July 5, 2018
It seems every day a new shiny tech company enters the scene, touting a solution to a problem that consumers may not even know they had. While banks have fully accepted that tech startups are friend not foe, the tough question to answer is which one is right for my organization? Bank and tech industry leaders sat down at Digital Banking 2018 to discuss criteria and best practices for finding the right tech partner. Here are our highlights:
- Know what you are looking for: Ask for customer feedback on potential new features. Have a clear vision internally about what you want to do to serve customer needs better, and then go seek that out with a laser focus.
- Find a thought partner: Look for a thought partner who respects you and the product roadmap. Ensure they understand your near- and long-term vision, which is key to determining if their technology is right for your business.
- Get under the hood: Look at balance sheets and capital levels to ensure there is a long runway for the company.
- Consider an equity position: This type of partnership ensures alignment across both organizations. Have a knowledgeable legal advisor at your side to help you navigate how this type of relationship can be structured for the success of both parties.
- Don’t get distracted by shiny objects: Artificial Intelligence may be the flavor of the day, but that doesn’t mean your organization is ready for it. Start with a reasonable first step and remain focused on executing that successfully.
- The OCC can be your friend: Maintain a good relationship with OCC and be transparent with them on potential new technologies. Opening a dialogue with them at the onset of your near- and long-term plan can help you get ahead of any issues.
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