GET THE MOST VALUE OUT OF YOUR VENDORS TOP QUESTIONS TO ASK WHEN VETTING POTENTIAL PARTNERS By David Hamrick, Teslar Software Despite current economic conditions, innovative banks are avoiding cuts to their tech budgets. Investing in technology can help community banks improve efficiency, reduce operating costs and reach more customers with an improved customer experience. Tight budgets and economic uncertainty create even more pressure to make the most of your technology investments. What are some key factors that community banks should consider when vetting technology vendors to ensure the relationship is going to be a good longterm fit? It All Starts with Strategy The most successful businesses have clearly defined goals and desired outcomes that shape their business strategy, which in turn should set the foundation for your innovation and technology strategy. When the entire institution is on the same page, you know exactly what issues need to be solved and which solutions are the highest priorities. It’s essential to consider the vision and strategy of potential vendors as well. By asking vendors about their own goals and vision, banks can get a better sense of what drives the company forward. Partnering with vendors whose vision aligns with your needs and whose goals are in sync with your own will help ensure you are choosing a vendor who is dedicated to your team’s long‑term success. Configurable vs. Customizable: Which is the Right Solution for Your Business Needs? It’s important to discuss the level of customizability and configurability a vendor can offer. Custom code may sound appealing, but it comes with risks, high costs and limitations. It will take an intensive amount of time to get the project off the ground and into production, and it is difficult to make changes as you go. It also can’t scale or adapt to industry needs as quickly as a product with one code base. Some banks find solutions that offer no customization or configuring better suit their needs, especially if they lack 20 The CommunityBanker
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