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Why Technology Consulting is Critical to Financial Project

May 31, 2024 05:25:58AM

Technology Consulting for Financial Project

Contemporary businesses must incorporate and understand information technology (IT) like never before. In fact, ensuring that your IT systems are both efficient and reliable will be one of the key factors influencing your success, longevity, and customer experience.

Unfortunately, this is easier said than done when your expertise lies elsewhere.

As such, many financial institutions are now acknowledging the immense benefits of hiring a dedicated tech consultant to customise, introduce and maintain financial systems that integrate flawlessly with their business operations.

In this article, our experts at KMS Solutions will explore how business technology consulting services can deliver substantial value to your financial project.

What is Technology Consulting?

When in-house teams hold insufficient knowledge, or the financial burden of internal solutions is too high, external support is the best way to progress. For example, financial institutions seeking to enhance their operations and streamline processes often turn to business technology consulting services.

Profit-oriented companies hope to discover new systems, technologies, and insights that reduce costs and maximise operational efficiency by hiring a tech consultant specialising in this field. In doing so, they gain access to a variety of services, including:

  • Custom software planning and development: The consultant will analyse your specific requirements, budget, market trends, and other factors to advise you to select profitable solutions accordingly. Going beyond advising, the KMS Solutions consulting team also helps you with the design, development, testing, and maintenance stage of software.
  • Platform modernization and Cloud solutions: This involves transforming current legacy financial systems, apps, and infrastructure to capitalise on advanced technologies. This may entail transitioning from outdated systems to cloud-based platforms.
  • Payment gateway integration: Create a seamless, secure, and efficient financial ecosystem that enables customers to perform transactions conveniently. Our services include setting up payment processing systems, ensuring robust payment gateway security, and implementing white-label payment gateway solutions.
  • Security analysis: This service includes analysing static code, maintaining data integrity sanity, performing vulnerability and security testing, and suggesting for addressing reported vulnerabilities.
  • Data consultancy: Involves providing expert advice and guidance on various aspects of data management, analysis, and utilization to help organizations leverage their data effectively.
  • Intelligent process automation: Optimize business processes, reduce manual intervention, and enable the digital workforce to ensure enterprise-wide digital transformation.
  • Comprehensive IT strategy development: Refers to the process of creating a comprehensive plan that outlines how technological resources, capabilities, and initiatives will support and align with an organisation’s overall business goals and objectives.
  • Enterprise software implementation: Helps organisations implement new software systems successfully and provides guidance and support thoroughly.
  • New technology consultation: Helps businesses stay ahead of the curve by embracing innovation and harnessing the power of cutting-edge technologies, such as AI, ML, robotic process automation, etc., to drive growth and innovation. The KMS consultants will analyse the specific needs, challenges, and objectives of the business to recommend the suitable technology solutions.
  • UI/UX Design: Experts provide guidance and advice on creating intuitive, user-friendly interfaces and experiences for digital products, such as mobile apps and digital platforms.
  • Technical Assessment: Help organisations evaluate candidates objectively and ensure that they have the necessary technical skills and competencies to excel in the required role.

A tech consultant is known by various titles based on their services, such as business and technology advisers, IT consultants, and software consultants. These experts all have domain knowledge and are essential in providing tailored IT consulting solutions that cater to specific organisational needs.

How Do Business Technology Consulting Services Aid Financial Institutions Worldwide?

Cost-Effectiveness of IT Consultants vs Full-Time Employees

Onboarding permanent IT professionals for short-term, ad-hoc financial projects is often costly. The process is not only time-consuming but also poses challenges in finding the right skilled individuals. Particularly for BFSI businesses in the early stages of the financial software development process, hiring full-time staff demands careful consideration due to its potential financial impact.

Despite the reduced service costs, the specialised expertise offered by technology consulting can significantly boost your company’s productivity and profitability. By outsourcing for technology consulting services, financial institutions avoid long-term commitments, training expenses, and material costs. Tech consultants for the BFSI industry arrive with the necessary skills, saving time and allowing businesses to pay solely for the services they need.

Maintain Employee Focus on Core Business Functions

Taking internal teams away from their daily tasks to investigate and solve issues outside of their skillset is not going to help anyone. By engaging a tech consultant, your team can concentrate on their primary responsibilities and bolster their productivity.

Business technology consulting services provide the expertise needed to manage your IT requirements effectively, enabling your staff to excel in their preferred roles without the distraction of complex IT tasks. The investment streamlines operations and leverages professional IT consulting solutions to enhance productivity.

Strategic Planning for the Financial Institution's Long-term Success

Engaging with IT consultants ensures the technical strategies are closely aligned with clients’ overall business objectives, especially for the financial institutions to raise the possibility of reaching those goals. Additionally, the consultants also consider the strategic investment in a specific team, project, technology stack and tools, etc., to help businesses focus on IT resources that can bring the highest return out of the investments (ROI).

An IT consultant for a bank can develop a digital transformation strategy to improve the corporation’s ability to serve online customers. The efforts led them to increase the number of online users and enhance their satisfaction.

Leveraging Proven Experience to Enhance Operation Efficiency

Introducing new technology within your business can present a string of new challenges. Tech consultants will bring years of expertise to ensure your business operations remain seamless, even amidst significant IT infrastructure upgrades. IT consultants establish efficient operational frameworks like DevOps and its associated tools, effectively automating the entire software development life cycle. This guarantees a technology-enabled environment that is streamlined, effective, and robust.

Having such a depth of experience at your disposal through IT consulting solutions reduces the likelihood of human errors and oversights, producing a smoother transition and keeping your business running sharp.

KMS Solutions has a proven track record in delivering website and mobile applications for many businesses in the BFSI industry, such as building a business banking app for ACB bank, developing an ecosystem of fundraising for one of the big four Australian banks, and many more.

Prioritising Cyber Security in Today’s Business Environment

In an era when cyber security breaches can devastate a BFSI organisation’s reputation and financial stability, fortifying your digital defenses is more crucial than ever. Adding complexity to this issue are regulatory compliance requirements such as PCI-DSS, GDPR, etc., mandating adherence by regulatory bodies to prevent misuse of public data. For both startups and large corporations, navigating these challenges proves to be intricate and ever-evolving.

Hiring a specialist can enhance your system and network assessments, identifying vulnerabilities before they can be exploited. Many financial services tech consultants focus on cyber security, providing an essential layer of protection that safeguards your business assets and reputation, from development and initial testing to launch and ongoing maintenance.

For example, a cybersecurity consultant aids a financial organization in detecting and addressing advanced cyber threats, safeguarding both the company’s financial resources and customer information.

Obtain a Competitive Advantage in the Market

If you operate in a fiercely competitive business environment, you need to do whatever possible to gain the upper hand.

Engaging with IT consulting solutions can provide businesses with a significant competitive advantage. Tech consultants bring specialised knowledge and experts to the table, which can be beneficial for organisations:

  • Cutting-Edge Knowledge: pinpointing emerging technologies and trends, enabling businesses to stay ahead of the curve and best practices.
  • Problem Solving: consultants can tackle intricate IT issues that may exceed the capabilities of internal teams.

Capitalising on these resources and insights helps companies not only adapt but also excel, ensuring they remain leaders in their industry.

Transform Your Business with KMS Solutions’ Business Technology Consultancy Services

In the digital age, companies can gain a competitive advantage and flourish by selecting the appropriate IT consulting service, staying aligned with future trends, and upholding a strategic approach.

KMS Solutions plays a pivotal role in transforming businesses through its technology consultancy services. By leveraging digitisation through our cutting-edge technologies, data consultancy, modern methodologies, and experienced tech consultants, we especially empower businesses in the BFSI sector to navigate the complex landscape of modern banking with confidence.

Speak with our team at KMS Solutions today.

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