# Is your technology provider holding you back?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-07-27
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Why Sticking with Your Technology Provider Might Be Doing
Meta Description: Discover the common red flags indicating it's time to switch providers and why staying with an outdated technology partner can do more harm than good.
URL: https://financedigest.com/is-your-technology-provider-holding-you-backhtml

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**_Tim Bandos,_** _CISO and VP Managed Security Services at_ [_Digital Guardian_](https://digitalguardian.com/) _,  discusses how sticking with a technology provider for too long can end up doing more harm than good and why it’s important to know when a relationship has run its course._

Remaining competitive in today’s crowded financial sector requires organisations to make technology work for them. They must identify an aspect of their operations that might hold them back, and then quickly make any changes necessary to unleash productivity and growth. The challenge with technology, however, is the rate at which change occurs. Organisations regularly outgrow their current technology providers, for example, and often don’t even realize it. They might find their [business has scaled in size or scope beyond their existing tech](https://www.financedigest.com/entrepreneurs-can-prepare-sell-tech-business.html "How entrepreneurs can prepare to sell a tech business  ") platforms, or simply encounter new requirements beyond what their existing provider can address. Sometimes, lack of change stems from inertia or even fear. Some [organisations can be either scared or unwilling to make the changes needed](https://www.financedigest.com/why-a-modern-organisation-needs-an-agile-approach-to-software-asset-management.html "Why a modern organisation needs an agile approach to software asset management").

Regardless of the reason, the truth is a fresh start can be extremely beneficial to all parties. Change is good, after all, and clinging to an existing partner for too long usually does more harm than good. But how can you tell when a partnership has run its course? Below are three of the most common red flags that signal [it’s time](https://www.financedigest.com/why-its-time-to-adapt-to-the-virtual-world-how-to-master-online-negotiations.html "Why it’s time to adapt to the virtual world: how to master online negotiations") to make a change:

**1.Your [business goals](https://www.financedigest.com/how-to-create-financial-goals-for-your-business-in-2021.html "How To Create Financial Goals For Your Business In 2021") are no longer aligned**

In the fast-paced world of modern finance, [business goals can change](https://www.financedigest.com/business-is-changing-is-your-culture-changing-with-it.html "Business is changing – is your culture changing with it?") in the blink of an eye.  If your [technology provider isn’t constantly updating](https://www.financedigest.com/you-cant-get-faster-than-that-spring-statement-update-delivered-digitally-as-it-happens-with-app-driven-technology.html "‘You Can’t Get Faster Than That’ – Spring Statement Update Delivered Digitally As It Happens with App-driven technology") and tailoring your IT services accordingly, vulnerabilities will soon appear.

Perhaps your organisation [recently switched your systems](https://www.financedigest.com/automotive-hmi-system-market-recent-industry-developments-and-growth-strategies-adopted-by-players.html "Automotive HMI System Market: Recent Industry Developments and Growth Strategies Adopted by Players") to agile, for example, as a way to optimize your business systems. This requires more than just a [cultural shift](https://www.financedigest.com/how-banks-can-prioritise-the-connected-consumer-in-light-of-shifting-cultural-norms.html "How Banks Can Prioritise the Connected Consumer in Light of Shifting Cultural Norms"), it probably also means onboarding another provider. This new provider – one that’s also agile – should be better suited to your changing needs, compared to one that doesn’t share the same philosophy or have hybrid capabilities.

Leading [financial institutions](https://www.financedigest.com/what-the-future-holds-for-financial-institutions-in-2023.html "What the Future Holds For Financial Institutions in 2023") know the ever-changing nature of regulatory compliance requirements, and that they require major ongoing attention. An effective provider will understand relevant aspects of this regulatory framework, and help guide you in remaining fully compliant.

These examples reflect the shifting nature of [business needs](https://www.financedigest.com/financial-records-retention-what-do-businesses-need-to-know.html "Financial records retention: what do businesses need to know?") and goals, which often happen with little prior warning. [Effective providers will help you meet](https://www.financedigest.com/how-to-maximise-your-virtual-communications-for-effective-team-meetings.html "How to maximise your virtual communications for effective team meetings") these new goals proactively, not act as a barrier. If your current [provider can’t keep up with your need for change](https://www.financedigest.com/can-covid-19-provide-opportunities-to-change-stakeholder-relationships-for-good.html "Can Covid-19 provide opportunities to change stakeholder relationships for good?"), you should re-evaluate the viability of the partnership.

[Nvidia unveils latest chips, technology to speed up AI computing](https://www.financedigest.com/nvidia-unveils-latest-chips-technology-to-speed-up-ai-computing.html "Nvidia unveils latest chips, technology to speed up AI computing")**2.Your existing provider hasn’t kept up with the latest technology**

Keeping up with technology can be costly, but the best providers know it’s worthwhile because it helps their [customers and partners improve operations](https://www.financedigest.com/australias-qantas-apologises-to-customers-for-operational-problems.html "Australia’s Qantas apologises to customers for operational problems"). As such, if your provider is unable or unwilling to do so, consider it a warning sign and prepare to move on. Reliance on outdated, legacy [technology not only hinders customer operations but also puts sensitive customer and employee data](https://www.financedigest.com/manchester-arts-centre-the-lowry-selects-logpoints-siem-technology-to-safeguard-customer-data.html "Manchester arts centre The Lowry selects LogPoint’s SIEM technology to safeguard customer data") at risk, particularly if it’s no longer supported on a regular basis. Furthermore, without regular security patches, such technology quickly becomes vulnerable to cyberattacks, potentially [risking major financial](https://www.financedigest.com/financial-risks-of-climate-change-overplayed-senior-hsbc-banker-says.html "Financial risks of climate change overplayed, senior HSBC banker says") and reputational damage, either of which can harm your organisation’s long-term prospects.

Unfortunately, this is where many [financial institutions](https://www.financedigest.com/what-financial-institutions-will-be-like-in-10-years.html "What Financial Institutions Will Be Like In 10 Years") get complacent. They [grow too comfortable with their existing technology](https://www.financedigest.com/5-top-tips-on-how-to-grow-a-technology-company.html "5 Top Tips on how to grow a technology company"), making them reluctant to change. Few [organisations benefit](https://www.financedigest.com/employee-healthcare-benefits-how-they-can-benefit-your-organisation.html "Employee Healthcare Benefits: How they can Benefit your Organisation") from such inertia. For one thing, they miss out on disruptive [technology innovations](https://www.financedigest.com/green-light-for-setsquareds-automotive-technology-innovators.html "Green light for SETsquared’s automotive technology innovators") that can save organisations money and drive operational efficiency. Providers, meanwhile, risk becoming uncompetitive if they rest too hard on their laurels, causing them to lose out on new [business and market](https://www.financedigest.com/tough-times-and-risky-business-which-emerging-market-assets-are-a-bet-worth-taking.html "Tough times and risky business – which emerging market assets are a bet worth taking") position. If your organisation finds itself in this position, it’s time to change providers.

**3.Your relationship isn’t as close/strong as it once was**

Of course, the biggest indicator of needed change is when the relationship between you and your existing provider starts to go downhill. The best [providers act as genuine partners](https://www.financedigest.com/route-genie-partners-withnorsk-global-to-provide-retailers-with-increased-international-carriage-choice.html "Route Genie Partners WithNorsk Global To Provide Retailers With Increased International Carriage Choice") that always have your organisation’s best interests at heart. If this isn’t the case for you and your technology provider, something’s wrong.

Unfortunately, it isn’t uncommon. Major tech migrations are daunting, and many [providers capitalise on related costs and customer](https://www.financedigest.com/banks-can-provide-a-protective-shield-to-defend-customers-from-cyber-attack.html "Banks can provide a protective shield to defend customers from cyber attack") uncertainty to dissuade them from doing so. This is a way to hold them captive within their current solution agreements. Not only are these tactics unscrupulous, but they can also harm their [customers’ businesses](https://www.financedigest.com/future-proofing-your-small-business-its-time-to-listen-to-your-customers-needs.html "Future proofing your small business – it’s time to listen to your customer’s needs").

Poor or deteriorating communication is usually another sign that something’s amiss, particularly when it’s related to predictable, yet potentially serious issues. A good example is failing to notify you when planned IT [maintenance is about to take place](https://www.financedigest.com/glencore-to-place-nordenham-zinc-smelter-on-care-and-maintenance-from-nov-1.html "Glencore to place Nordenham zinc smelter on care and maintenance from Nov 1"), causing unexpected downtime that can severely hinder operations.

While the idea of [changing technology](https://www.financedigest.com/how-technology-has-changed-our-lives.html "How Technology has Changed Our Lives") providers can be intimidating, for many organisations it is absolutely the right choice. Whether you’ve simply outgrown your current provider, or have become disillusioned with the service being provided, don’t let the fear of change prevent you from making the move.

**_About Author:_**

**Tim Bandos, CISO and VP Managed Security Services at** [**Digital Guardian**](https://digitalguardian.com/) **:**

Tim Bandos, CISSP, CISA, CEH is CISO and VP Managed [Security Services at Digital Guardian and an expert in incident response](https://www.financedigest.com/assurance-v-security-reassessing-responsibility-for-data-assurance.html "Assurance v Security: Reassessing Responsibility for Data Assurance") and threat hunting. He has over 15 years of experience in the cybersecurity world and has a wealth of practical knowledge gained from [tracking and hunting advanced threats that targeted](https://www.financedigest.com/electric-car-maker-lucid-on-track-for-2022-2023-output-targets-ceo-says.html "Electric car maker Lucid on track for 2022, 2023 output targets, CEO says") stealing highly sensitive data. A majority of his career was spent working at a Fortune 100 company where he built an Incident Response organization and he now runs Digital Guardian’s global Security [Operation Center](https://www.financedigest.com/2021-predictions-operational-resilience-takes-center-stage.html "2021 Predictions: Operational Resilience Takes Center Stage") for Managed Detection & Response.


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