How to Transform Your Bank’s IT Planning with the Help of a Strategic Advisor

banking team working with a strategic advisor

When you think of a strategic advisor, do you automatically think about a third-party consultant who knows nothing about your business and just wants to sell you some expensive hardware? There are “consultants” like that out there—people who just want to make major sales for their company and leave you worse off than you were before.

But just like there are predatory and trustworthy people in every business, there are strategic advisors whose main purpose is to act in your best interest. They become a member of your team and advocate for tools, changes, and improvements that will make your bank more successful. So, how do they do it, and is a strategic advisor right for your bank?

Are You Struggling to Keep Up With an Industry That Never Stands Still?

Navigating the IT landscape in banking is like walking a tightrope. There’s this constant juggle between security, innovation, and compliance. It’s tough, and banks often find themselves grappling with these challenges.

Your customers are younger and more embedded in technology; your IT team is bogged down with daily tasks and can’t keep pace. You’ve got a growing list of competitors who are using technology to step up their game and an ever-growing threat landscape that requires constant vigilance.

How a Strategic Advisor Can Help

Enter the strategic advisor—a term that often conjures images of someone trying to sell you the moon and stars, regardless of what your bank actually needs. But let’s toss that stereotype out the window. Some advisors are genuinely there to be your wingman, advocating for changes that truly benefit your bank.

They’re not just about the sale; they’re about becoming a part of your team, understanding your needs, and pushing for tools and changes that make sense for you.

When you want to solve a problem—say accessing your customers’ other financial accounts for easier transfers—you might consider something like the Plaid software or another fintech company

To implement it, someone will have to spend time attending multiple demos, understanding the pricing structures, and figuring out how to integrate them into your existing system. It’s time-consuming and costly.

But with a strategic advisor on board, they can eliminate most of that legwork for you. They already have relationships with vendors like Plaid and know the ins and outs of their products. Plus, advisors act as an advocate for your IT team when it’s time to pitch a product to leadership.

Whether you want a complete IT overhaul or just one new tool, an advisor understands what you need and helps you create a game plan for getting there.

Perks of Partnering Up

So, what’s in it for your bank? 

  • Fresh Perspective: Advisors bring a fresh pair of eyes, spotting the bottlenecks or areas screaming for an upgrade that your in-house team might miss. 
  • Specialized Skills and Knowledge: Plus, they come with a toolbox full of specialized skills that your team might lack, keeping you in the loop with the latest and greatest in the tech world.
  • Catalysts for Progress: They’re not just about drawing up plans; they roll up their sleeves and get things done. And that kind of drive can mean improved efficiency, cost savings, beefed-up security measures, and a one-up in the competitive banking arena.

To Hire or Not to Hire

The million-dollar question: Do you really need a strategic advisor? Well, it’s not a one-size-fits-all deal. But here’s the thing: in today’s tech-driven banking world, having someone in your corner who knows the ins and outs can be a game-changer.

Sure, your bank might have some tech whizzes on the payroll, but an advisor brings a fresh pair of eyes. Their expertise, unbiased viewpoint, and strategic genius often fill the gaps that your in-house team might not even know exist.

So, if you know there are upgrades your IT needs but you don’t have the time or manpower to make it happen, an advisor could be the perfect solution.

RESULTS Technology: A Team Member and Not a Salesperson

At RESULTS, we become an extension of your team. We don’t just want to sell you products; we want to help you save time and money. 

We understand that every bank is different and has its own unique challenges. That’s why we take a customized approach to every partnership, focusing on understanding your specific needs and tailoring our solutions to fit them.

Let us be your advisor and help you navigate the ever-changing IT landscape in banking. Schedule a consultation to learn more and meet our team!