Rapid transformation with productivity, security and cost optimization
Value add of Managed IT services for Finance and Insurance
Custom IT solutions for Finance and Insurance
Financial service firms are undergoing rapid digital transformation to stay competitive in a fast moving industry while keeping up with regulations, optimizing cost, ensuring cyber security and planning for business continuity and contingency planning – all at the same time.
300% more likely to be hit by cyber attacks
- 70% firms after a major data breach goes out of business within 2 years
- Average time to detect an attach is 206 days p
- Avg. cost of data breach $3.9 to $8.2M
New and overlapping regulations
- Data Protection: CCPA, GDPR, Shield Act
- Data Breach notification laws of the states
- Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA)
Operational resilience against unforeseen events
- Pandemic, global depression and resulting challenges
- 74% firms uncertain of geopolitical events
- 84% uncertain economic growth
Productivity with hybrid work force
- Maintaining security and productivity with remote workforce
- Invest in technology to enable employees to work and collaborate remotely
Leveraging new technology to drive growth
- Technologically leading firms driving 19% growth
- 45% of such firms investing $5M+ and 25% M $10M+ in AI
- 70% planning to increase investment in AI
Cost containment while driving growth
- 54% of CEOs are planning cost reduction next year
- Use of cloud to reduce operating costs
- Task automation for better efficiency and reduced cost
Increasing customer expectations
- Per 2019 Accenture study 64% customers want personalized insurance premiums
- Customized banking and money management solutions are increasing
Financial crime and reputation management
- Bringing new products and services without creasing the risk of Financial crime
- Maintaining ethical conduct and customers’ trust
Notable security breaches in the recent years
147 million
- Username, address, social security, driver’s license and date of birth
- Continued from Mar to Aug ‘17 disclosed in Sep ‘17
- Series of failures, e.g. security patch failed, Servers and data categories not properly segregated and security certificate expired several months ago
- FTC & Consumer Bureau fined $700 million and Class action Lawsuit of $1.38 billion
- $1.4 billion cleanup cost and improvement of security
140,000
- Social Security numbers, 80,000 bank accounts, 1 million Canadian social insurance numbers, 10+ million of credit card applications
- Ex-Amazon worker with expertise in Network security exploited Firewall misconfiguration on cloud servers
- FBI investigation and $150 million damage
- Hacker charged $250K fine and 5 years in prison
885 million
- Account statements, mortgage and tax records, Social Security no., Wire transaction receipts and Drivers license
- Design defect enabled accessing confidential information through URL hacking
- Lawsuits and FBI investigation followed
- Increased risk of identity theft and email attack for the compromised accounts
A differentiated, end-to-end capability with deep experience
Data Backup & Recovery
- Secured data backup and fast recovery in case of any data loss
- Customizable, scheduled and automated backup
- 256-bit encrypted onsite and offsite backup to meet data security compliance requirements
- Cost-effective disaster recovery over fast and secured network for finance industry
Cloud Solutions
- We offer a wide range of options for cloud business and comprehensive management of various platforms
- Smooth cloud services to host applications, provide data storage and enable collaboration
- Our flexible managed solutions helps the financial sector to improve efficiency while reducing cost and risk
Procurement
- CMIT is your trusted advisor for selecting, procuring and implementing technology solutions to support client engagement and other objectives
- We will manage your project end-to-end and deliver it on time and within budget
- Our vendor partnerships allow us the buying power to procure the best solution at the best price
Value add of Managed IT services for Finance & Insurance
COST OPTIMIZATION
A predictable cost model that scales with your business across all stages of growth. In-house IT team for small and midsized firms could be expensive and may incur unpredictable expenses e.g. attrition, re-training and other emergencies that could be limiting to your business
IMPROVED SERVICE & REDUCED RISK
24/7 support, on-site support when needed and extended hours and weekend support to resolve issues without downtime. In addition, our Operating Center is constantly monitoring your IT systems in real time and solving many issues before you see their impact
SEURITY AND COMPLIANCE
With ever increasing Cyber security incidents on financial sector, Data security regulations are getting increasingly stringent. We secure your IT infrastructure not only to mitigate cyber threats but also to comply with all applicable regulations and help with any audit and certification requirements
70% CIOs are looking for growth and
partnership when looking for MSP
ACCESS TO SKILLS
As a leading MSP, we can provide expert services on demand with a scalable model. Hiring or retraining not always an efficient model, especially for one-time projects. A scalable model with access to experts with the required skills helps expedite your projects at optimum cost
SYSTEM SCALABILITY
As your business evolves, your technology systems needs to scale. An efficient IT capacity planning requires strategic insight of economy, your industry and unforeseen risk factors . Our national coverage and deep experience with your peers enable us to bring these insights
ACCESS TO NEW TECHNOLOGY
Financial technology is rapidly evolving, and major firms are using AI, Big data and analytics to gain competitive advantage. This could be overwhelming and put for smaller firms at disadvantage. A leading MSP can will help you leverage these new technologies for your growth
Latest Technology Trends in Finance Industry
As per Deloitte survey, 47% of the financial services executives are evaluating AI for business applications, while 45% started developing new applications for robotics automation and 43% launched blockchain programs for commercial applications. It is evident that financial industry will look substantially different 5-10 years, and the entire industry is trying to understand the key trends and adjusting their business models to stay aligned to it. Here are some key trends and priorities for the smaller firms:
- Evaluate and update your IT infrastructure and operating model to be ready for the change
- Optimize cost by reducing legacy systems, leveraging SaaS, Cloud, AI and Robotics process automation
- Cyber security will be the top risk for financial industry and reputational damage would be irreparable
- Customer intelligence would be the most important tool of revenue growth
- Firms with advanced technology capabilities will be positions to develop faster customer insight
- Prepare technology architecture to connect and operate from any device, anytime and anywhere
- Ensure access to the skills and talents when needed
- Cloud will become the dominant technology infrastructure
Office Workflow Automation
- Automation helps you deliver consistent and quality results to your customer faster
- Reduces human errors and incidents and produces complete audit trail for better compliance
- Enhances data-processing accuracy, cost savings and increased workforce productivity
- Enables you to process much larger volume of data than traditionally possible and develop important trends and business insights
Customer Intelligence
- New technologies like Big data, Artificial Intelligence and Internet of Things are providing businesses access to exponentially more individualized data about consumer behaviour
- Leading firms are enhancing their technology infrastructure to mine this data and develop insights for better business growth
- Data and intelligence are also being used for better risk management and detecting irregularities or fraud more accurately and reduce risks
Cloud adoption
- Cloud is becoming the dominant infrastructure model for finance
- Firms are transitioning to SaaS applications for business apps, like ERP, CRM, HR and Accounting
- Use of cloud is also rising for specialized applications like security analytics, KYC verification
- Core service infrastructures are also moving to cloud for better scalability, e.g. consumer payments, credit scoring, and statements and billings for asset managers
Digital Transformation
- The technologies are driving 3 types of digital transformations:
- Process transformation, where data, API and machine learning is reinventing business processes
- Business transformation, such as online only banking where new business models are evolving
- New business domains, where technology companies are entering financial space like Paypal into banking and credit cardsAre you ready to not risk missing out these emerging opportunities?