The era of going to the bank on your day off to handle all your deposits, transactions and account openings are over. In modern banking, a financial institution’s “A-P-R” is sometimes less important than their “a-p-p” as clients have come to expect iOS and Android offerings not just to be offered, but filled with features. As a result, financial technology (or FinTech) has become a booming industry with many firms providing solutions and app builds for both major national companies to mom-and-pop shops. No matter the size, your financial technology company needs to be ready to tackle the unique challenges of the banking industry. So are they? Here are some signs that they might not be!
Let’s Get Ready to Regulate!
Banking regulations, regardless of your location, are changing almost daily. So how on top of these changes is your financial technology firm? If a compliance changes suddenly and states that, for some reason, the memo section on each check must be filled in, and your app doesn’t require that for remote deposit, technically you’d be going against banking regulations. With this in mind, make sure you have a financial technology partner that can quickly and accurately update your app and website.
What Have You Done For Me Lately?
Banks, brokerage firms and credit card companies are in a constant state of one-upping each other with improvements and new features. Tools that used to be “nice to have” have become must-haves thanks to incredibly fast adoption rates. This includes:
- Online and Mobile Account Opening
- Remote Deposits and Bill Pay
- Branch Locator Tools
- Easy Access to Customer Service (Often Including Live Chat)
- Multi-Step Authentication for Signing In
- An “All-In-One” Solution, Merging All Accounts Into One App/Site
Without these features, mobile and online financial experiences can feel dated. Does your financial technology firm know this? If not, it may be time to move on to a partner that knows the industry far better.
The Cost of Doing Business
The financial crisis and housing bubble bursting caused overhead costs to skyrocket for financial institutions. Thanks to this, the cost of doing business has drastically increased in the last few years. Is your financial technology company aware of this? Do they take into consideration the other costs that you have and how their services fit into your budget? If not, you should look for a partner that is aware of your needs across the board, not just focus on what they need from you and nothing else.
The financial technology industry will only grow in the coming years thanks to wearable technology and the Internet of Things. Customers are relying less and less on brick and mortar locations and, instead, focusing on what they can do on the road or from the comfort of their own home. With this in mind, a financial technology partner is a critical piece of the puzzle for a financial institution’s success. If they are either unaware or not assisting with the above, it’s time to find a new partner!