Top 3 Reasons Financial Firms are Outsourcing in 2023
If there was one common theme at the 2023 World Economic Forum, it was that financial services companies need to prepare for economic uncertainty this year. Higher-than-anticipated rates, stock-market volatility, a shrinking IPO market, and global instability were all on display at the conference. These factors, paired with continued murmurs of a looming recession, have put pressure on firms to scrutinize their existing operations and identify opportunities to ease tightening budgets. (Cybersecurity was also center stage, but that’s a conversation for another day.)
It’s not all doom and gloom. As firms evaluate how to best improve operating margins, they’re increasingly turning to outsourced IT models. Specifically, financial firms are leaning on Managed Service Providers (MSPs) to help lower costs without interrupting daily operations or compromising support quality. Here’s how.
1. Outsourcing Saves You Time
Time is money – especially in your fast-paced world. While your internal IT team was hired for their talents, the reality is that many of their hours are spent reacting to daily break-fix requests so your employees can work without disruption. By partnering with an MSP that can implement productivity-driving solutions (and an easy-to-navigate self-service portal), you’ll save your IT team from spending energy on level 1 end-user tasks and requests. When your engineers aren’t performing routine management and maintenance to keep technology up and running 24×7, they’ll be focused on big-picture projects that enable revenue generation.
2. Outsourcing Saves You Money
Firms that offload some or all of their IT needs to an MSP are typically able to reduce their total IT spend. With Agio, we’ve built a pricing model that enables us to progressively lower your cost the longer we work with you. How you ask? By leveraging machine learning and predictive analytics, we’re able to identify and address problems before they impact your team. And when a problem does arise, those same tools enable our team to quickly resolve the issue to minimize disruption. Speed—to resolve issues and fulfill requests—is at the core of Agio’s service commitment to our clients. Over time, this speed fosters trust, grows relationships, and ultimately results in healthier information systems.
3. Outsourcing Gets You Ahead
If you ain’t first, you’re last. Technology changes as quickly as the markets, so if you’re not up on the latest and greatest, you’ll be quick to fall behind the competition. Staying ahead with a purely insourced IT model means higher overhead costs and large recurring investment in IT infrastructure. Agio pairs artificial intelligence with human expertise to power an outsourced model designed to keep you ahead in an increasingly complex, data-intensive, and intertwined IT and cybersecurity landscape. We have the people, processes, and tools in place to ensure your IT environment is delivered and governed for maximized performance and reliability. Our technology—paired with check-ins from a Customer Success Manager and regular IT and cyber health reporting —empowers you with the service, knowledge and insights you need to keep your firm operating smoothly (and looking smart to investors).
As firms reevaluate their IT budgets in 2023, investing in reliable and resilient IT should be non-negotiable. Outsourcing to an MSP like Agio enables IT teams and financial services companies to shift efforts to more strategic work that will win the accolades of the C-Suite, the board, and investors. As for us here at Agio, our top investment is in moving the MSP model forward. Learn more: Moving Forward: How predictive intelligence & human brilliance are shifting the managed services paradigm
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