5 Tips to Choose the Right Technology Partner

The right technology partner will make your workday efficient, effective and streamlined. The wrong technology partner will give you a headache. To..

5 Tips to Choose the Right Technology Partner

When it comes to business, life, and even tennis, choosing the right partner will drastically change your outcomes. The ideal partner—no matter the kind—makes you better. They address your gaps, work with you as a team, and increase your ability to improve and enhance your strengths. Financial technology partners are no different.

Over the last few decades, we’ve seen an explosion of available technology partners for the financial services industry. So much so, it resulted in a new word: fintech. But with so many options available, how do you choose the right one?

Whether you’re re-evaluating current partnerships or looking for a new solution all together, we’ve laid out five things to consider.

1. Objectives

To choose the right technology partner, you first need to know what your objectives are. Every service will have its selling points. Don’t get lost in their promises; focus on your business needs.

Narrow down what you want to achieve and whether the potential partner can efficiently and effectively help you achieve those goals.

2. Functionality

Some fintech providers seem similar on the surface but vary in their details and capabilities. McDonald’s, Burger King, and Wendy’s all sell burgers and fries, but they’re not the same. Technology partners will have nuances that make them different.

One company isn’t necessarily better than the other, but one solution may work better for you. Armed with your objectives, speak with the sales team to get familiar with the offerings and ensure there’s a fit.

DOWNLOAD: How The Pacific Financial Group Leveraged Technology to Transform the Advisor Experience and Relationship

3. Budget

Money makes the world go round—but it can also bring your business to a halt. Your budget is arguably the most important factor to consider and will determine which technology partners you can realistically work with.

That said, more expensive is not always a better fit. If you choose a technology partner that does not meet the initial objectives you set out to achieve, you could be left having to find (and pay for) additional services.

The ideal partnership falls within your budget and is still capable of all your needs.

TIP: Given the rising innovation in the fintech space, don’t be afraid to meet with newer companies. They may have a revolutionary solution, and as an early adopter, you’re likely to get a great price.

4. Ease of use

The best technology in the world is of no use if no one on your team uses it. When seeking a new fintech provider, consider the overall user experience and how it integrates with your current day-to-day workflow.

Your technology partner should help make your processes better not worse.

5. Implementation

Onboarding new technology takes time and patience. Having a fintech partner with dedicated and accessible support can make all the difference. When vetting potential partners, ask about how the team will support you past signing your contract.

What is their approach to supporting the roll-out of your new tool? Will you or your team have a dedicated point of contact? Is there an easy way to contact them? Can you expect regular follow-ups and to be informed when there are product updates? There’s nothing worse than an FAQ page being your only form of support.

When it comes to finding the right technology partner, there are many factors for you to consider. That said, the term “partner” implies that you will have to do a bit of work yourself. Be completely open and honest about your needs, expectations, and concerns when meeting with potential fintech providers. It will ensure that you’re both on the right page and help you both gain a better understanding of the partnership’s potential.

The right technology partner will want its product to help you succeed and seamlessly integrate with your workflow and tech stack. If you’re not happy with your current solution or looking for a new way to level up your business, it may be time to look for a new partner while keeping these tips in mind.

CapIntel is dedicated to being a world-class technology partner. Our intuitive sales platform integrates seamlessly with existing operations and makes your day-to-day workflow more streamlined and efficient.

See how we supported The Pacific Financial Group’s technological transformation in our latest Customer Story, How The Pacific Financial Group Leveraged Technology to Transform the Advisor Experience and Relationship.

See CapIntel in action

See for yourself why over 10,000 advisors and wholesalers are using CapIntel to transform their sales, compliance, and client experience.

Request a Demo