Decision-makers at modern financial institutions (FIs) face increasing pressure from consumers who expect higher levels of service and more personalized experiences. Simultaneously, technological innovations are moving so rapidly, it can be challenging to identify the solutions that make sense for the long term. In this tumultuous, ever-changing environment, choosing the right IT partner goes far beyond the choice between a particular piece of hardware or software. A strategic partner can help you meet your vision for the entire IT network and ensure that every touchpoint is connected, integrated and functioning seamlessly.
Transformation must be fast and future-proofed
We’re officially at the point where transformation is a given. If you’re not transforming, you’re on the path to obsolescence. When everyone around you is also transforming—choosing the best tech and software, driving omnichannel engagement, pursuing mobile enablement—speed and foresight are the critical traits that can push your organization past the competition.
We see many FIs start new initiatives with wonderful intentions, but fall prey to pitfalls from any of a million directions: multivendor integration issues, a fractured decision-making process (i.e. localized vs. centralized), regulations that haven’t fully been recognized or taken into account, even employees who don’t understand or support the changes that are taking place.
Project implementation and change management issues can thwart FIs because it’s not their core business. They may undertake a handful of large projects each year, or every few years, and may not even have IT staff on hand who are experienced at technical transformations. As a collaborative partner, organizations like Diebold Nixdorf offer the deep knowledge bank and global expertise to anticipate and mitigate these internal disruptions, and ensure a project can be completed in an optimal way. The right industry partner offers the latest technology, market solutions and innovations to meet emerging needs and future-proof your network.
Operational excellence driven by experience
Our services, software and systems implementations span more than 130 countries, from small community banks and credit unions to large international organizations. That diversity and breadth of experience enables us to work with incredible velocity in implementing a solution, managing change and avoiding operational and financial risks. As you consider new or expanded partnerships, ask yourself these questions:
- Does this partner have experts skilled at the nuances of financial industry projects?
- Do they have the supplier connections necessary to act as our single point of contact?
- Do they have the capabilities to connect the touchpoints across your organization, whether physical or digital?
- Do they understand the complexities of compliance and regulation, and operate on standardized, tested processes that ensure consistency across every project, every time?
- Do they have experts in my region?
- Are their solutions and scope-of-work (SOW) options modular, scalable and multi-vendor?
- Are we empowered to perform as much or as little of the project as we see fit?
- Is the process collaborative?
- Are they offering us a sustainable investment and long-term roadmap for success?
Our approach is defined by Operational Excellence, and it informs every decision we make about our clients’ projects. We strive for quick outcomes that remain positive in the long-term, power profitable growth and meet your vision, whether that’s a branch transformation, more connected touchpoint, more efficient cash management or an enhanced consumer experience. Operational Excellence encompasses the full spectrum of requirements that today’s FIs must implement to succeed and thrive, from design and implementation to lifecycle management, orchestrating tactics and tools, and identifying the right operational model for a newly transformed organization.
In our hyper-connected, always-on world, you deserve a partner that leads the way, is capable of anticipating your needs and can quickly, confidently propose solutions that will enhance your organization’s overall performance. There will never be one, “final” implementation that will “complete” your organization’s transformation; as the financial industry evolves and changes, your needs will too. Make sure your strategic partners have the experience and industry knowledge your business requires for everything that comes next. Because in the race to transform, speed and foresight will be the hallmarks of success.
This article originally appeared in the March 2018 issue of RBR Banking Automation Bulletin.