Partnering with the Right Technology Vendor

Partnering with the Right Technology Vendor

February 3, 2021 | Blog

As we all said good riddance to 2020, the new year is upon us and many financial institutions are continuing to evaluate processes and identify areas for improvement. Selecting a technology partner for your financial institution is a BIG decision.  Choosing the wrong vendor relation can have a significant impact on your success; be sure to properly evaluate all aspects of their business. Below are a few key factors to consider when searching for a new technology partner:

Goals – Start by compiling a list of goals you are seeking to achieve, along with a list of critical features to reference as you evaluate potential contenders. A sample goal would be to enhance the account holders digital banking experience by providing a more robust, customizable experience tailored to the account holders needs.

Customer Service – The customer should always come first. Remember, vendor differentiation occurs through product and service delivery. Creating a trusting relationship and an open line of communication with customer support is key.

Customer service starts as early as the RFP response; prompt attention to inquiries indicates you are already considered a valued partner.  From introductory planning through post-implementation follow up, your selected vendor should strive to exceed your expectations.

Mission & Values – Request the vendor’s mission statement to ensure your goals and values align. Sample mission & value statement below:

Mission:

As a valued software and service provider leading the FinTech industry for 33 years, CSPI continues to focus on the needs of today’s progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management and item processing.

We are core-agnostic and support API-first technology to create real-time integration for our Aurora Advantage product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed.

Value Statement:

CSPI will continue to offer cutting edge solutions for our clients. We will take on our client’s most difficult challenges and make them our own. We will be open to our client’s suggestions and will work with our utmost diligence and honesty to provide the customer service that CSPI takes pride in upholding.

Most importantly we have invested in our people so they are better equipped and motivated to engage with our customers, whether it is face to face, at our customer’s location, or digitally though web communications. Nurturing quality customer relationships is our core value. Our culture at CSPI encourages every employee to continually look for new and improved ways to service our customers. And yes, technology is a big part of that – but we never forget that relationships are built from one-on-one communication and personal interaction. It’s our people who work diligently to ensure we exceed our customers’ expectations.

Request a Demo – When selecting a software application, it’s important to ensure the best experience for the end-user.  Employees or customers don’t want to skim through numerous pages of a user’s manual; strive to select a solution that provides an intuitive workflow. Select an application that works for your processes, not a software that forces you to adapt.

Training & Implementation – Transitioning to a new system can create a roller coaster of anticipation and preparation. It’s important for your vendor to understand your current processes and create a game plan customized to your institution’s needs. A proper project management process ensures deadlines are met and is critical to a smooth implementation. Ask if you will receive phone support or if their team will come onsite for face to face training.

Scalability – The business landscape is continually changing as technology and regulations continue to evolve.  Seek a company that is willing to embrace customer feedback and grow with you. Ask about product roadmaps and what product enhancements are in the pipeline.

Data Protection – Safeguarding critical customer information from corruption, compromise or loss needs remains the forefront of priorities. Cyber-attacks are increasingly prevalent and no one wants their organization to be associated with the next data breach. Ask the vendor what methods they utilize to protect your data.

• Will data be encrypted on the network?
• Do they utilize multi-factor authentication?
• Is there a disaster recovery plan?
• Do the undergo regular audits? (SOC 1 or SOC 2)

References – Request a customer reference list and call current customers to ensure vendor satisfaction and credibility.

Your research and due diligence will pay off; good luck in your decision making process!  If our team can be of assistance, Contact Us.