Today there are more technology applications available to financial institutions than ever before. These applications are in every area imaginable; from loan origination, client relationship management, payments, APIs, core overlays, to fraud control, and more. With similar marketing language such Cloud Native, Holistic, and Digital First the challenge for financial institutions has become not a lack of options, but instead sorting through an over-abundance of choice, and choosing where to start.
If you and your leadership team have a crisp understanding of your goals, you’re in a good position to begin prioritizing technology initiatives.
When considering strategic initiatives, clearly articulating your institution’s goals is an important first step. Consider high-level goals such as:
The time you spend upfront exploring and defining, or reaffirming, your institution’s goals will be gained back in the long run as you’re able to execute your plan more efficiently and directly.[i]
Whether your customer is a small- or mid-sized company or a single family, they have a goal in mind when they come to you — and they want you to help them achieve them. The same is true for your institution.
With your goals clearly stated, question how each of the identified initiatives will help your institution achieve them. Consider items such as:
If you are considering several new initiatives at once, analyze and prioritize each one by potential return, amount of time required to reach that return, and total cost (both upfront and ongoing). Some technology initiatives bring a big return on investment but take longer to implement, whereas others might yield quicker results with less overall impact.
In order to achieve success, your chosen technology additions must be built upon a solid foundation. Before proceeding, consider the following foundational items:
Technology has an expanding role in helping you achieve your goals, and the answer to prioritization starts with a clearly defined strategy, a solid foundation, and a consistent approach to evaluating options.
We want to hear your thoughts and welcome your questions. Reach us at solutions@bankonitusa.com
[i] https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/slowing-down-to-speed-up
[ii] https://www.fdic.gov/news/press-releases/2021/pr21061a.pdf