What to Look for in a Managed Service Provider (MSP)

Behind every seamless banking experience is a powerful IT partner working quietly to protect data, ensure compliance, and keep systems running 24/7. Finding the right managed service provider (MSP) is critical—and here’s what you need to know to get it right. It’s not as simple as gathering quotes and picking the best deal.

How to Find MSP Options

When you start the search, it’s easy to get overwhelmed by the number of options. Before diving into detailed service comparisons, you can use a few criteria to filter your list and make the choice simpler.

• Onsite support needs: Do you require in-person services? If so, talk with the MSP about how they go about sending an expert onsite.
• Industry expertise: For instance, financial institutions have unique IT and regulatory requirements. Choose an MSP familiar with your industry.
• Business size compatibility: Check if the MSP has experience supporting organizations your size and whether they can scale as you grow.
• Referrals: Ask your industry contacts for recommendations—trusted referrals can save you time and risk.

How to Vet the Contenders

Once you have your shortlist, it’s time to get into the details and ensure you get the best fit. The quality of your IT infrastructure can make or break your business, so it is critical to vet MSPs carefully for your specific needs.

Technological Fit

Just because an MSP works with your industry doesn’t mean they’re a perfect fit for your specific systems. The first phase of vetting, you should also ensure the MSP can handle your mission-critical systems and compliance needs.

• Do their services align with your current and future support needs?
• Can they support your core industry software and technology stack?
• Are they certified with standards like SOC 1 Type II or SOC 2 Type II, ensuring rigorous security and controls?
• Do they have experience navigating GLBA, FFIEC, CMMC, HIPAA, and PCI-DSS compliance?

Matched Priorities and Ideological Fit

Before partnering with an MSP, assess whether the provider’s approach aligns with your institution’s overall technology roadmap and strategic plan. Identifying an MSP that has similar priorities means that their areas of focus will support your technology strategy and goals.

• Does the MSP’s approach align with your technology roadmap and business goals?
• Are they security-first or productivity-driven—and does that match your priorities?
• Can they support cloud adoption or automation if you’re pursuing digital transformation?
• Are their operational standards compatible with yours?

The Vibe Check

Once you’ve determined that an MSP is a good tech fit and matches well with your strategic priorities, the last piece of the puzzle (besides budget) is the vibe check. MSP isn’t a hire-it-and-forget-it experience, it’s a partnership with people you will need to talk to and collaborate with to maintain your usual business operations. Good communication, transparency, and a shared commitment to your business goals ensure they’ll be responsive during incidents and proactive in maintaining your IT health.

• How does the MSP prefer to take requests and interface with your staff?
• What guarantees do they have around responsiveness?
• What’s their frequency, method, and retention policy for data?
• How do they notify clients and mitigate issues in case of a breach or system failure?
• Are they transparent about their limitations and what they can and cannot do for you?

Making the Right MSP Choice for Your Business

Selecting the right MSP may take time, but the payoff is clear: less downtime, tighter security, and greater operational efficiency.

If you’re exploring options, we’d be happy to talk. At FIT, we specialize in tailoring IT solutions to meet the unique challenges financial, legal, construction, energy, and nonprofit organizations face—combining expert support with flexible, transparent service. Whether you’re switching providers or supplementing your internal team, we’re here to make your transition smooth and hassle-free.

Browse our services or reach out anytime to see if FIT is the right partner for your company.