At PurpleJelly, we like to say: “Financial services firms without proper IT Support, is like bangers without the mash.”
Seriously, we really do say that. (Nope, no soppy Valentine’s Day mush – or mash – from us!) Ok we’re busted, of course, we don’t say that. But if we did, we would be spot on! And here’s why…
In an industry like financial services, where data accuracy, availability and security, and regulatory compliance are key, having the right IT support partner can make all the difference in ensuring your business provides seamless, secure and sustainable support and advice for your clients.
Compliance is not an “Option”
As we know, for any financial services firm, compliance isn’t a request, an optional or a nice-to-have. It’s 1. legally mandatory, and 2. (and more importantly) it’s the foundation of client trust and business integrity. Whether you’re managing sensitive client financial info in an accountancy practice, processing mortgage applications in a brokerage, or offering bespoke financial advice, you must adhere to stringent regulations such as GDPR, FCA guidelines, and data protection laws. A single oversight could result in significant fines and irreparable damage to your reputation.
This is where a dedicated IT support provider comes in. They’ll help ensure your systems meet the latest regulatory standards and client expectations. For example, accountancy firms rely on timely access to secure financial records and tax software integrations, while mortgage brokers need fast, secure data transfers to maintain client confidence and meet FCA requirements. You want an IT support provider who can manage these critical tasks, help safeguard your client information and support your day-to-day operations in a highly regulated environment.
IT Support that ‘gets’ your business (and protects it)
Unlike larger corporations with extensive in-house IT departments, smaller businesses have to operate with smaller teams (just a one-person team in many cases) and this means that any technical or IT issues that crop up, can have a comparatively bigger impact on that team’s resources. For the ‘business owner’ customer who is waiting for their financial reports to go to HMRC or that first-time house buyer nail-bitingly waiting on a mortgage decision, any disruption in your IT systems can cause negative and/or costly delays.
Any IT support provider familiar with the financial services sector will appreciate your specific requirements and be able to tailor their approach to your IT needs. Regular system assessments, proactive monitoring, and targeted maintenance ensure that critical applications, such as accounting software, CRM systems, and secure email platforms, remain available and reliable. Cyber security services will also be a must.
Staying ahead of the technology curve (balls)
Technology is evolving at an unprecedented rate, and combined with regulatory requirements (blah blah). Yes we know the tune, but honestly, the impact on the financial services sector will be even more keenly felt. You really don’t want to be in the same basket as the bank that couldn’t process payments for three days – do you? OK, that’s a big example to compare against – but when it comes to your reputation with your clients – an issue that affects them in a similar way could be disastrous for your business.
But really, for small firms, staying ahead of technological trends is not just about efficiency – it’s about survival. A forward-thinking IT support provider works closely with you to not only support and protect you in the “right now”, but anticipates and advises around future challenges that could arise. Indeed, a savvy and experienced team of IT professionals will look to align their services with your business objectives, for the short- and the long-term. And they’ll ensure the technology you use remains a competitive asset rather than a liability.
Regulatory compliance without the headache
GDPR, FCA compliance, and data protection laws don’t just exist to make your life difficult (even if it sometimes feels that way); they’re there to protect your clients and your business. But staying compliant requires robust IT infrastructure, secure data management, and proactive monitoring – things that aren’t always easy to maintain in-house, especially for a one-person IT “team”. Keeping up with the latest regulations, avoiding potentially hefty fines and sidestepping the reputational IED, are all things your IT support provider is there to help you with. They can handle everything from data encryption to secure backups, ensuring that sensitive financial information stays exactly where it belongs – safe and protected.
The guardian angel of your business
Cybercriminals love financial services firms. Why? Because where there’s data and money, there’s motive. And while you might think that only big banks are prime targets, smaller firms are often easier prey due to weaker security measures. A good IT support provider does more than install antivirus software and call it a day. They proactively monitor your systems, implement multi-layered security strategies, and educate your team on best practices. From phishing attacks to ransomware threats, IT experts act as your silent cyber security guardians, ensuring your business remains secure while you focus on what you do best – serving your clients.
Good cyber security, also means keeping your systems up and running, rather than letting a cyber attack crash and burn them. It’s obvious. Every minute of downtime costs money. If your systems crashes or your software refuses to cooperate, it’s not just an inconvenience; it’s lost revenue, delayed client service, and a growing headache. There’s that headache again.
A good IT team – especially a local, outsourced one – will understand the urgency. They can – and will – respond quickly, troubleshoot efficiently, and often prevent issues before they even arise. Whether it’s network failures, server crashes, or software glitches, having an IT partner ensures that when (not if) something goes wrong, you’re back up and running in no time.
The local advantage: why proximity matters
Yes, we’ve talked about this before when choosing a managed it service provider to work with, (and no doubt we’ll talk about it many times again). Working with a local IT support provider really does offer benefits that extend far beyond the generic service.
It’s pretty simple, not only does local IT support translate into faster response times and direct communication with professionals who truly understand your business context, it also means rather than navigating the delays and detachment of distant call centres, with their endless (and maddening) hold music, you get from a personalised approach, from someone not just in your local timezone, but in your local town or county, who can to resolve issues swiftly and effectively. And, of course, they can always pop round for a cuppa if you want some IT or cyber security chit chat. Come on – who doesn’t?!?
The bottom line: IT Support isn’t a luxury…
It’s a necessity. In financial services, trust and reliability are everything. Clients expect their data to be secure, their transactions to be seamless, and their advisors to be available when needed. Without robust IT support, even the best financial firms risk losing credibility, productivity, and, ultimately, business.
The good news? You don’t have to navigate the complexities of IT alone. With the right IT support partner by your side, you can focus on what matters: delivering exceptional financial services while your technology works seamlessly in the background. Wa hoo!!
So, the next time your system lags or you find yourself wrestling with compliance updates, remember: investing in reliable IT support isn’t just about fixing problems, it’s about ensuring your firm runs smoothly, securely, and successfully – every single day.
