Linkedin X-twitter

Managed IT Services for Finance & Insurance

Rapid transformation with productivity, security and cost optimization

Custom IT Solutions for Finance & Insurance

Financial service firms are undergoing rapid digital transformation to stay competitive in a fast moving industry while keeping up with regulations, optimizing cost, ensuring cyber security and planning for business continuity and contingency planning – all at the same time.

300% more likely to be hit by cyber attacks

  • 70% firms after a major data breach goes out of business within 2 years
  • Average time to detect an attach is 206 days p
  • Avg. cost of data breach $3.9 to $8.2M

New and overlapping regulations

  • Data Protection: CCPA, GDPR, Shield Act
  • Data Breach notification laws of the states
  • Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA)

Operational resilience against unforeseen events

  • Pandemic, global depression and resulting challenges
  • 74% firms uncertain of geopolitical events
  • 84% uncertain economic growth

Productivity with hybrid work force

  • Maintaining security and productivity with remote workforce
  • Invest in technology to enable employees to work and collaborate remotely

Leveraging new technology to drive growth

  • Technologically leading firms driving 19% growth
  • 45% of such firms investing $5M+ and 25% M $10M+ in AI
  • 70% planning to increase investment in AI

Cost containment while driving growth

  • 54% of CEOs are planning cost reduction next year
  • Use of cloud to reduce operating costs
  • Task automation for better efficiency and reduced cost

Increasing customer expectations

  • Per 2019 Accenture study 64% customers want personalized insurance premiums
  • Customized banking and money management solutions are increasing

Financial crime and reputation management

  • Bringing new products and services without creasing the risk of Financial crime
  • Maintaining ethical conduct and customers’ trust

Notable security breaches in the recent years

147 million

  • Username, address, social security, driver’s license and date of birth
  • Continued from Mar to Aug ‘17 disclosed in Sep ‘17
  • Series of failures, e.g. security patch failed, Servers and data categories not properly segregated and security certificate expired several months ago
  • FTC & Consumer Bureau fined $700 million and Class action Lawsuit of $1.38 billion
  • $1.4 billion cleanup cost and improvement of security

140,000

  • Social Security numbers, 80,000 bank accounts, 1 million Canadian social insurance numbers, 10+ million of credit card applications
  • Ex-Amazon worker with expertise in Network security exploited Firewall misconfiguration on cloud servers
  • FBI investigation and $150 million damage
  • Hacker charged $250K fine and 5 years in prison

885 million

  • Account statements, mortgage and tax records, Social Security no., Wire transaction receipts and Drivers license
  • Design defect enabled accessing confidential information through URL hacking
  • Lawsuits and FBI investigation followed
  • Increased risk of identity theft and email attack for the compromised accounts

We know the challenges of finance and insurance industry and deliver reliable solutions for better productivity, security and growth. Let us manage your technology and security so that you can focus on growing your business.

CONTACT US

What Our Customers Say

“Joe Bottani, an Arch Brokerage Partner, tells how CMIT Solutions has helped their business get ahead of IT issues”

“Real estate firm opens new location and rapidly ramps up operations using CMIT’s reliable services”

“NJ based construction company selects CMIT for IT support and security of their nationwide operations”

“Chicago-area CPA firm grows thanks to trustworthy IT solutions and reliable network management”

MORE CUSTOMER VIDEOS

Latest Technology Trends in Finance & Insurance

As per Deloitte survey, 47% of the financial services executives are evaluating AI for business applications, while 45% started developing new applications for robotics automation and 43% launched blockchain programs for commercial applications. It is evident that financial industry will look substantially different 5-10 years, and the entire industry is trying to understand the key trends and adjusting their business models to stay aligned to it. Here are some key trends and priorities for the smaller firms:

  1. Evaluate and update your IT infrastructure and operating model to be ready for the change
  2. Optimize cost by reducing legacy systems, leveraging SaaS, Cloud, AI and Robotics process automation
  3. Cyber security will be the top risk for financial industry and reputational damage would be irreparable
  4. Customer intelligence would be the most important tool of revenue growth
  5. Firms with advanced technology capabilities will be positions to develop faster customer insight
  6. Prepare technology architecture to connect and operate from any device, anytime and anywhere
  7. Ensure access to the skills and talents when needed
  8. Cloud will become the dominant technology infrastructure

Office Workflow Automation

  • Automation helps you deliver consistent and quality results to your customer faster
  • Reduces human errors and incidents and produces complete audit trail for better compliance
  • Enhances data-processing accuracy, cost savings and increased workforce productivity
  • Enables you to process much larger volume of data than traditionally possible and develop important trends and business insights

Customer Intelligence

  • New technologies like Big data, Artificial Intelligence and Internet of Things are providing businesses access to exponentially more individualized data about consumer behaviour
  • Leading firms are enhancing their technology infrastructure to mine this data and develop insights for better business growth
  • Data and intelligence are also being used for better risk management and detecting irregularities or fraud more accurately and reduce risks

Cloud adoption

  • Cloud is becoming the dominant infrastructure model for finance
  • Firms are transitioning to SaaS applications for business apps, like ERP, CRM, HR and Accounting
  • Use of cloud is also rising for specialized applications like security analytics, KYC verification
  • Core service infrastructures are also moving to cloud for better scalability, e.g. consumer payments, credit scoring, and statements and billings for asset managers

Digital Transformation

  • The technologies are driving 3 types of digital transformations:
  • Process transformation, where data, API and machine learning is reinventing business processes
  • Business transformation, such as online only banking where new business models are evolving
  • New business domains, where technology companies are entering financial space like Paypal into banking and credit cards. Are you ready to not risk missing out these emerging opportunities?

Services

Legal

Contact Us

Linkedin X-twitter

© 2025 Vertus Solutions and Services. All rights reserved.

×
powered by google