Technology implementations can be a boon or barrier to innovation for a financial institution (FI), especially when integrating digital banking solutions into its core system. Core banking systems each come with their own set of technical nuances; if a technology vendor cannot seamlessly integrate with an institution's core system, there can be a higher risk of data connectivity issues, implementation delays, or a bad user experience.
On the other hand, successful technology implementations can be a powerful enabler of digital growth; they empower FIs to quickly deliver the best of fintech to their customers and members while also introducing back-end efficiencies. This is why 86% of banks are looking for technology partners to help them save money and accelerate implementation times.
But what, or who, exactly is the ideal technology implementation partner, and how can FIs feel confident their partner will integrate seamlessly with their core on a reasonable timeline while keeping implementation costs low?
While every technology implementation is different, we believe there are five critical qualities of an ideal technology implementation partner. This list comes from having performed countless integrations of our digital account opening and digital banking solutions at institutions of almost every size, with many different combinations of core system and platform providers. Narmi engineers and implementation professionals have spent countless hours poring over these providers' nuances, culminating in our industry-leading six-month average implementation time with 99.99% data accuracy for digital banking.
And as we share the five implementation partner qualities below, we'll highlight examples of how we've applied these principles across implementations for one of the industry-standard core banking systems: FIS's Integrated Banking Solution ("IBS").
A technology partner's core expertise is often a strong predictor of implementation success. Core systems speak their own language, and many offer solutions and services via APIs with unique technical requirements and documentation. Having a partner who understands the nuances and complexities of your core provider can reduce implementation time and reliance on the core provider during the implementation process.
For instance, Narmi has extensive experience integrating with the Code Connect platform, FIS IBS's gateway to its API catalog. Fluency with Code Connect allows us to develop pre-built API integrations with FIS IBS and create custom API integrations with minimal external dependencies, while lowering auxiliary conversion costs.
More importantly, we don't gate-keep our core system implementation knowledge. Narmi shares implementation best practices and live training sessions with our customers through Narmi University that are available during and after the project is complete. We also often connect our customers with other FIs that have undergone the FIS IBS implementation process and can share their experience and knowledge.
An implementation workflow is very complex and often involves numerous internal and external stakeholders. An exemplary implementation partner should have a clear process and framework for managing and allocating tasks, resources, and functions related to the implementation process. However, an overly rigid or unadaptable implementation framework can also be problematic. This is why transparency is such an essential part of the implementation partnership.
Narmi's implementation team motto is: It's always day one. In other words, while we have built a very defined and scalable implementation project framework for core conversions, we also listen to our client's needs and can iterate accordingly. Whether it's identifying a need for a custom API integration or a potential connectivity issue, our implementation teams document and communicate changes to the implementation strategy as needed. This is because our partnership-first approach focuses on building our technology around our relationship with our clients.
One of the biggest concerns an FI may have when switching to a new digital technology provider is losing existing banking features or functionality. Core system compatibility is critical in this area, as is having an implementation partner who is upfront about any potential loss of functionality.
Having executed enterprise-level implementations, Narmi has spent a lot of time understanding the nuances of authentication with FIS IBS and its various front- and back-end products. This knowledge has enabled us to create fully native documentation processes and authentication modes that prevent any loss of functionality.
Sometimes, an FI wants to roll out a new digital tool or service as quickly as possible, and a technology provider is thrilled to oblige. Fast implementations on a core system are obviously an ideal outcome, but they should never come at the expense of data accuracy. Data issues and discrepancies rarely exist in a silo, and can very easily erode the user experience if not addressed early in the implementation process.
At Narmi, 100% data accuracy is always our target during core conversions. Through testing and open collaboration with our FIs, we've learned, iterated, and streamlined our approach to data conversions. We've developed a model that is able to convert data with 99.99% accuracy, even with enterprise-level FIS IBS customers.
The ideal technology partner recognizes that implementation is just the beginning phase of the customer relationship. A vendor delivers the product and then steps back; a true partner remains engaged with their client post-implementation and beyond.
At Narmi, we endeavor to form relationships with our customers that mimic the relationships they have with their customers. This is why we offer support well past implementation, with monthly and quarterly check-ins to collaborate on strategy and goal-setting.
"Narmi is incredibly responsive. I've not used the word vendor once. Narmi is a partner, not a vendor. My success is Narmi's success, and Narmi's success is my success. And that's what makes a partnership." - Luther Liang, Director of Product, Grasshopper Bank (FIS IBS Core)
