IT Solutions for Financial Services and Banking

Financial Data & Systems, Protected

Technology has been used to make business more efficient since the dawn of commerce. Basic finance has evolved into advanced financial technology, or fintech, which is an industry worth approximately $112.5 billion in 2021. This leap forward in financial technology innovation has created a space for both ambitious professionals and criminals to flourish.

Whether you work in a fintech organization, accounting firm, credit union or other financial institution, the obstacles that leaders face are similar in terms of protecting data and securing systems while maintaining uptime.

The challenges for senior leaders — whether CCO, CIO or CFO — are many when it comes to financial IT systems:

  • How might we keep our systems secure, compliant and operational?
  • How might we protect data and ensure privacy while accommodating multi-device users?
  • How can we update antiquated legacy systems to a more modern hybrid or cloud environment?

Challenges in IT for Financial Services

Challenges in IT for Financial Services

Data Volume
Data Breaches

There are few industries more reliant on information technology than fintech. Banks and other financial services organizations are more susceptible to online threats due to how much they depend on IT systems to run their business.

The obstacles facing senior IT leaders in charge of fintech systems are many, and can include the following risks: fraud, money laundering, terrorist financing and data breaches, to name a few.

Managing IT risk and migrating systems to hybrid or cloud-based platforms while adhering to regulations requires an expert — a trusted partner to streamline the compliance process for senior IT leaders.

Compliance
Compliance

As if security wasn’t enough, senior leaders in banking and financial services must ensure that IT systems remain both compliant and operational. Regulations in the financial industry are some of the strictest in the business – and for good reason.

The regulatory regime for financial products, services and technologies in the United States is one of the most complex of any jurisdiction. A variety of factors have played a role in the development of strict U.S. compliance rules, including historical precedent, the federalist nature of the United States and national politics.

In the context of fintech and financial systems, IT systems must operate within a high security, high compliance environment. Achieving this level of operation is a tremendous challenge and may require expertise at the highest levels in an organization.

Yet despite this, there is not a Chief Compliance Officer (CCO) in place at more than 25 percent of fintech companies. This may mean that in strategic planning sessions no dedicated senior leader is accountable for the compliance function, and instead, it’s delegated down the chain. Or, it may mean that it’s a secondary priority for other senior IT leaders who must add it into their existing portfolio of responsibilities. Clearly, the amount of representation at the boardroom table is disproportionate to how crucial compliance is in terms of financial IT systems.

Preventing breaches and remaining compliant are two massive obstacles for senior leaders, but these issues are just the beginning as far as modernization is concerned.

Legacy Systems
Legacy Systems

Old school technologies are widespread in financial IT systems. Whether it’s a Cobol or Fortran-based system in banking, insurance or beyond — plenty of IT systems are based on legacy infrastructure.. In today’s multi-device world, both employees and customers expect a smooth user experience with data available at their fingertips — at home, at work or on the go. Financial organizations are required to keep up with sophisticated user desires.

Legacy systems can be problematic for the modern remote worker, but having employees log in remotely creates its own security issues. System integrity becomes even more crucial when the only thing separating a hacker from critical data is a weak and easily exploitable username and password.

Upgrading a legacy system to a more modern hybrid or cloud-based environment can be difficult at the best of times, but when you layer on security, compliance and other challenges, a migration project can become overwhelming.

The big question with maintaining and upgrading legacy systems is when to migrate, and what platform to choose. This adds additional layers of complexity to an already vast project scope. When executing a project of this magnitude, all nefarious actors must be taken into account, and risks factored in.

Risk

Risks in IT Financial Services

There are few industries more reliant on information technology than fintech. Banks and other financial services organizations are more susceptible to online threats due to how much they depend on IT systems to run their business.

The obstacles facing senior IT leaders in charge of fintech systems are many, and can include the following risks: fraud, money laundering, terrorist financing and data breaches, to name a few.

Managing IT risk and migrating systems to hybrid or cloud-based platforms while adhering to regulations requires an expert — a trusted partner to streamline the compliance process for senior IT leaders.

AISN: Your Solutions Provider for Financial Technology & Financial Services Compliance

Why Work With Us?

Trusted Provider Offering IT Support for Financial Services

AISN is one of the Inc. 5000 fastest-growing private companies in America. We partner with Forbes- and Fortune-ranked global corporations and other private businesses and organizations.

AISN started as a secure hosting company in 1993. Since 2009, we have provided specialized services including: compliant cloud-based systems, application development, information security and risk management. We help medium- to large-sized financial technology and financial services organizations execute complex system projects without compromising client records and data.

Both consumer and commercial clients have high expectations of today’s IT systems. Regulatory compliance and cybersecurity are no longer optional add-ons, they are mandatory. And with plenty of sketchy actors trying to breach systems, it’s crucial to make investments in these areas and show a strong return.

Leaders in Compliant Financial Systems

Properly executing a major system update or migration requires a highly qualified team of experienced professionals. As leaders in IT modernization, we help you tackle such projects — all the way from strategy and implementation to support. When it comes to operationalizing your IT strategy, we’ll help you get it done. 

There are plenty of opportunities for modernization in complex financial technology systems. Whether it’s building a brand-new application that’s compliant from the ground up or updating an existing system by migrating it to a hybrid or cloud-based environment, we help bring these projects to life.

AISN: Your Solutions Provider for Fintech & Financial Services Compliance

Why Work With Us?

 Fintech & Financial Services Compliance

Trusted Provider Offering IT Support for Financial Services

AISN is one of the Inc. 5000 fastest-growing private companies in America. We partner with Forbes– and Fortune-ranked global corporations and other private businesses and organizations. 

AISN started as a secure hosting company in 1993. Since 2009, we have provided specialized services including: compliant cloud-based systems, application development, information security and risk management. We help medium- to large-sized fintech and financial services organizations execute complex system projects without compromising client records and data. 

Both consumer and commercial clients have high expectations of today’s IT systems. Regulatory compliance and cybersecurity are no longer optional add-ons, they are mandatory. And with plenty of sketchy actors trying to breach systems, it’s crucial to make investments in these areas and show a strong return.

Leaders in Compliant Financial Systems

Leaders in Compliant Financial Systems

Properly executing a major system update or migration requires a highly qualified team of experienced professionals. As leaders in IT modernization, we help you tackle such projects — all the way from strategy and implementation to support. When it comes to operationalizing your IT strategy, we’ll help you get it done. 

There are plenty of opportunities for modernization in complex fintech systems. Whether it’s building a brand-new application that’s compliant from the ground up or updating an existing system by migrating it to a hybrid or cloud-based environment, we help bring these projects to life.

Partner With AISN to Achieve Your Fintech & Financial Services IT Systems Objectives

Keeping your systems aligned with both compliance regulations and the expectations of users can be challenging. Whether your systems are on premises, in the cloud or in a hybrid environment, your responsibilities as a senior IT leader are the same. Ideally, you’ll be able to show an attractive return on investment while meeting your obligations in terms of system uptime and compliance.

Financial Compliance Made Simpler

Regulatory compliance in banking is important to us and should be to you as well. Although it’s often seen as a cost center, the compliance process forces teams to audit, strengthen and even modernize systems which is a net positive.

As an authority on compliance, we are immersed in it every day. To remain leaders in the field, we must walk through the fire alongside our clients.

Achieving compliance in fintech and financial services means aligning with regulatory laws that guide new technologies and financial business models. As you know, the purpose of these guidelines is to protect investment capital and the interests of both consumers or businesses.

In the U.S. market, fintech and financial services companies will face a number of regulatory hurdles, including some or all of the following:

  • Financial Crimes Enforcement Network (FinCEN)
  • Office of the Comptroller of the Currency (OCC)
  • Consumer Financial Protection Bureau (CFPB)
  • Commodity Futures Trading Commission (CFTC)
  • Federal Deposit Insurance Corporation (FDIC)
  • Securities and Exchange Commission (SEC)
  • Federal Trade Commission (FTC)

Ensuring that financial systems are compliant with regulations from these organizations is our expertise, and we are leaders in the space. 

Partnering with an expert that has a strong resource bench is crucial for any financial technology organization, and AISN can assist with executing complex regulatory compliance projects — especially those relating to the cloud.

Cloud for Finance

For senior IT leaders with outdated systems, the idea of modernizing to a hybrid or cloud environment can be a daunting prospect. The right cloud provider can help you go from A to B, so you can enjoy all the benefits the cloud offers:

Cost savings
Cost savings
Availability
Availability
Disaster recovery
Disaster recovery
Scalability
Scalability
Security
Security
If you have been considering upgrading your legacy systems to a modern cloud environment or want to set up a hybrid cloud environment, contact an expert on our team today to discuss your requirements.

Managed Security Services

Roles, permissions and access are the bread and butter of cybersecurity. Protecting critical financial data and systems requires having complete control over who can access what, and when.

Whether your objective is to automate processes, enable remote working or decrease costs, the right people must have access to the right information and tools at the right time.

The financial industry has always been a target of criminals, and therefore, its security requirements are some of the strictest in the world. Current best practices must be followed to ensure that both systems and users are safe from cyber criminals.

As leaders in information security, our recommendation is to develop your information security program in four basic stages:

Prediction
Prediction
Prevention
Prevention
Detection
Detection
Response
Response
First, we conduct an organizational risk assessment to help you and your teams create an information security program alongside a risk management plan. This will enable investments in security to turn into an attractive return as system uptime is maintained. We can then implement managed security services that will provide peace of mind to users and continuous operations for the organization.

Application Development

Whether you need a payment portal or complex financial application, the team at AISN can bring your vision to life.

Our teams have a strong track record in developing best-in-class native and web applications. We can build, deploy and host your application or website in our own high security, high compliance cloud environment.

Some of our clients need to modernize legacy systems — especially old government applications. Our team can bring your programs up-to-date with fully customized and user-friendly technology. Modern applications are the core of what we do.

Finance Managed Services

A key value proposition with managed services is to reduce repetitive manual work and keep top talent available to work on high value strategic projects. To do this, there must be tools and processes available to keep your systems up and running like a well-oiled machine.

AISN provides a variety of compliant managed services for fintech and financial services organizations. Our complete suite of managed and monitored solutions can seamlessly plug in to your existing workflows.

Because security is so crucial in the financial industry, our experts are U.S. citizens who are vetted and employed directly by AISN. Instead of working with an anonymous outsourcer, you’ll get to know us by name, enabling us to work with your existing talent and integrate into your structure.

Delivering Fully Compliant, IT Solutions for Financial Services

With threat actors moving quickly, the stakes are higher than ever for senior IT leaders in financial technology and financial services. The time to modernize, strengthen systems and ensure compliance is now. 

Our team of experts at AISN can help you create financial IT systems and infrastructure that are safe, secure, fast and capable of meeting user needs while delivering an attractive return on investment.

Get in touch and speak with a leader on our team to discuss your organization’s unique requirements.