Boutique Bank or Large Institution, New Technology Requires the Same Basic Framework for Successful Onboarding
Delivering the tech from fintech to a financial institution is a collaborative process built on trust. The opportunity is huge. A new piece of technology can be transformative. But the challenge of onboarding has to be owned by both financial institution and fintech. Even the best ideas and platforms have to be built on a solid framework to make them attractive to financial institutions big or small. The ultimate goal – a smooth roll out across the organisation. This collaborative onboarding process between institution and tech provider needs a clear and agreed path to allow the tech to mature and deliver the full benefit.
Our team at Finsmart has developed the following tips for a faster and better managed transition:
- Set up realistic goals – it is easy to be swept away with excitement of new transformational technology. It is critical to remain true to the ultimate goal for your organisation, and to collaborate with the fintech to ensure the solution meets your business needs. Above all it is important to set up a realistic timeline!
- Communicate – have you got buy-in from all levels of the organisation? Is there someone championing the new tech and driving communication to all relevant stakeholders? This is key – in a big organisation technical, functional and business resources need to be aligned for the new tech to be successful.
- Identify and address the risks – whether data security or operational, all tech systems – new or historic – come with an element of risk. Understanding these risks right from the start and mitigating them is critical. Time spent on information security management early on is time well-spent. Collaboration and effective communication are really key.
- Allow time to test the process – any new technology needs time to be tested to ensure smooth operation. This is critical to discover gaps or iron out glitches. Fast tracking this phase will delay the smooth onboarding and frustrate users.
- Allocate time for training – with increasingly simple but sophisticated tech solutions, it is easy to believe this step can be bypassed. But, how many times do we adopt new technology and never utilise the full benefit? An agreed training programme, initially delivered by the tech provider, will save time and improve the impact of the technology.
For any institution, evolution is critical to remain competitive. New technology is not just about the functionality – it’s about how it works within your organisation. Working alongside new technology providers will both expedite the process and ensure the smooth transition, delivering full benefit and significant returns.
For more information about Finsmart and a demo of its unique digital deal execution solution, DealPro, please contact email@example.com.