Investing in new technology is a complicated process that requires expert strategy. No matter what industry you are in, investing in new technological systems can be a time-consuming and overwhelming experience. With so many vendors competing for your business, it’s important to do a full review of their products to see exactly how they will work for your needs. Remember that strategy is key, and these investments will be impacting your business for years to come, so spend your money with specific growth and expectations in mind. Inertia is not a strategy, so review your business’s tech needs today!
🏦 FNBB was in the final stages of deciding on its primary core accounting system: David shares the decision-making technologies they used.
00:56📋 Practical summarized steps for making the decision: months and months were needed to evaluate different core vendors.
02:08⚠️ The issues that FIs face when they make tech purchases.
04:34✅ Set realistic expectations, prioritize proven integrations and ease of configuration, beef up your internal IT capabilities & tie your FinTech spending to expected outcomes.
07:34📱 If you want more mobile users, invest in a better mobile platform.
10:41💸 Create a way to monitor the tech roadmap each quarter, don't just buy it and forget it.
11:43❗ Just because many of the newer technologies are not fully baked or standardized is not a reason to avoid them.
12:42🤝 David has a recommendation for bringing in additional resources that can help you sort everything out.
14:06 Links:
Episode 39
