Vendor Selection - 6 Steps For Evaluating Banking Software Companies
Choosing a bank imaging and/or bank document management system can seem overwhelming. There are many’banking software firms’ out there now, so knowing where to start can be a challenge. Your organization will likely have many questions as you work through the selection process. In the end, you need to ensure that the needs and requirements of your organization are sufficiently met.
As with any choice, the successful implementation of bank record management applications starts with collecting reliable information. It is very important to remember that choosing a banking software provider is not only about technology. The last product chosen will impact your users and procedures such as exception tracking, file management, and bank workflow.
The next 6 steps are excellent tips for assisting you to select and execute a banking software system which best fits your organization.
Identify Stakeholders and make Your Team - Possible stakeholders to consider include: senior management, compliance and audit sections, loan servicing, lenders, branch managers, tellers, trust officers, legal counsel, etc..
Assess your requirements & Specify Requirements - After review of current processes, begin to evaluate which features are”needs” and which are”fantasies”. Additionally, begin to prioritize BinBase and wishes. Also, develop a slate of questions to ask the banking software firms you approach. After looking at the product, it is a good idea to do a thorough review of those’top vendors’.
Manage Implementation - To ensure timely implementation, it’s crucial to assign a project supervisor and execute a timeline that is printed. Put into place the appropriate resources which guarantee image conversion and sufficient training are finished on time.
Keep Communicating - Open and frequent communication with the vendor and internal stakeholders is essential.
Implementation is truly an art form. Financial institutions are no exception to this principle, particularly in today’s technology established market. For bank imaging systems, this entails putting programs into practice, introducing workflows and accomplishing goals. It is crucial to locate a banking software company that adheres to stringent guidelines, timeframes and workflows for building and deploying software. By adhering to such guidelines, your bank may minimize risk and increase probability of successful software launch.