastructure management
- Managing cybersecurity
- Software and system development
- Outsourced help desk
- Application development
- Web development
- Assistance with security compliance
Benefits Of Outsourcing IT Services for Financial Institutes
Outsourcing is a huge cost savings benefit for any business, including banks. This service saves you from investing in equipment, office space, recruitment, and salaries. In addition to cutting costs, this helps you to focus on customer relationships, in order to ensure customer loyalty.
Other benefits of outsourcing IT services include:
- Reduce IT labour cost: Any company wishes to cut costs wherever possible. Outsourcing IT services is a great start to achieving this financial goal since you don’t have to employ a team full-time. You only pay for IT services when you use them.
- Increased efficiency & productivity: Outsourcing your IT team means your employees have more time to focus on other factors, such as new business models, customer needs, and marketing. This will help improve operational efficiency.
- Improves the company’s focus: Having someone else do the hard work for you helps you to focus on other important aspects such as customer engagement and customer experience.
- Sharing risks with a partnering firm: Outsourcing an IT team automatically decreases the risks, since they can provide an objective opinion AND assist with managing compliance issues. The latter is possible as long as the vendor you use is experienced in dealing with the financial sector. Depending on the agreement between you and your IT company, should anything go wrong, you may even have another party to help you carry losses if issues arise.
What’s Included in ITEASYCO’s IT Services?
A clear understanding of what solutions are available to banks in Singapore will better help you understand why you need a reputable IT service provider like ITEASYCO. Services such as the following carry great value:
- 24/7 IT support & care: Efficient and effective IT support systems are crucial to any company and it’s no different for businesses who need to help customers manage their finances—sometimes 24/7. ITEASYCO can offer a quick turnaround time with assistance from highly skilled IT professionals with both reactive and proactive support. Should anything go wrong, you can get your system back on track without affecting clients’ activities too much.
- Proactive cyber security: The cybercrime rate increases along with the rate of global internet users. Also, working remotely has become a new trend. However, it also has increased cloud-based activities, making it crucial to protect your servers and networks. ITEASYCO actively monitors your IT infrastructure, identifying problems before they occur or cause chaos. From site filtering and anti-virus to authentication user monitoring, it can all add to your level of service delivery AND security.
- Custom IT solutions: Each bank is unique, so you need a vendor that can supply exactly what you require, instead of services that cater to the financial sector in general. Also, our team can make sure the solution suits your budget.
Moving on From Here
With the information provided in this article, it should be clear that any Singapore bank can greatly benefit from a reputable IT company with high service delivery standards. In fact, in today’s world, it’s a non-negotiable service to add to a year’s planning.
Let ITEASYCO be the company to keep you protected from cyber threats. Contact us for a quick and easy consultation to identify your needs and provide you with the best solutions we have to offer to make the best digital transformation you can afford!
Outsourcing a reputable IT company to do the hard work for you, allows you to focus on what really matters – your banking clients’ future AND your reputation. Various new technologies allow you to cut costs while keeping financial crime at bay.
Managed IT services generally include various options to cater to various companies. This gives them a competitive advantage compared to their competitors.
- Monitoring and maintenance of equipment.
- Remove monitoring and management of servers.
- Network monitoring
- Support services
- IT systems management
MSPs (Managed Service Provider) generally focus on your infrastructure to avoid issues as far as possible. They are much more proactive and more beneficial in the long run. Traditional IT companies as we all know them, are more focused on the software side of things and will wait for an outage to happen, fix it, it will most probably reoccur, and the cycle continues.
An MSP is a third-party company that remotely manages a company’s IT infrastructure and end-user systems. For your day-to-day management services, it is advised to hire an MSP. Oganizations in many sectors can benefit from MSPs for general services related to IT management.