Guest blog from Mutual Vision

When it comes to upgrading legacy technology, finding the right provider for your business can seem like a mine field.

Over the past ten years, we’ve seen a huge boom in companies that can provide ever-slicker and more ingenious ways to streamline processes and operations and in 2022, we’re spoilt for choice.

For larger organisations with trained technology teams, having the in-house expertise and insight to make smart choices when it comes to choosing the right technology provider can make the process easy, but for smaller building societies and challenger banks, this presents a new set of challenges that must be considered.

So, what factors should building societies consider when embarking on their digital journeys?

1. Ensure you have an effective Digital Strategy in place

With many building societies now embracing digitisation to compete with larger banks, it is essential that you don’t fork out thousands of pounds on feature-rich technology that doesn’t meet the needs of your business or your customer.

Setting out a comprehensive digital transformation strategy that looks at the needs of your business whilst also complimenting the wider business strategy will prove integral when it comes to determining the right products for you, without all the expensive fluff!

2. Choose a vendor that understands your sector

The building society sector is unique to say the least, finding a technology partner that has a deep understanding of the values and ethos that define the building society sector will encourage a more sustainable and long-term solution that can benefit your organisation and your customers years into the future.

3. Find a strategic partner

Building a solid relationship with your tech provider is the bedrock of any successful digital transformation strategy. At Mutual Vision, we engage with our customers at all levels to proactively help manage their business objectives through to realisation. When adopting new technology, whether it be a core platform revamp or if you’re implementing a new mobile banking app, some teething problems are to be expected. Having a provider that will work with you every step of the way to make sure that you’re getting the most out of your product can make the world of difference.

4. Does the new software integrate well with legacy software

For many building societies, implementing a completely new operating system with all its bells and whistles can be way too expensive and way out of budget. At Mutual Vision we recognise that through our community of technology providers, we can supply our customers with more specific and impactful solutions that can integrate seamlessly with their current products.

5. How secure is your solution?

We have all seen the devastating impact that data breaches and technology failures can have on financial institutions, and with regulatory pressure ramping up over the past few years it is paramount that you consider the safety and operational resilience of your product. When employing an SaaS solution or even working with managed service providers, make sure that your chosen technology partner has trusted third-party validation in place to verify its security.

If you’re looking to kick-start your digital transformation journey, or maybe you’re just curious to see how Mutual Vision can help you streamline your business activities, we want to hear from you. Email us today at info@mutualvision.co.uk.

The views, opinions and positions expressed within guest blogs are those of the authors and do not necessarily represent those of the BSA.