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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)?
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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
