Vendor Selection - 6 Steps For Evaluating Banking Software Companies

May 27, 2018

Choosing a bank imaging and/or bank file management system may seem overwhelming. There are many’banking software companies’ out there now, so knowing where to start can be a challenge. Your institution will probably have many questions as you work through the selection procedure. Ultimately, you must ensure that the needs and requirements of your organization are sufficiently met.

As with any decision, the successful implementation of bank document management software begins with collecting reliable information. It is important to remember that selecting a banking software provider isn’t just about technology. The last product selected will affect your customers and processes such as exception tracking, document control, and bank workflow.

The following 6 steps are excellent tips for helping you choose and execute a banking software program that best matches your organization.

Know Your Resources - Resources to consider include fiscal, technological, staffing, and accessibility.
Identify Stakeholders and make Your Team - Possible stakeholders to consider include: senior management, compliance and audit departments, loan servicing, lenders, branch managers, tellers, trust officers, legal counsel, etc..
Assess your requirements & Specify Prerequisites - After review of current processes, begin to evaluate which attributes are”demands” and that are”fantasies”. Additionally, begin to prioritize your requirements and wishes. Also, develop a listing of questions to ask the banking software firms you approach.
Evaluate & Select Vendor - Product demonstrations are a valuable method to get info about the vendor’s product. After looking at review , it’s wise to do a thorough review of the’top sellers’. To accomplish this, perform in depth reference checks and adaptability reviews.
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 ensure image conversion and sufficient training are completed on time.
Maintain Communication - Open and frequent communication with the seller and internal stakeholders is essential.

Implementation is truly an art form. Financial institutions are no exception to the rule, especially in the present technology established market. For credit imaging systems, this involves putting plans into practice, introducing workflows and accomplishing objectives. It’s crucial to locate a banking software company that adheres to stringent rules, timeframes and workflows for building and deploying applications. By adhering to these guidelines, your lender may minimize risk and increase probability of successful software launch.