Today’s lenders recognize that they can grow their business and attract new customers with the help of the latest banking software, which helps them to innovate faster, operate more efficiently, and deliver a level of service that meets ever-evolving consumer expectations.
Getting access to lending technology that aligns with your needs — both today and in the long run — can be helped by choosing the right partner. Some vendors take a “license-and-leave-you-to-it” approach, which can place an extra burden on lenders to spend in-house resources on building and maintaining the solution. Not only is that an ineffective use of time and money, but it’s also far from a long-term, sustainable solution.
Flipping the equation to focus less on the software solution and more on the partner can increase the likelihood of securing great technology that will continue to shine for years to come.
4 tips for choosing the right partner to deliver the latest banking software
Looking for, evaluating, and ultimately choosing the right technology partner is a daunting process. But it doesn’t have to be that way. We’ve organized a checklist of some key qualities to look for in potential technology partners:
1) The prioritization of digital agility and continuous improvement
“Financial institutions and their IT organizations must be prepared for a world where change is constant — and where digital comes first,” states PwC in a recent report.
The right partner will recognize this. They know that your needs are always evolving — not least because of the influence of factors outside of your control, such as changing customer experiences, fluctuating market conditions, and increasing competition from new digital disruptors.
As a result, they prioritize digital agility, which is the technology-enabled ability to rapidly deliver the innovation and experiences that help you acquire and retain loyal customers — and stay one step ahead of the competition.
Future-proof your investment by finding a partner that isn’t afraid to change, has a clear commitment to continuous improvement, and promises to adapt.
2) Domain knowledge
Many software providers offer industry-agnostic applications you can adapt for use with banking products. But technology that is built specifically for financial services organizations leverages expertise and domain knowledge that is relevant to your business.
The latest banking software that can best suit your organization’s needs is purpose-built by technology partners who combine financial services domain expertise with an agile, componentized architecture. This enables you to tap into industry best practices and launch new products instantly, while maintaining the flexibility to customize experiences and processes.
3) Effective technology with clear, measurable ROI
Lenders can feel confident in banking software built by companies who invest in their lending relationships — by taking the time to understand the industry’s changing needs and then working hand-in-hand with their customers to design, implement, test, deliver, and maintain lending technology.
Increase the likelihood of a strong ROI by choosing a technology partner that can measure the impact of their software to show exactly where its value lies: by increasing customer acquisition, raising NPS scores, shortening time to market, reducing friction between systems, or improving operational efficiency.
4) Demonstrable success through customer references
By reviewing case studies and customer references, you can select a solution provider with a proven track record of implementing the latest banking software at leading financial institutions.
Why Blend is the right technology partner for your organization
Blend’s Consumer Banking Suite is built with your digital agility in mind — and is continually improved and expanded upon to ensure the platform’s functionality lives up to the needs of you and your customers alike.
Offering out-of-the-box solutions for consumer banking products, Blend designs its platform with a deep understanding of how important workflow best practices, core banking systems, and compliance with regulatory requirements are to lenders.
This deep domain knowledge is crucial to delivering the most effective products for your needs, enabling you to get products to market faster, drive higher digital conversions, and automate manual processes. At Blend, we’re committed to building alongside our customers and leveraging the flexibility of our platform to meet their changing needs.
Digital agility in action
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in 2020, lenders had little time to prepare for the deluge of SBA loan applications. Blend partnered with M&T Bank to adapt our platform, in order to comply with the newly implemented SBA guidelines. The team worked collaboratively to put together an application workflow with the components required to deliver safe, efficient, and accurate processing.
The result? Our live, self-serve application was up and running in 72 hours with integrations like single sign-on and customer profile data.
“Partnering with Blend meant we could move quickly enough to be there for our customers when they needed it,” said Chris Kay, who leads M&T’s consumer and business banking divisions. “The team’s dedication to making this work on a short timeline is a testament to the type of partner Blend is, and the way your platform could adapt to this new situation and scale rapidly was especially impressive.