As technology-savvy consumers increasingly demand digital access to banking activities such as payments, personal loans, mortgages and account opening, banks that continue to rely on in-person and paper-based processes will be left in the dust as competitors speed ahead on the digital highway. It’s no wonder more and more banks are making the decision to transition to digital offerings. But once the case for digital transformation has been presented and the decision made, how do you determine which FinTech partners to evaluate and what criteria to compare them by?
The digital sales and onboarding market is vast and growing at a rapid pace. FinTech partners come in many different flavors. From FinTech startups to specialized digital banking providers, it can be daunting to start the search for a provider.
To help you get started, there are eight key characteristics every good FinTech partner should have:
- Mobile Experience — customers expect options when utilizing digital capabilities. Desktops, laptops and tablets are being used less frequently as consumers opt for more portable smartphones.
- Breadth of Solution — being able to get most if not all of your digital banking needs met with one provider is important to a seamless experience, for your customers AND your tech team.
- Analytics & Insight — robust reporting and KPI monitoring is imperative to measuring ROI and results. FinTech partners that offer sophisticated data capture can help banks optimize digital efforts.
- Risk & Fraud Management — fraudsters are constantly evolving attack tactics. Providers that implement intelligent tools like machine learning and multi factor authentication keep customer data secure.
- Integrations — full integration with your core system is essential for a smooth and efficient transition to a digital banking platform.
- Stable, Trusted Partner — Fintechs that have a long history of working with banks bring a depth of knowledge and experience that will take your bank to the next level and partner with you into the future.
- Customer Onboaring & Engagement — once you’ve gone digital it’s time to reap the benefits. Look for a partner that offers support for bringing customers onto your new platform.
Most FinTechs will have many, if not all, of these eight characteristics to some extent but it’s the degree to which they are offered that is key to successfully evaluating which provider will meet your bank’s needs.
To learn more and find out how different types of FinTechs compare, download the “Comparing the Digital Sales and Onboarding Market” checklist.
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