But one thing remains consistent among all firms: the need for financial services IT solutions to resolve pain points. With so much at stake — for both you and your clients — getting your tech right truly matters.
CMIT Solutions of Seattle understands the unique challenges that you face. And we offer tailored solutions for financial services companies like yours to resolve the most pressing IT problems.
Let’s dive into five specific issues and how we can help.
Common IT Pain Points for Financial Firms
Here are some of the top reasons why financial services IT solutions are essential for your business.
1. Data Security and Cybersecurity Threats
The financial industry remains one of the top targets for cyberattacks, with data breaches and ransomware posing particularly severe threats. Just consider how the average cost of a data breach in the finance sector is an astounding $6.08 million.
Pain point. The sheer volume of valuable financial data handled on a minute-to-minute basis is what makes financial institutions prime targets. Hackers want access to it. As long as you’re in this industry and working with this type of data, your firm is at risk.
CMIT’s solution. CMIT offers comprehensive cybersecurity services, including proactive monitoring, firewalls, intrusion detection systems and employee cybersecurity training. These solutions help protect your institution from phishing attacks, malware, ransomware, breaches and unauthorized access.
[Related: 9 Reasons Why Small Businesses Can’t Afford To Ignore Data Security]
2. Regulations Compliance
The financial regulations landscape is complex — so needing help navigating it is natural. After all, your daily work occupies you enough, leaving little time to manage items outside your direct workload.
Pain point. Maintaining compliance requires constant effort, and failure to do so may result in severe financial and reputational damage. Compliance regulations like the Sarbanes-Oxley (SOX) Act, Financial Industry Regulatory Authority (FINRA) and Securities Exchange Compliance (SEC) are complicated-but-necessary rules for all financial institutions to follow.
CMIT’s solution. CMIT Seattle provides regulatory compliance management tools to help you remain (or become) compliant. Our range of financial services IT solutions includes automated auditing, data encryption, and reporting software to keep your systems compliant with the latest regulatory updates. This helps you avoid penalties, fines, and unnecessary legal complications.
[Related: What To Expect With CMIT Compliance Services Versus Competitors]
3. Data Backup and Disaster Recovery
A robust backup and disaster recovery plan is crucial for any financial firm. It helps minimize downtime and boosts your business continuity in the face of disasters, cyberattacks and other malicious events.
Pain point. In the event of a data breach, system failure or something in the same vein, your financial services company must recover lost data as quickly as possible to keep operations moving. Nothing is worse than a stall when you have important, time-sensitive work to complete. Without an effective backup and disaster recovery strategy, your firm faces severe disruptions that lead to losses … money, time, customer trust and more.
CMIT’s solution. CMIT Seattle provides cloud-based backup and disaster recovery solutions that ensure you have real-time critical data backups and secure storage. And thanks to our rock-solid business continuity plans, your financial firm can quickly recover from any data loss and get operations back on track with minimal disruption.
[Related: Client Data Protection Checklist for Accountants]
4. Sensitive Client Data Management and Storage
We know your financial institution is responsible for handling vast amounts of sensitive client information. That’s why protecting it with high level security access protocols (think multi-factor authentication) is a top priority.
Pain point. Financial institutions manage (and are largely responsible for) datasets ranging from personal financial details to confidential investment strategies. But ensuring secure handling, storage and access is particularly tough.
CMIT’s solution. CMIT Seattle offers secure cloud solutions that make sure all your sensitive data is safely stored, and only those authorized to do so can access it. Our financial services IT solutions also feature automated access control systems and advanced encryption to safeguard your customer and client data from unauthorized access.
[Related: What Is Zero-Trust Architecture, and How Can It Help Your SMB?]
5. Operational Inefficiencies and System Downtime
Unplanned downtime and operational inefficiencies result in massive losses. It goes without saying that they impact your financial firm’s ability to be productive and keep clients satisfied!
Pain point. System downtime and operational inefficiencies can cost you millions in revenue from lost productivity. Having outdated or poorly optimized IT infrastructure is a major setback. It substantially slows processes and disrupts customer services to the point that your partnerships are at jeopardy.
CMIT’s solution. CMIT Seattle provides network optimization and proactive maintenance services to ensure your systems always run efficiently. And our 24/7 monitoring support detects and resolves issues before they cause downtime. We’ll help you maximize productivity, reduce costly disruptions and even modernize your legacy system.
[Related: Benefits of IT Guidance From CMIT Versus Competitors]
Why Quality IT Services Are Musts for Financial Institutions
Financial services firms rely on technology to handle practically everything, from day-to-day transactions to long-term strategic decisions.
A single cybersecurity breach, compliance failure or system outage can irreparably damage your firm’s reputation and financial standing. That’s why partnering with a trusted IT provider like CMIT Solutions of Seattle, specializing in financial services IT solutions, is crucial for your success.
With our proactive approach, your financial institution can focus on its core business while trusting that we fully manage your IT needs.
[Related: The Rising Need for IT Support in Small Business Data Protection]
Contact CMIT Solutions of Seattle To Protect Your Financial Firm
Addressing IT pain points is incredibly cumbersome if you don’t have the right skillsets — but a company like ours, offering financial services IT solutions, can handle it. Maintain your competitive edge with our help. If you want your firm to stay successful, enlisting IT solutions for financial services is nonnegotiable.
Contact us today to learn how CMIT Solutions can support your financial firm.
Featured image via Pexels
