5 ways financial institutions can turbocharge their IT systems

Jun 29, 2023
Microsoft Digital transformation Financial institutions Cloud services
IT infrastructure Managed IT services Financial services Microsoft 365

Financial institutions face a rapidly evolving business environment shaped by digital disruption, regulatory changes and increasing expectations from customers, employees and investors. Under these circumstances, financial institutions must navigate an intricate landscape, constantly balancing their needs for technological advancement, operational efficiency, compliance and a sustainable growth model. As such, a periodic evaluation of your key IT processes, staffing and technology is not only advisable but necessary for survival and growth.

Here are five ways financial institutions can ensure the efficient allocation of IT spending:

1. Uncover risks and opportunities with an infrastructure technology assessment

The modern banking IT infrastructure is more than just a collection of servers, databases and networks. It's the backbone supporting every aspect of your operations, from customer interactions to risk management. An infrastructure technology assessment can identify potential bottlenecks, outdated components, underutilized resources and security vulnerabilities in your infrastructure. It can provide actionable insights for streamlining operations, strengthening security and improving scalability. A review helps your institution stay agile, resilient and competitive in an ever-evolving market landscape.

2. Prepare for the future with a cloud readiness assessment

Cloud technology is an integral part of many organizations' IT strategy. A cloud readiness assessment provides a comprehensive understanding of your current infrastructure, application stack, connectivity and supporting technologies. A modular, framework-based assessment helps to identify gaps, answer open questions and plan your cloud adoption journey more effectively.

3. Enhance productivity and security with a Microsoft 365 health check

Financial institutions that leverage Microsoft 365 realize significant gains in productivity, collaboration and security. However, optimizing this powerful suite for your unique business needs can be a daunting task. A Microsoft 365 health check can assess your institution's Microsoft 365 deployment strategy, security posture, compliance status, licensing cost optimization opportunities and user adoption trends. It can provide a road map for improvements, whether through configuration tweaks, targeted training, managed services or supplementary tools. This independent evaluation can unlock the full potential of Microsoft 365, positioning your institution for future success.

4. Secure your environment through identity and access management

It’s vital to ensure the right people have secure access to the right information. A secure identities and access workshop—often funded by Microsoft—educates organizations on how identity management is a fundamental pillar of an integrated security philosophy and strategy. Further enhance your security posture by taking advantage of a Microsoft 365 FI jump start that has purpose-built security configurations that meet the compliance needs of most financial institutions.  

5. Optimize your workforce with an IT review

While technology continues to evolve rapidly through advances in artificial intelligence, the human element remains integral. An IT operating model review offers an outside perspective on your staffing model, skill levels, training programs and outsourcing potential. It can identify gaps and provide suggestions for enhancing your technology workforce's capability and engagement. In the age of digital disruption, a well-equipped, motivated and agile workforce can be the difference between merely surviving and thriving.

Partner with RSM for strategic IT optimization

Serving over 2,000 financial institutions in the U.S. and globally, RSM’s extensive industry experience and deep technical knowledge allow us to deliver superior services. We provide access to critical industry knowledge that is essential to maintain relevance in the financial sector.

The value proposition of a third-party technology review is clear. It offers an opportunity to unlock the full potential of your Microsoft 365 deployment, streamline your infrastructure, optimize your staffing model and reimagine your platforms. It is a strategic investment that prepares your financial institution for the future, enabling it to capitalize on digital disruption, exceed customer expectations and drive sustainable growth. In today's dynamic banking landscape, standing still is not an option.

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