The success of any new core banking system hinges on the implementation process.
But when choosing your new platform, implementation may take second place as a decisive factor to cost effectiveness, value for money, or for a particular function or feature.
A narrow focus on these factors at the expense of a smooth implementation may cause major problems down the road. You may discover only after the contracts are signed that a provider’s implementation process is simply not up to scratch, requiring you to use a third-party contractor or leaving you with a whole host of extra expenses.
Beware of false economies.
When financial institutions decide it’s time implement a new a tech solution, they’re often looking to improve efficiency so they can test and deploy financial products faster, and on-board more clients.
But implementing a new core banking system comes with risks, so institutions often focus on the features they believe will give them a guaranteed return on investment.
And if a return on investment is their main concern, organisations may seek to lessen the risk by investing in a less expensive system.
We’ve written before about how seemingly inexpensive core banking systems lead to false economies as their limitations become clear. A system that appears to offer a lot for a little may end up having a low ceiling to its scalability, limiting your growth in the medium and long term, and forcing your business to spend big on things like additional server space.
A cheaper provider may also scrimp on the implementation process. They may outsource it to a third party, or their own implementation team may be flown in from their headquarters, leaving you to deal with people who, although experienced, do not understand the intricacies of your home market.
A shallow implementation is a bad implementation.
If your provider isn’t fully invested in making a success of your implementation, the process will be incomplete and inadequate, with insufficient knowledge transfer that leaves your team with more questions than answers.
Instead of configuring your new core banking system to meet your specific business requirements, an inadequate implementation will leave you to waste business hours trying to integrate applications or learn how to properly use and configure the system’s features.
No matter how many glossy features a seemingly inexpensive core banking system boasts, by turning implementation into a slow, laborious process that can take years to fully configure and integrate, your new provider is ultimately denying you the benefits of digitalisation for years on end.
So, if cost-effectiveness is your first priority, consider how much value-for-money you’re getting from a provider whose inadequate implementation process is severely hindering your medium-term growth or forcing you to shoulder a slew of hidden costs.
The genuine article.
By contrast, Oradian’s implementation process is designed to deliver rapid and deep integration between your business and our cloud-native banking system. . It’s both fast – taking months instead of years – and comprehensive, leaving your teams with all the knowledge and expertise you need to get the most from your banking system from day one.
We call it our ‘full-service implementation’, and it’s part of what makes Oradian such a good investment.
That’s because our approach closes any knowledge gaps we identify by training and educating your teams in how to use, implement, configure, and effectively integrate your new core banking system, so you can begin supercharging your business growth straight away.
The goal is to eliminate almost all the risk of implementing a new system. We do this by ensuring all project stakeholders have full transparency on the entire process, and by refusing to sign off on anything until you’re totally happy with the product.
Better still, we don’t outsource any of this to third parties, who can be less invested in the success of our customers than we are. Instead, our implementation team is based in the markets we serve, boasting local expertise and experience, and a total investment in your business success.
So, when choosing your new core banking system, interrogate your prospective providers’ implementation process closely – you may find it doesn’t match the full service Oradian provides, leaving you to foot the bill for years to come.
