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Bank-Focused Managed Service Provider vs Local IT

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

  1. 1. BANK-FOCUSED MANAGED SERVICE PROVIDER VS. LOCAL IT WHICH ONE IS RIGHT FOR YOU? 1
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. SO WHICH DID YOU CHOOSE? FOR MORE INFORMATION Visit CSIWEB.COM or contact us at MANAGEDSERVICES@CSIWEB.COM 6

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