internal resources to create a unique flow or process. Many banks are somewhere in the middle — their ideal solution provides customizability so they can fine-tune it to their specific operations or adapt quickly to changing industry needs without the price tag and constraints of custom code. Ensuring Long-Term Reliability You want to ensure you’re choosing vendors that can support you long-term, but the age of the company is not a good measure for this. Legacy systems are often outdated and lack innovation, but with new tech, you’re taking a chance on their longevity and stability. What other questions can help gauge if they’ll be around for the long haul? • Ask about the vendor’s technology roadmap, recent innovations and where they’re investing in R&D. This will give you an idea of how committed they are to improving their solutions and staying up to date with industry demands. • If applicable, ask how the vendor responded to events like the Paycheck Protection Program. Did they step up and provide support to their clients during this crisis? This can be a telling sign of their dedication to their customers and how quickly they can keep up with market demands. • Although it is preferable to find a “one-stop shop,” there really is no silver bullet in the marketplace, and it may take two or three vendors to achieve your desired outcome. Discuss their willingness to integrate with other third parties and potential competitors to determine limitations when building your tech stack. • How will the vendor adapt to industry changes and scale with your business? Understanding the Customer Experience — What’s It Like To Be Their Customer? Your experience as a customer should be a top priority when choosing a vendor — it is key to a successful partnership. You cannot base your expectations solely on the relationship you have with your sales representative. Ask questions that provide insight into how happy they keep their clients. Ask about support services and account management practices for implemented clients. How accessible and responsive is the support team? How are accounts managed, and how often do they meet with clients? It’s also worth inquiring about the company’s churn rate — this can be an uncomfortable question, but it is the core metric of client satisfaction. If possible, optimize your reference calls by speaking with clients who have a similar tech stack — core, imaging systems or other vital solutions. Each interaction with a system is unique, so hearing the experiences of banks with similar operations or goals will allow you to ask more targeted and specific questions. As you search for solutions, you will undoubtedly vet many vendors. Asking the right questions during the discovery process can make all the difference in your long-term partnership success and return on investment. Save yourself time and future headaches, and enter the partnership with complete confidence that you’ve made the best decision. To continue this conversation or if you’d like to consider a partnership with Teslar, please contact David Hamrick at david@teslarsoftware.com. At the VACB convention, we spoke with several banks that have been hesitant to venture away from their core and form relationships with third-party vendors. We hope this information is a helpful starting point as you consider vendor partnerships. Teslar Software, founded in 2008, is a configurable lending process automation platform for community banks. Teslar transforms lending and deposit operations by providing easy access to centralized, relevant information to balance portfolios, optimize profits and help community bankers effectively serve their customers. Please visit teslarsoftware.com to learn more. First for Your Success'" ubb.com • Member FDIC Your Full-Service Bankers' Bank As the nation's first Bankers' Bank, UBB has earned the trust of over 1,000 community banks by never competing against them. UBB is not a division or department of a large retail bank but rather a dedicated community bank ally committed solely to the success of every customer we serve. To Request Pricing or Additional Information Visit ubbRequest.com 21 The CommunityBanker
RkJQdWJsaXNoZXIy MTg3NDExNQ==