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IBS Journal December 2017


43


How can your fintech partner align their product with your success now and in the future?


• Voice of the Customer – Does your fintech partner provide a forum to gather insight from customers not only on their solution but their broader objectives and challenges? Do they give you an opportunity to influence or have they moved to the bigger is better model? If that’s the case, you’ve lost a key benefit nimble, innovative players bring to the relationship.


• Agility – Sometimes a bank can’t come all the way, is their product ready and able to meet you somewhere in the middle and still drive value? Can they continue to iterate forward with you? Do they understand the hurdles and challenges you might face and is that built into the DNA of their product strategy? Taking you to the edge and showing you what the future could be without helping you get there is like telling a child they can be a world-class musician without providing any coaching or sheet music.


Partnership means hoping you never have to say sorry


• Product Maturation – Do they have a frequent release cycle that is continuing to deliver new solutions and updates regularly? Does this provide continued and added value while avoiding obsolescence? Will you get locked into a ‘version’ that becomes too costly, risky, or time consuming to move off?


• In-Market Expertise – Regulations, shifting landscapes, languages, and currencies are different, varied, and lack consistency. Are they ready and able to work with you in understanding your unique situation? Can the product easily support all of this and be simply configured in rapid fashion? Or, is any request to ‘localise’ viewed as an expensive and time- consuming customization?


• Architecture – Are they embracing the latest technology to ensure you don’t become obsolete while benefitting from scale and cost saving opportunities? Can they provide the flexibility to meet both your internal and external requirements? Do they have the breadth to address the inevitable questions coming from all your stakeholders?


How can a fintech partner’s process and approach ensure your ongoing success?


• Methodology – Methodology should be agile and highly transparent but configured to interact with whatever format and process is followed internally. Can they scale across vectors such as functionality, user groups, and data? Is their methodology tied back to clear traceability of deliverables and individual responsibility?


• Business Technology – Do they build technology for technology’s sake or is it an outcome of first understanding value drivers and objectives? While purchasing a Tesla Model S would indicate a proclivity to innovation, design, and even commitment to the environment, if my goal is to consistently transport 20 people and 2 tons of cargo at a time and frequently throughout the day, I’ve now bought a very expensive lawn ornament.


• Hypothesis Driven – Do they stand behind their solution and its


value to your company? Are they willy-nilly in their approach or do they clearly state the problems and hypothesis that will be addressed and then actively engage and measure to determine success? Is there clear evidence to support their decisions or is everything just a salad bowl of facts they hope you enjoy the taste of, even if you were really hoping for a good steak? • Subscription/SaaS Oriented – Do they sell you a license and forget about you or are they under a true subscription model where they need to continually prove value and earn your ongoing business? The parallels of this concept to the ongoing churn and cord cutting in the internet/cable television arena are striking and telling. Ensure you pick a partner where customer retention is paramount.


• Customer Care – Are you a number, do you get sent to a ‘call center’ or do they provide you with someone’s contact information vested in your success? Once ink is on the paper, do you still feel they are bought into your vision? Do you only hear from them 30 days prior to your renewal date?


Consider the following when evaluating your potential partner and their contributions to your journey:


• Do they bring the necessary capabilities and experience with them?


• Does their corporate mission and product strategy align to support your success now and into the future?


• Have they matured their processes and approach to be both flexible and robust?


Final Thoughts on Finding The Best Fintech Partner


• Finding an organisation that has the experience, products, expertise, passion and motivation to bring great value and insights to your bank in the increasingly connected and personalized society we live in today is a real challenge. However, with all of the helpful hints we’ve provided, you should be equipped to ask the right questions and quickly identify the right partner. With any luck, you may even be the next bank to strike partnership gold.


www.ibsintelligence.com


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