Most banks outsource key banking operations to technology companies in order to reduce costs, mitigate risk, or find specialized skillsets not staffed in-house. But recent, rapid changes in consumer behavior and expectations are incenting financial institutions to now turn to technology companies for a much bigger ask: the latest and greatest in banking innovation, quickly deployed and effortlessly maintained by an outside third party.
Financial institutions turn to tech companies because they need to differentiate themselves from their competition in the experience provided to consumers. Customers of tech companies depend on them — nearly completely — for the experience, skillsets, training, support, and innovative prowess that will accelerate them to the leading edge.
Unfortunately, many financial marketers and leaders at financial institutions have not had a great experience working with some tech companies. You yourself may have received many promises from tech companies in the past — some, or even many, of which failed to materialize in the differentiation or measurable business and process improvements you were promised.
But all is not lost. Despite an accelerated pace of change and fierce retail banking competition, there are ways to identify the “right” tech partners—the ones that will do what they say they will when it comes to helping you attract and increase engagement with borrowers and depositors.
Find out three ways you can identify them—read our new BAI article “How to Spot the Right Tech Partner for Banking Innovation.”