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When you engage a fintech vendor, you’ll hear buzzwords thrown around during the sales process: “best-in-class,” “seamless integration,” “real-time data” and “cloud-based platform.” They are used in dizzying frequency by vendors. But don’t let that jargon distract you from the key issue: the technology underlying any platform should constantly evolve to solve the latest pain points and workflow challenges. That can mean monthly updates. It should fit in seamlessly with the rest of a “tech stack,” be based in the cloud and offer as close to real-time data as possible.
That’s table stakes.
The goal of any technology is to drive the best client outcomes. But doing so requires more than purchasing tech out of a box. Whether we’re talking about wealth managers, institutions, plan sponsors, fund managers, emerging managers or family offices, implementing technology that comprehensively supports every business objective is about a consultative, hands-on relationship with the vendor. Vendors that place as significant an emphasis on their level of service and partnership as they do on the technology component are the partners financial services firms need to meet their business objectives.
Technology solutions should empower firms to focus on growth while enhancing client outcomes by eliminating the operational burdens. As demands on financial services firms increase in complexity, fintech providers can add value by alleviating pain points. Compliance requirements – along with front-, middle- and back-office burdens – consume a firm’s resources and divert focus from clients.
