Evaluating new technology vendors is easier when
you know what to ask.
As financial institutions pursue digital transformation, there is no shortage of vendors ready to provide the efficiency and productivity technology offers. With so many options, how do you find the right fit? After more than 20 years of working with financial institutions to implement technology, our team has uncovered five key areas to address with your prospective partners.
Flexibility to support your processes
Working with a new vendor shouldn’t mean changing your entire business model. Your current practices may adjust as you add a new tool or service, but the right vendor matches or adapts to what you already do well. If you feel like a prospective vendor is pushing back on your organization’s business practices because it’s outside of their box, you may need a vendor that offers more flexibility.
Question to ask: How does your solution adjust to fit the specific business practices of clients that may be outside the box?
Proactive solutions to challenges
Customer expectations, competitive pressures and new regulations can force your organization to face new challenges. You don’t have to bare the weight alone if you have the right vendors; you can rely on their expertise. If the vendor knows your industry and market, they'll be developing functionality to address hurdles and help you stay one step ahead of your competitors.
Question to ask: How are you helping address the industry pressures you and your customers are experiencing?
Scalable so you can grow
It's likely a goal of your organization to do more business year over year. Can your vendor and the solution they offer scale to support the company you'll become? Whether you’ll be adding staff, building business organically or pursuing acquisitions, make sure the vendor has the infrastructure, support and resources needed to keep up with your growth plans.
Question to ask: If we were to experience tremendous growth, how would you scale to support a larger version of us?
Business process re-engineering for financial institutions:
How a holistic look at your processes can save you time and money
Focus on the future
Ensure you know where your organization is headed and that your prospective vendor's road map is aligned to help you get there. Technology moves fast and vendors must be investing in R&D to consistently innovate so customers won't fall behind.
Question to ask: What is on your short-term road map and what is your long-range strategy?
Incredible UX and CX
Your best employees, both current and future, want the tools they use to work efficiently and intelligently. Customers also have ever-evolving expectation of the interactions they have with your organization. Be sure to choose a vendor that prioritizes the user (UX) and customer (CX) experience and makes continual enhancements so you can retain and attract top talent and customers.
Question to ask: How do you continuously offer a modern experience to users and customers as expectations evolve?
Sourcing a new technology vendor can be daunting, especially as it's likely not the only task on your plate. Clearly formulate your immediate and long-term goals, involve the right people, ask the right questions and weed out vendors who simply don't fit. Soon enough, you'll be well on your way to implementing a solution that will take your financial institution to the next level.