Digital Banking Series Part 2: Next Steps for Upgrading your Digital Banking Platform

After evaluating the pros and cons of upgrading your financial institution’s digital banking platform, you may find that switching solution providers is the most viable option. So, what comes next?

This article, the second in a multi-part series, shares practical tips to help you confidently move forward with your digital banking strategy.

Missed Part 1 of this series? Click Here

Form a Selection Committee

Financial institutions often establish a digital banking selection committee led by the VP of Digital Banking or individuals with similar titles. This committee may also include the CTO and potentially the President or CEO. Given the strategic importance of delivering exceptional digital banking experiences for account holders, C-level involvement is common in the selection of a new digital banking platform.

Identify Known Challenges & Requirements

Your product or technical team may already have a list of challenges and required features, such as improved card controls, peer-to-peer (P2P) payment capabilities, streamlined bill pay integrations, and enhanced personalization. Since digital banking solutions affect multiple aspects of the account holder experience and internal operations, their seamless integration and connectivity with existing platforms and your core banking system is crucial.

Talk to Solution Providers

Conducting online research and seeking recommendations from colleagues or peers can help you create a shortlist of digital banking providers. Vendor discovery calls are invaluable for uncovering previously unknown needs. During these discussions, be sure to ask detailed questions and share your specific challenges and requirements, including inquiries about integrations with your internal or third-party solutions. This approach will help assess the compatibility of each solution and give your team insight into how easy or challenging it may be to work with each provider within your IT environment.

Plan Ahead

Transitioning to a new digital banking platform is a strategic initiative, and adopting a long-term perspective is essential. In addition to the technology itself, an effective communication and training plan will ensure both account holders and employees fully understand the benefits of the new platform, and how to maximize its success. After all, your digital banking solution is a seamless extension of your in-branch services.

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Read Part 1 of this series. Click Here

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