What to Ask When Evaluating a Potential Partner
When considering partnerships for new technology, asking the right questions is the key to ensuring you stay aligned with your goals and provide real value without getting exposed to unnecessary risk.
Strategic Alignment
- Does this partnership align with our long-term goals?
- How will this help us serve our customers better or more efficiently?
- Does the solution align with our bank’s mission, or is it just a shiny new feature?
- What problem are we solving with this technology?
- What are the potential risks and rewards of this partnership?
- Will this add genuine value to our customers, or is it more of a convenience?
- Could this partnership negatively impact our brand or customer relationships?
Operations
- How will this partnership integrate with our existing systems?
- Will this require major changes to our core systems, and if so, are those changes justified?
- Is this a simple integration, or will it disrupt our current operations?
- How will this affect our employees' workflows and processes?
- How scalable is this solution?
- How much internal support will this require?
- Does this vendor offer adequate support and training for our staff?
Security & Compliance
- Is this vendor committed to protecting our customers’ data?
- How does the vendor handle data privacy and security?
- What are the potential exposure risks for our customers if this system is breached?
- Are we complying with regulatory requirements?
- How will this affect our ability to stay compliant with future regulatory changes?
- What safeguards are in place to protect against unintended exposure?
- Are there clear boundaries between what data is shared and what remains protected?
- How do we ensure that third parties access only what they need, without exposing our proprietary processes?
Cost
- What are the costs involved in integrating this technology?
- Is it more cost-effective to build internally or buy externally?
- What’s the ROI? How quickly will we see a return on investment?
- How will this partnership help us generate new revenue or reduce operational costs?
- Is this a short-term fix or a long-term strategy?
- How does this fit into our bank’s broader digital transformation strategy?
Customer Experience
- How will this improve our customers’ experience?
- What specific customer pain points does this solve?
- Will this create a more seamless, integrated experience for our customers?
- How will we maintain control over our customer relationships?
- Does this vendor handle customer interactions, or do we retain control over the customer experience?
- Will we risk losing direct contact with our customers if we rely too heavily on this partnership?
