The 3 Reasons Your Financial Institution Needs a Technology Consultant

In today's rapidly evolving financial landscape, C-suite executives face unprecedented challenges in steering their institutions through a complex maze of technological advancements, intensifying competition, and ever-shifting customer expectations.  

When confronted with critical issues such as technology platform assessments, vendor negotiations, system conversions, or the implementation of cutting-edge technology platforms, the instinct to rely on internal resources is understandable. After all, your team possesses an intimate knowledge of your institution's unique culture, processes, and strategic objectives. 

However, this approach may not always yield optimal results. Consider the following: 

Expert Guidance 

Consultants offer subject-matter expertise drawn from years of hands-on experience. Many have backgrounds with today’s vendor partners and name a bank or credit union as a former employer. Their unbiased perspective is informed by first-hand accounts of what succeeds and what fails in the scenarios their clients are facing.  

Successful consultants recognize the ongoing evolution of the financial services industry and proactively adapt their strategies to align with these changes. They stay informed of banking trends and industry challenges and follow emerging technologies and processes to furnish clients with appropriate guidance. Consultants who employ a data-driven approach to strategic recommendations know a one-size-fits-all approach to advisory services is ineffective. Instead, they tailor solutions to meet the individual needs of every client.  

Expert consultants maintain staunch relationships with vendors and possess a comprehensive understanding of all market players. They identify the vendors who deliver on promises and consistently maintain optimal performance. A financial institution wrapping up a consultant-driven project has confidence in their new vendor partnership because the consultant conducts thorough due diligence, ensuring minimal risk to the financial institution. 

Significant Savings & Value 

Mastering contract negotiations is crucial in financial technology. Whether an institution opts to retain its current vendor or transition to a new platform, adept negotiation skills are indispensable. These capabilities ensure optimal terms, mitigate risks, and secure favorable conditions, regardless of the selected vendor.  

Consultants negotiate hundreds of contracts annually and employ a robust process to analyze data, build financial models, and set targets that align with market pricing and better terms affiliated with service-level agreements, incentives, and/or value-added services.  

Team, Time-Saving Approach 

Consultants do not work in a silo but integrate with the bank or credit union team to ensure goals and objectives are prioritized. In fostering a collaborative environment, consultants bridge the gap among internal and external stakeholders and align efforts toward shared outcomes. To drive future success, the relationship with a bank or credit union consultant must be a partnership that exceeds the combination of internal expertise and external insights. 

Strategic external support accelerates project execution and organizational efficiency. By engaging specialized consultants, financial institutions can: 

• Maintain operational continuity 

• Preserve internal team bandwidth 

• Leverage expert project management 

• Implement solutions with precision and speed 

Consultants provide a dedicated, focused approach that delivers comprehensive solutions without disrupting core business functions, ultimately driving faster, more effective outcomes.  

Conclusion 

Engage fi’s team of consultants provides invaluable, objective guidance to drive your financial institution's strategic growth and profitability. Our approach is: 

• Collaborative and efficient, saving time and money 

• Backed by extensive industry experience from both vendor and institution perspectives 

• Powered by cutting-edge data and insights 

We empower your bank or credit union to navigate challenges confidently and build a stronger future. Partner with us to achieve your goals with clarity and precision in today's complex financial landscape. For more information, visit www.engagefi.com.