Essential Tech Considerations For Financial Service Firms

Essential Tech Considerations For Financial Service Firms

There is no getting away from the fact that financial service companies can make a lot of money. Whether you’re launching a new credit card or providing an accountancy service, there are many elements to consider. We’re going to give you a hand today by highlighting some of the most important ones. With a bit of luck, you should be in a better position after reading this post.

UK-based data storage solutions


The FCA states that all financial service companies in this country must store their data here. That is so firms can’t argue it is lost or located elsewhere. So, you need to find a UK-based data centre as soon as possible.

Document disaster recovery


Even if your premises burns to the ground, you must have a disaster recovery system in place. Good IT support companies could help you to implement a suitable strategy. Check out the infographic below if you want to find out more.

Two-factor authentication


In 2015, new regulations came into force concerning payments from people in the EU. The EBA now require all payments to go through a strong verification process. That helps to confirm the identity of the customer or client.

At the end of the day, those tech considerations are pretty complicated. So, it could be sensible for you to employ the services of a professional expert. The expense is nothing compared to the amount you will pay if you get things wrong. That is why it’s simply not worth the risk.

FCA-Compliance-Infographic

Infographic by Netstar