Navigating financial tech: How to find the right technology partner for your savings solutions

John Tilzey
July 2, 2024
June 26, 2024

As the landscape of financial services continues to evolve, mortgage lenders, specialist lenders, banks and building societies face the challenge of adapting to digital demands while continuing to cater to traditional customer bases.  

As technology becomes a cornerstone of savings origination and servicing, selecting the right technology partner is a pivotal decision that can influence the trajectory of your business. Yet, many organisations find it daunting to begin the process of choosing the best partner for their savings technology needs.

Starting with your business needs

Before starting your search for a technology partner, the most important step is to understand your unique business needs. Consider your growth objectives, how your customers engage with your services, and what savings products you have or want to offer. Understanding what you want first and having clear objectives will help narrow down the choices and find a technology partner that is the most suitable.

Lead with expertise

Experience matters when searching for the right tech partner. Seek out a partner with a proven track record in the financial services sector, particularly in savings technology. A partner who is well-versed in the intricacies and challenges of the industry can provide insights and solutions that go beyond standard offerings.

Sustainable growth with efficiency

Streamlining operations and simplifying manual processes will help increase flexibility for both your staff and customers, facilitate sustainable growth, and drive operational efficiency. The right technology partner will be able to help facilitate agile responses and evolve with your business.

Seamless integrations

A smooth transition to new technology is vital, ensuring continuity for your customer base. Choose a technology partner who is skilled at facilitating integrations into your solution, helping provide agility with minimal disruption to your operations and customer services.

Commitment to innovation

The financial sector is characterised by rapid technological advancements. Opt for a partner who is dedicated to innovation and keeping pace with industry trends. This proactive approach ensures that you remain competitive and prepared for future challenges.

Adherence to compliance and security

Safeguarding against potential risks and investing in strong compliance and security is a must in the financial sector. Choose a partner with a robust and committed approach to compliance and a robust security infrastructure. This protects you from potential risks and ensures the safety of sensitive customer data.

Collaboration and communication

Alignment is key when choosing a technology partner - if values are shared, it’s easier to establish open communication, innovation and objectives that will help your business grow. Look for a technology partner who engages actively with your organisation, understands your unique challenges, and works with you to achieve common objectives. A partner deeply invested in your growth will provide invaluable support and guidance.

Focusing on customer-centric solutions

Lastly, choose a partner who can continue to focus on designing products and experiences that prioritise your existing and future customers. The success of any financial institution lies in customer satisfaction, so features that enhance the customer experience, such as intuitive interfaces and mobile accessibility, should be integral to their offerings.

Final thoughts

Selecting the right technology partner is a critical decision that can significantly impact your organisation's efficiency and growth. A partner that helps you streamline operations, adapt swiftly and prioritise customer satisfaction will not only enhance your current capabilities but also set the stage for long-term success. As you embark on this journey, remember that the ideal partner is not just a vendor, but a trusted ally in navigating the evolving landscape of savings technology.

Working with our internal teams I aim to ensure that finova’s focus is aligned to best support our diverse range of clients.