Digital banking is banking now. In the fallout of the COVID-19 pandemic, many financial institutions (FIs) are scrambling to provide comprehensive digital services for their account holders. Offerings that may have been considered “nice to have” less than a year ago are now table stakes – making it more critical than ever to compete in the digital channel.
Adjusting to new banking challenges with the right vendors
Implementing or converting to new digital banking systems and solutions can bring a number of challenges – and the stresses of the current climate can magnify these challenges. Chief among these challenges is the need to identify the vendor best equipped to meet an FI’s needs. Fortunately, several best practices can mitigate these effects and position FIs to provide better service while deepening account holder relationships.
Navigating a digital banking conversion
The answers to these seven questions are crucial in informing an FI’s choice in partnering with a digital banking solutions provider:
- What is the timeframe associated with the conversion or implementation (and how does it compare to industry standards)?
- Can the provider point to a history of successful conversions delivered on-time or ahead of schedule?
- Does the vendor build in checkpoints to ensure the project is tracking to milestones and deadlines?
- Is FI staff training provided, including software walkthroughs and support-call messaging assistance?
- What is the vendor’s strategy for more complex accounts?
- What is their plan for ensuring a smooth transition?
- Can the provider furnish a proven plan to manage account holder education, communication, and rollout?
Answering the questions above is just the first step in negotiating the obstacles to effective implementations or conversions. The following resources provide more informative material to consider.
Read the Gonzo Banker article, How to Successfully Implement a Digital Solution.
Download the Q2 white paper, Preparing for a successful digital banking conversion.