In the financial services industry maintaining a focus on core values and expertise is the key to advancing customer acquisition. Decisions regarding automation and development of new IT services must consider whether adding new software services would compromise company goals. Innovation is exciting, but a company must be careful to not re-invent the wheel' when support can be gained through expert offerings externally. Serving existing customers and growing new acquisitions requires reliable and timely support with a consistent message.
The question often comes down to expanding in-house Software as a Service (SaaS) technology or reaching out to third-party providers. Establishing clear differentiators between where in-house ends and add-on services begins is foundational to this task. To meet market demands, within the FIs pricing engine, development must be scalable, secure, and reliable. If an FI doesn't already have the industry standard for this established within their IT department finding a partner to support these factors makes good sense.
Meeting the demands of satisfying current customers and continuing to build solid customer acquisition at the rate our advanced technological society expects means automating processes and service offerings that are accessible through all new media outlets. Having connectivity to a host of vendors and other outlets for fulfillment through one source can also help to defray costs. Implementation time and upgrade schedules not only are important considerations in IT projects the service must be available 24/7.
SaaS providers must be put to the test when given clear requirements on how they would offer the solutions the FI needs to. What areas could be moved into an automated process that would enhance the customer experience and serve further customer acquisitions? In doing so how does the current process change and what efficiencies are gained? Clear estimates on cost savings can be found in the evaluation process weighing existing network capabilities against future growth targets and planned investments. Risk based pricing must include how implementing changes as shifts in the economy occur add costs to product offerings. If an external application service provider can cut costs, establishing this new relationship can lead to a win-win that meets company goals and more.