Leading bankers are seeking out the innovative solutions that will allow their business to keep up with the rapidly changing world we live in – ones that can help them respond to changing compliance requirements, possible changes in federal legislation that could come with a new administration, and the changing needs of the clientele they serve.
Fortunately, there are a number of innovative new solutions out there, but the process of selecting the right one(s) for your institution can be overwhelming and take valuable time away from the day-to-day operations of the business. Additionally, whichever direction the bank or credit union ultimately chooses to go will likely involve integrating the new tools with the existing technology infrastructure – no simple task, even in the age of APIs and seamless connectivity. FIs often lack the personnel in–house to get this work done, and choosing the wrong partners increases risk.
So, how can a bank add to its digital team in a safe and compliant manner in order to ensure the effective implementation of new solutions?
Finding the Right Implementation Partner
Once you’ve made a decision on a solution, you’ll then need to determine whether an implementation partner is the right move for your institution.
For those who choose the implementation partner strategy, they should find a partner that does more than just connect systems. While successful integrations are important, there is added ROI benefit to be had through strategic consultation on which solutions might work best in a given scenario; what tools should be integrated; and how that work should be done. Domain expertise is key. A group of programmers might be able to get two systems to talk to each other, but it takes true industry expertise to ensure the institution is doing so in a compliant manner. Proven domain expertise also shortens “ramp up” time and aids in the bank’s understanding of the business context of the implementation.
Second, find someone who understands user experience. Many fintechs are focused only on the customer or member experience, and do not appropriately consider that of the bank’s personnel. A lack of focus on this aspect can prove to be a costly mistake. The success of any new implementation depends upon user adoption and you simply won’t achieve that if personnel don’t feel comfortable using the new technology.
Finally, realize that the new tool or functionality you implement today is just one more step along a journey that your institution is taking. Choose a partner that understands how to create a technology roadmap and who can help management plans for future needs as well.
Xtensifi utilizes what we call “operational strategy” to help our financial institution clients make meaningful innovation happen. It guides everything we do, from concept inception to smoother implementations, responsive operational support and better customer experience.
Making fintech innovation happen can be a risky, costly, complex endeavor, so financial services firms are wise to seek out implementation partners who can help them put strategy ahead of tactics. This can be achieved without jeopardizing speed-to-market or agility, but it can be a tough balancing act that not every potential partner is equipped to manage. So, choose wisely.
Find out more by contacting us today.