The Way for Innovating Banks to Go – Tip 9: Choose “the one” with extra care?

Tip 9: Choose “the one” with extra care?

The choice of technology partner can make or break banking innovation. The vendor landscape is dotted with players with varying bandwidth and specialisation. So, how does a bank go about making the right selection?

To start with, they must examine the consulting credentials of the partner. For instance, can they advise the bank on how to re-engineer their processes or improve the effectiveness of their existing IT infrastructure? Next, they must consider their systems integration prowess. Can they retire redundant applications and seamlessly integrate the rest to draw up an optimal solutions set? Third, they must ascertain whether the partner can offer end to end services including data security, infrastructure management, back-office administration and legacy systems refurbishment.

Last but not least, they must consider the vendor’s attitude. Are they willing to invest in the relationship and meet the bank more than halfway? Is there a cultural fit between the two organisations? As in all relationships, chemistry is everything.

You can also read the earlier tips –

Tip 1: Transform for greater reward, lesser risk
Tip 2: Make Product Innovation Customer-Centric
Tip 3: Innovate Services for Convenience and Consistency
Tip 4: Innovate with Processes for Efficiency and Improved Experience
Tip 5: Woo the Customer with Innovation
Tip 6: Take the Road towards channel innovation
Tip 7: Leverage the Power of Web 2.0 : The people’s channel
Tip 8: Get Your biggest innovation ally: Integrated Banking Platform