In 2019, what will be your technology path – build it in-house or partner with businesses, like Vetter, that have greater expertise? Sure, building it means your community financial institution get to own it, love it, care for it, but you also have to fund it, which isn’t always feasible. And, you’d be missing out on the many benefits of partnerships. Partnerships take strategy, work and a lot of clear communication, but the upside can be worth the effort.
Stop a moment and ponder some of the benefits of partnering besides lowered cost and risk. Off the bat, you have access to new expertise and skill sets. By sharing resources and expertise, you have access to new technologies that could potentially create new and interesting intellectual property, effectively extending your internal capabilities with regard to geography, bringing in new client opportunities and product lines. Instead of balancing the challenges of banking and technology solutions, you can focus on serving your customers while your partner handles the tech.
These ideas aren’t new, but they’re more accessible for community banks and credit unions. The big guys have been operating like this for years. Visa, MasterCard, and American Express have built their entire businesses on it. New entrants such as Apple Pay, Google Pay, and others are helping move funds into digital wallets at a staggering rate, according to this report from eMarketer, and there are clearly more areas where partners can help in these revolutionary digital times. Do you have the expertise in creating the algorithms to dig through Big Data sets? The knowledge of AI to get the right feedback? Do you have the time and resources to develop these areas of expertise? Clearly, partners with knowledge of these technologies and more can help drive your business in the digital marketplace.
We at Vetter speak from experience, practicing what we preach. We’ve recently partnered with DCI Core Processing. Now, DCI clients will have enhanced onboarding, ID verification, document collection and e-signature capabilities. The result of which is streamlining processes for consumers. Vetter’s member verification requires only entering a phone number and a birthday, then the platform automatically pulls the consumer’s Social Security Number and residential address. The consumer then simply snaps a pic of their driver’s license and e-sign for the account. We can also integrate with ChexSystems. To learn more, please contact us here.
So, as you look at the digital monster that’s revolutionizing financial services today, remember, you don’t have to go it alone. The most successful financial institutions find the right partners to conquer these challenges. Your partners want your community bank or credit union to succeed alongside them. Find the right partners to help you master your digital transformation.