Managed services for financial institutions

Dec 5, 2024 10 min read

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In just a few short decades, the financial world has gone through a serious tech makeover — we saw the transition from traditional banking to web-based services, the explosion of cryptocurrencies, and the rise of data analytics. While super convenient, these changes also bring major security and operational headaches.

And this is where Managed IT Service Providers (MSPs) step in. Think about it like this: when banks need to move a ton of cash, they hire armored cars because the pros handle it better. It’s the same idea with IT — MSPs are the experts that keep everything running smoothly, securely, and in line with all the strict regulations.

Stick with us, and we’ll break down the real benefits, the competitive edge you’ll gain, and exactly how managed IT services could be a game-changer for your business.

Our managed IT services for financial institutions

Financial services platform management

We partner with the best-in-class platforms, like SDK.Finance, Temenos, Mambu, and UiPath, and help you handle everything from implementation and integration to customization and upgrades.

Quality assurance

Our QA process is here to thoroughly test your systems for functionality, security, and compliance. This essential step guarantees your products reach customers just as expected, with reliable performance and strong protection from threats.

Production services

We help keep your live systems running smoothly day in and day out. Once you’re up and running, we handle monitoring, managing, and fine-tuning to prevent issues, cut downtime, and keep everything performing at its best.

Engineering and development

Our team handles it all — designing, developing, and implementing everything from core banking systems to custom software that fits your exact needs. We’re all about creating innovative, future-proof tech that keeps you on top of the wave.

Customizable application and software builds

Whether you’re after specialized banking software or custom financial solutions, we’ve got you covered. Our builds are flexible, scalable, and ready to grow with you, giving you the tools to stay ahead and keep things running as your needs evolve.

Configuration management

We track and document every change to your IT setup, making sure updates and tweaks are properly handled. This way, your systems stay consistent, secure, and free from those pesky configuration errors.

Cybersecurity and data protection

Our managed IT services cover everything from infrastructure management to network security, disaster recovery, and compliance with industry regulations. We handle the heavy lifting so you can focus on your core business while staying protected and fully operational.

End-user support and helpdesk service

Our team’s got your back with fast, reliable support for any tech issues so your staff can fix problems quickly and stay on track. Whether it’s troubleshooting, system updates, or just answering IT questions, we’re here to keep you online at all times.

Data management and analytics

From securely organizing and storing your data to using advanced analytics to gain insights, we make sure you get the most out of your information. We help you use data as a powerful tool to streamline day-to-day operations and spot new growth opportunities.

Our trusted partners

We help financial institutions handle even the toughest challenges by teaming up with the best platforms, so you get tailored solutions, right on time, and at a fair price. What makes our partnerships so powerful is how they blend flexibility, security, and smart tech.

With SDK.Finance, we get fintech products and digital payment solutions up and running fast, adapting to whatever’s needed along the way.

Temenos is our go-to for rock-solid core banking and wealth management, keeping everything in check with strict compliance.

Mambu, with its cloud-based, modular setup, lets us scale financial services at lightning speed.

And then there’s UiPath — thanks to its AI automation, we can automate repetitive tasks, boost accuracy, and cut costs.

“Managed IT services for financial institutions aren’t just about convenience — they’re about survival and growth. With constantly growing customer demands, changing regulations, and cyber threats always lurking, you need a stable, high-performing IT infrastructure that can keep up. That’s where Innowise comes in as your trusted MSP. We handle the tough stuff — cybersecurity, compliance, system upgrades, and more — providing the expertise and flexibility you need to thrive.”

Siarhei Sukhadolski

Chief Delivery Officer & Head of Competence Center

Say goodbye to IT headaches — we’ll manage your systems to run like clockwork.

Benefits of managed services for financial institutions

Now, let’s take a look at some of the key benefits managed IT services bring to the table that make financial institutions choose them over handling everything in-house.

Access to top talent

With managed services, you get access to top-tier experts who know your industry inside and out and deliver FinTech solutions that just work. Forget the hassle of building an IT department — we handle everything, from hiring to training.

Improved scalability and flexibility

The financial sector needs IT solutions that grow right along with the business. Managed IT services give you the flexibility to scale resources up or down as needed and make it easy to handle busy periods and expand operations without a hitch.

Predictable costs

With managed IT services, you get expert support and advanced tech without the hefty investment of building it in-house. The pricing is clear and tied to results, so you can focus on growing your business without sinking money into pricey IT upfront.

Better reach to the latest tech

Managed IT services hook you up with cutting-edge tools and solutions that would normally be tricky or pricey to get on your own. This keeps you ahead of the game, elevates customer experiences, and makes operations more efficient with the newest tech.

Boosted operational efficiency

MSPs bring in automation and the latest tech to keep your IT systems working efficiently. This means faster transaction processing, less lag, and a quicker, more agile response to market changes.

Business continuity

MSPs bring fresh ideas and tech solutions that keep your business flexible and competitive. With managed services, you can quickly adapt to changes, roll out new tech, and launch services without missing a beat.

Implementing managed IT services for financial institutions

Implementing managed IT services can feel a bit daunting, especially if you’re new to it or used to your usual workflows. We totally get it! That’s why we’ve put together a list of tried-and-true steps to help you navigate it with confidence and hit the right targets.

Pin down your goals

Kick things off by figuring out your biggest IT headaches and specific goals you want to achieve. Is it boosting security, expanding your infrastructure, cutting down on downtime, or automating daily tasks? At this stage, we can help you pinpoint exactly what you need, so you only pay for the services that actually make a difference.

Choose the right provider

Not all managed service providers are alike. You need one with serious tech chops, a deep understanding of the financial sector, and a strong reputation. That’s where Innowise steps in, ready to apply our tech expertise and FinTech smarts to take your managed IT services to a whole new level — no fuss, just results that speak for themselves.

Create a transition plan

Shifting from in-house to managed IT requires a solid plan. It starts with assessing your current infrastructure and evaluating your IT team’s capacity, followed by planning for future scalability. No matter what specific managed services you need, we’ll begin by identifying the steps to help you avoid unnecessary risks and disruptions.

Prioritize security and compliance

In the financial world, staying compliant with regulations isn’t optional — it’s a must. A solid managed IT services partner makes sure your systems are secure and meet all the industry standards, from data protection to cybersecurity protocols. At Innowise, we’ve got security covered at every step.

Prepare your team

A smooth transition goes beyond just implementing new tech; it’s about equipping your team for success. We’ll work closely with you to make sure your team is fully prepared for the new systems and workflows. We’ll provide hands-on training and ongoing support so your staff is ready to hit the ground running without missing a beat.

Monitor and adjust

Once your managed IT services are up and running, it’s important to keep an eye on how things are going. At Innowise, we focus on tracking everything with precise metrics to make sure we’re moving in the right direction. If something’s off, we’ll adjust quickly to get things back on track and deliver exactly what you need.

01 Requirement gathering

At this stage, the team figures out the app’s purpose, digs into what users really need, and decides on the tech stack and security features. This is also the time to nail down the budget and timeline, so everyone’s on the same page about costs and deadlines.

02 App design

During this phase, the team creates wireframes and prototypes to map out how the app will look and feel. The design process also includes branding, so the app has a consistent vibe that connects with your audience.

03 POC development

POC development is all about creating a small version of your FinTech app to test if it's going to work before diving in fully. It helps make sure the core features work as planned and the tech can put out decent performance. Plus, you can get feedback from stakeholders or potential users.

04 MVP development

MVP development focuses on building a working version of your app with just the essential features and getting it into the hands of real users. It’s designed to test the waters, gain traction, and gather feedback from users before you go all-in on a full-featured version.

05 Development

During this phase the development team builds the front-end and the back-end to bring your app to life. They’ll integrate third-party services, like payment gateways and authentication systems, while regularly performing code reviews to catch any issues early.

06 Testing & QA

During this phase the team performs functional testing to check that all features work smoothly, security testing to keep data safe, performance testing to see if it can handle lots of transactions, and usability testing to make sure the app is easy to grasp.

07 Post-launch maintenance

After launching, it’s time to keep an eye on the app for any bugs, roll out new features, and make sure your app is secure and up-to-date. Plus, with post-launch analytics, you can track how users interact with your app, spot issues, and make their experience even better!

Our pros know your industry and tech to deliver comprehensive managed services.

The future of managed IT services for financial institutions

No process works in isolation — one change triggers another, creating a ripple effect throughout the entire system. The same goes for managed IT services for financial institutions: as trends evolve, so do the demands. Predicting what will shape the future, even a year from now, is tricky business. However, there are some key indicators that are likely to drive future developments and set the course for what’s next.

Cloud adoption

Companies need to scale up quickly, but managing on-site hardware can be complex and costly. With managed IT services, businesses can access cloud-based solutions that offer flexibility without the huge investment. Thanks to platforms like AWS or Azure, MSPs make it easy to handle heavy transaction loads or roll out new services.

RegTech integration

Regulations like GDPR and AML are getting more complicated, and RegTech tools are becoming a must. MSPs help businesses get the most out of these tools. They manage compliance, simplify reporting, and handle audits to keep everything in line with industry standards, reduce errors, and make the whole process smoother.

Digital transformation

As digital transformation picks up speed, financial institutions are already leaning on managed IT services to tackle the hardest parts. MSPs are becoming the go-to choice for consulting on setup, rolling out smart, scalable solutions, and helping businesses move digital — all without piling extra work on their IT teams.

Embracing AI and ML

AI and ML have moved on from futuristic concepts to household names, and their role in finance will only keep growing. MSPs will be more in demand to help map out your AI strategy, maintain data quality, customize models, and roll out easy-to-use tools so you can fully embrace AI and keep pushing boundaries.

To wrap it up

Managed services for financial institutions are more than just an extra set of hands — they’re a smart move to help you thrive, adapt, and stay ahead of the pack. It’s the secret sauce that separates the leaders from the ones struggling to keep up. No matter how much the industry changes, one thing’s for sure: managed IT services give you the backup you need to keep tech on track and your business running.

FAQ

How can managed services benefit financial institutions?

Think of managed services as a shortcut to the best expertise and the latest tech, without the hassle of hiring a full IT team or investing in pricey systems. It saves you time, slashes costs, and gives you the flexibility to adapt fast to industry changes and customer needs.

How do managed services improve the customer experience for financial institutions?

With managed services keeping your systems run smoothly, you can roll out the latest features and provide the solutions your customers truly want. This not only sets you apart from competitors but also positions you as a trusted, customer-focused partner.

How do managed services help with regulatory compliance?

Financial institutions increasingly rely on RegTech tools to ensure compliance, simplify audits, and reduce the burden on the internal teams. Managed services facilitate the adoption of these tools by automating compliance processes, optimizing reporting, and handling audits.

How do managed services support digital transformation in finance?

Managed IT services handle everything from offering expert consulting and evaluating current IT systems to implementing smart, scalable solutions enabling financial institutions to stay fully equipped for digital transformation.

Ivan Shatukha

Global Development Director

Ivan orchestrates complex, multi-regional development operations. He focuses on resource optimization and engineering discipline, ensuring that large-scale technical projects remain aligned with business objectives while maintaining a relentless pace of delivery.

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