Now is the time to change how financial institutions approach the purchase of software used to manage their critical operations, particularly in Financial Compliance. Advancements in automation and artificial intelligence technologies are coming online, and the totality of its benefits at first may not yet seem fully intuitive. When combined with the overall sophistication of software providers today, it becomes clear that the traditional RFI and RFP process needs to be rethought by everyone in the decision-making chain. What we are doing now is not enough to keep up with rapid transformation.
While the RFI/RFP approach has served as the staple of enterprise software selection among Financial Institutions for decades, the typical method may have outlived its function as the primary and often sole determining factor of the decision process. These strategic (and costly) choices impact the future business health of their institutions. For institutions that truly want to obtain the best solution tailored to their needs, management and procurement teams alike should embrace and engage software providers as educators and trusted advisors, rather than simply view them as peddlers of software which complete a tickbox list of features and functions.
A consultative approach is a practical and effective way of addressing the changes in the financial industry. By opening the lines of communication with potential vendors, you may find that your shared insights include items that you overlooked when considering your initial budget and implementation roadmap. And in this age of big data, that can't be underestimated.
If your institution has not upgraded or adapted new automation or artificial intelligence technology into your operation, you may lack an updated internal view on all that may be "possible" for your operation to be competitive. A consultative approach more thoroughly assesses operational risk, evaluates technology choices and implementation, while considering the impact of regulatory pressures. In the end, the consultative approach exposes the institution to new ideas and new business models that ultimately deliver a more forward thinking strategy, rather than just incremental improvements.
This continued consultative approach enables customers to stay on top of developing technologies such as artificial intelligence and robotic process automation, as well as create best practices for operational excellence and utilization of cost effective techniques. This methodology is designed to pinpoint objectives, create a meaningful technology roadmap and establish a strong enterprise operational plan.