Having a website, mobile banking app, online banking solution and social media presence does not make a financial institution Digitally Relevant. These solutions must be strategically managed in a way that will promote your brand. They are now your primary point of contact with current and future customers. Let us help you evaluate your current solutions and create a strategy to become digitally relevant.
Selecting the best technology vendor and negotiating a fair price is only half of the equation for success. The selected vendor is going to convert the data, set up the purchased solution and train your users, but there is so much more that will need to be done to realize the return that you should receive from the investment in time and money already made. Properly implementing the solution is vital to realizing any type of return. How will you sell your team on the new solution? Who will manage the third-party vendors who interface with the new solution? How do you measure and mitigate the risks related to this new change? And how well will you minimalize the impact to your customers?
You and your team are already working at capacity and now you are taking on a new project. How are you going to complete the project, identify, measure and mitigate the new risks? Add to this the fact that most projects taken on by financial institutions never get fully implemented (policies, procedures, work flows, disclosures).
Allowing any technology related contract to automatically renew without looking for competitive pricing or increased functionality is a lost opportunity to reduce expenses and/or increase efficiencies. Technology vendors are in the mood to deal. After ten consecutive years where technology spending has remained relatively flat and the number of financial institutions continue to decline, technology vendors are looking for revenue opportunities. Existing vendors want to protect or increase the revenue that you provide them while alternate vendors want to increase revenue via new customer acquisitions. This scenario has created a competitive environment in which credit unions and community banks’ “ho hum” vendor contract renewal can be parlayed into an opportunity for earnings improvement and increased efficiency. Not only are vendors open to price negotiations, but it is likely that there are feature rich solutions now available at the same or at a lower cost. Pricing structures have changed in the past few years, and the decision to allow your contracts to auto renew or to accept the “improved” pricing of your current vendor almost always leaves money and functionality on the table.
We have over 38 years of experience in community banking, credit unions and technology sales and service.
We approach every client and every project with a customized plan of action. Since no two financial institutions are the same, the project plan and project execution must be tailored to fit the talents and experience of the client.
Many business partners can help you to check the completion box on a project. We focus throughout the project on achieving a positive return on your investment. Call us today.
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