Vendor Selection – 6 Steps For Evaluating Banking Software Companies


Selecting a bank imaging and / or bank document management system can seem overwhelming. There are many 'banking software companies' out there today, so knowing where to begin can be a challenge. Your institution will likely have many questions as you work through the selection process. Ultimately, you must ensure that the needs and requirements of your institution are sufficient met.

As with any decision, the successful implementation of bank document management software starts with gathering reliable information. It is important to remember that selecting a banking software vendor is not just about technology. The final product chosen will impact your users and processes such as exception tracking, file management, and bank workflow.

The following 6 steps are excellent guidelines for helping you select and implement a banking software system that best fits your organization.

  1. Know Your Resources – Resources to consider include financial, technological, staffing, and availability.
  2. Identify Stakeholders and Create Your Team – Possible stakeholders to consider include: senior management, compliance and audit departments, loan servicing, lenders, branch managers, tellers, trust officers, legal counsel, etc.
  3. Analyze Your Needs & Specify Requirements – After review of current processes, begin to evaluate which features are "needs" and which are "wishes". In addition, start to prioritize your needs and wishes. Also, develop a slate of questions to ask the banking software companies you approach.
  4. Evaluate & Select Vendor – Product demonstrations are a valuable way to get information about the vendor's product. After looking at the product, it is wise to do an extensive review of the 'top vendors'. To do so, perform in depth reference checks and adaptability reviews.
  5. Manage Implementation – To ensure timely implementation, it is important to assign a project manager and implement a published timeline. Put into place the proper resources that ensure image conversion and sufficient training are completed on time.
  6. Keep Communicating – Open and frequent communication with the vendor and internal stakeholders is key.

Implementation is really an art form. Financial institutions are no exception to this rule, especially in today's tech based marketplace. For bank imaging systems, this involves putting plans into practice, introducing workflows and achieving objectives. Success depends heavily on planning, project management, communications, and technology. It is crucial to find a banking software company that adheres to strict guidelines, timeframes and workflows for building and deploying software. By adhering to such guidelines, your bank can minimize risk and increase probability of successful software launch.



Source by Alan Wooldridge